Explain the Features of the principles of Management.
Management principles are the statements of basic truths, which have the ability to predict the result of managerial activities. Following are the features:
1). Universal applicability: The principles are universal in nature. Universality refers to the truth, which is equally applicable in all spheres. All Business units such as Industries and non-business units such as educational institutions have to apply more or less the same principles in order to achieve their objectives.
2). General guidelines: The principles of management are not definite and specific like the principles of science. The principles of management cannot be applied blindly anywhere and are not applied strictly.
3. Formed by practice and experimentation: Principles of management are the result of the various problems faced by professionals. As the problems arise research is easily done, through observation and continuous experimentation.
4). Flexibility: The principles of management are flexible as they can be changed according to the situation at hand. As there is a change in the environment, new kinds of problems arise and so the principles are altered and the new ones are propounded.
5). Relationship between cause and effect: The principles of management establish the relation between cause and effect. For e.g., If unity of command is followed, it avoids confusion among the employees. In this statement, Unity of command is the cause and avoidance of confusion is the effect.
6). Contingent: Management principles are contingent in nature, which means, they are not permanent as they are affected by the changes in the business environment.
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- What is meant by budget?
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- 'Planning focuses on achieving objectives. Explain
- Explain any three features of 'Planning.' (CBSE BOARD 2017)
- Explain the first three steps in the process of 'Planning'. (CBSE BOARD 2016)
- Enumerate six points of importance of planning
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- Define 'Strategy' ( CBSE Question)
- Define 'Objective'? ( CBSE Question)
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- How does planning create rigidity?
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- What is planning? Question Answer
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- Explain the role of the political environment in shaping the business?
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- What do you mean by Globalization?
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