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Question
Justify the following statement.
Management principles are helpful in optimum utilization of resources.
Solution
- When achieving an individual's or organization's goals, it is always necessary to employ various methods or procedures. Some of these strategies are universally acknowledged; therefore, they are known as principles. "Principle is defined as a fundamental truth or proposition that serves as the foundation for a system of belief or behaviour or for a chain of reasoning"
- Every company uses two sorts of resources: physical resources (materials, machines, money, etc.) and human resources (manpower).
- The essential function of management is to strike a good balance between these resources by putting them to the best possible use and controlling waste.
- Management consistently uses tactics and principles to preserve discipline and a healthy working environment. It aids in the development of amicable connections between management and employees, which improves employee efficiency and has an impact on successful administration.
As a result, management concepts can help maximize resource utilization.
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