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Question
Write short note on the following.
Significance of management.
Solution
Principles of management play an important role in governing managerial practices. The following points highlight the significance of principles of management:
i. Help gain insights into reality - Principles of management are based on years of experimentation and experience. Therefore, these principles guide managers when they face real-life problems.
ii. Ensures optimal use of resources and efficiency - Principles of management optimize the use of the resources. With the help of these principles, management can determine and predict the exact cause and effect relationship of their decisions. Thus, any plausible wastage of resources is avoided and efficiency is attained.
iii. Promote research and development - The principles of management are flexible in nature and can therefore be moulded as per the requirements. This in turn helps the organizations to change according to the need and invest in R&D accordingly.
iv. Focus on social responsibility - Management principles help the managers and workers of any organisation in fulfilling their social responsibilities. The principles focus on the importance of taking care of business dealings while paying equal attention to customers’ values.
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