Management is the process of planning,Controlling,organizing,staffing and directing the people within the organization. For the purpose of getting organizational goals and achievements.
Importance of Management Principles:
- Improves Understanding:
From the knowledge of principles managers get indication on how to manage an organization. The principles enable managers to decide what should be done to accomplish given tasks and to handle situations which may arise in management.
2.Direction for Training of Managers:
Principles of management provide understanding of management process what managers would do to accomplish what. Thus, these are helpful in identifying the areas of management in which existing & future managers should be trained.
3. Guide to research in Management:
The body of management principles indicate lines along which research should be undertaken to make management practical and more effective. The principles guide managers in decision making and action. The researchers can examine whether the guidelines are useful or not. Anything which makes management research more exact & pointed will help improve management practice.
4. Optimum utilisation of resources:
The management principles insist on planned activities and systematic organisation of men and materials in the organisation. Principles are designed to get maximum benefits from the human efforts and other resources.
5. Fulfilling Social responsibilities:
A business is creation of society and makes use of resources of society so it must do something for society also by performing some social responsibilities. Management principles not only act as guidelines for achieving organisational objectives but these principles also guide the managers to perform social responsibilities.
6. Effective administration:
Administration is the function of top level management. In this function major plans and policies are formed. The management principles act as guidelines and base to form various administrative policies to have systematic working in the organisation. Management principles make administration more effective by discouraging personal prejudices and biases.