PRINCIPLES OF MANAGEMENT (IMPORTANCE AND FEATURES)

 

                         PRINCIPLES OF MANAGEMENT
 

 

 

 

Meaning -  
·        Management is a process of getting a work done efficiently and effectively.

 

·        Principles of management are the general rules, opinions, ways which helps in decision making , action taking and problem solving easy ,

 

So that, a manager can achieves the organizational goal efficiently and effectively.

 

 

                                                Features
 

NOTE:  I will only provide four features which will include all other features.

                                            (NO NEED TO WORRY)

 

 

 

 

 

1.     FORMATION:  The principles of management have been evolved from repeated experimentation and observation by practitioner after devoting a long period of time.

 

Practitioners are those renowned business professionals who have already applied these principles of management   for the smooth functioning of organization as well as society.

 

 

2.     PERVASIVE or UNIVERSAL or GENERAL or COMMON APPLICABILITY:
 

[Pervasive or Universal or General or common applicability meaning of all the terms are same i.e.  It includes everything, everyone and is required everywhere (both inside as well as outside the organization or firms).]

 

The principles of management can be applied anywhere and in any type of organization irrespective of size and nature of organization.

 

 

3.     TAILOR MADE: 

Tailor made means to modify things easily as per situation or fashion unlike ready made things may not be modified.

 

Unlike principles of science they are flexible

 

Means principles of management can be modified and have to modify as per demand and situation of dynamic nature of humans and business environment.

 

 

4.     CAUSE AND EFFECT RELATIONSHIP:

 

Here Cause and effect relationship means principles of management every time study 

§  cause of prevailing situation

§   Effect of cause and action on prevailing situation.

 

Though prediction is not so accurate because the principles of     management are ALWAYS APPLIED ON HUMANS and their nature is dynamic (which keeps on changing).

 In short, it helps in avoiding future issues.

5.     BASED ON HUMAN BEHAVIOR:

 

All the principles of management are always applied on humans.

Example:

§   Principle of Division of work.

§   Principle of Discipline.

§  Principle of harmony and discord.

 Human behavior is unpredictable that’s why they are required to be modified as needs of situation, nature of humans and business environment because their nature is dynamic (keeps on changing).

 

 

 

 

1.     BETTER UNDERSTANDING AND IMPROVES KNOWLEDGE:

 

§  This factor says that principles of management increases knowledge about managerial skills, which leads in efficient and effective management.

 

§   This is so because these principles of management have been developed after repeated practice, experiment and observation.

§  Because it has been developed by renowned business professionals and leads to brain storming at the time of modification of principles.

 

2.     SCIENTIFIC  DECISION:

 

·        Scientific decision means making any decision after deep examination and realizing the logic behind it so that it can be justified.

 

·        It does not include hit and trial method.

 

·        CONCLUSION:  using principles of management leads in scientific decision making as it deeply studies cause and effect relationship.

 

3.     OPTIMUM UTILIZATION OF RESOURCES:

 

 

·        Optimum means Maximum.

·        As we know improved knowledge and scientific decision are important outcomes of principles of management.

 

These factors also help in minimizing cost of operation for example:

BY USING STABILITY OF PERSONNEL when firms are in need of employees, we save time and money.

 

4.     FULFILLING SOCIAL RESPONSIBILITY:

 

·        Now days, social satisfaction is mandatory for any type of business, for achieving money motive.

·         Principles of management are a helpful source for achieving social motive of the firm.

 

·        Like principle of equity, principle of harmony not discord.

 

·        HARMONY and EQUITY maintains and increases the goodwill in the organization.