Question

The principles of management are significant because of

विकल्प

• Increase in efficiency

• Initiative

• Optimum utilisation of resources

• Adaption to changing technology

Answer 1

Increase in efficiency

Explanation - 

Optimal resource utilisation entails putting limited resources (such as capital and labour) to the best possible use so that maximum benefit is obtained at the lowest possible cost. Management principles aid in predicting the cause and effect relationship of managers' decisions. As a result, resource waste associated with the hit and trail method can be avoided. Thus, management principles are important for maximising resource utilisation. Increased efficiency, initiative, and adaptation to changing technology occur later in the process, once the resources are fully utilised.