What is meant by principles of management? State any three points of their importance. [CBSE 2015]
Answer: Meaning of Principles of Management: Principles of management are broad and general guidelines for the decision making and behaviour of managers.
Importance of Principles of Management:
(i). Provide Useful Insight to Managers: The principles of management make the manager aware of the manner in which he should act in various situations so that he does not repeat the mistakes of the previous managers. In this way, timely guidance reduces the wastage of resources and the objectives can be achieved in a less expensive manner
(ii). Scientific Decisions: A scientific decision means a balanced decision. The principles of management provide the necessary training to the managers so that they can take scientific/balanced decisions.
