PRINCIPLES OF MANAGEMENT FOR CLASS XII—FULL DESCRIPTION:-
MEANING OF PRINCIPLES OF MANAGEMENT:-
A Principle refers to a statement which reflect the fundamental truth.
Management Principles can be defined as general guidelines for decision making and behaviour of managers.
NATURE/FEATURES/CHARACTERISTICS OF MANAGEMENT PRINCIPLES:–
1– General Guidelines: Management Principles are guidelines to actions but these principles do not provide readymade solution for any problem.
In other words, these principles are only show the right direction to solve the problem but don't give a prepared solution.
2- Pervasive (Universal) Application: The principles of management are universal in nature that means they can be applied to all types of organisations irrespective of their size and nature.
Business as well as non business, small as well as large, public sector as well as private sector.
3- Flexibility: These principles are applied on human beings in different conditions. So, they can be modified according to the persons or according to the situations.
4- Formed By Practises And Experiments:
These principles are not developed overnight. They are developed only after deep observations and experiments. Therefore they are evolutionary in nature.
5- Behavioural in Nature: Management principles insist on improving relationship between superior, subordinates and all the members of organisation.
6- Contingent: These principles are contingent or dependent upon the situations. The application of principles has to be changed in dynamic environment.
SIGNIFICANCE/IMPORTANCE OF MANAGEMENT PRINCIPLES:–
1- Optimum Utilisation Of Resources: These principles insist on planned activities and the work has been done in systematic manner. These principles are design to get maximum benefits from the human efforts or physical resources.
2- Scientific decisions or Scientific Importance: The management principles enable the managers to approach various problems systematically and scientifically as they have to take number of dicisions every day.
3- Helps in Dynamic Environment: Every businessman has to make changes in the organisation according to the change in business environment. These principles help the managers in implementing the changes at right time and at right direction.
4- Providing managers with useful insight into reality: As we have already understood from the meaning of Management Principles that these principles act as guidelines for all managers. So, they help the managers to learn from their mistakes and to take right decision at right time. They also increase the ability, knowledge, and understanding of managers under the different managerial situations.
5- Effective administration: In administration work major plans and policies are formed by top level managers. So, these principles are guided to the managers to form various administrative policies for systematic work in the organisation.
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