Explain any four points regarding the significance of principles of management.

The principles of management are extremely important in directing the organisation towards taking the best course of action and the most appropriate decision. The following points highlight its significance:

a. The principles of management are based upon various theories and principles that have been revised over time. It is more suitable for a manager to make decisions based on these principles of management to avoid any form of trial and error. This would help to reduce a lot of time as well as cost.

b. The principles of management help in the optimum utilization of the available resources. It helps to predict the exact cause and effect relationship. The wastage of resources using the trial and error method can be avoided easily.

c. The principles of management are based upon logic and not blind faith. The decisions are based upon an objective assessment of the situation.

d. These principles form the basis of the management study in the educational institution. It provides the framework for the development of Management as a subject. Various professional courses teach these principles as a part of the curriculum