Answer the following questions.
Explain meaning of principles of management and discuss the nature principles of management.
ANSWER:
Management principles are the basic truths that govern managerial behaviour. They help managers in taking managerial decisions. They are the general premises that can be applied to different situations.
The following points highlight the nature of the principle of management:
i. Universal - Universality of management principles implies that they can be applied to every firm, irrespective of its size, nature or location.
ii. Act as guidelines - Management principles act as guidelines; they are considered general premises for decision making. However, they do not provide straitjacket solutions to all problems.
iii. Experiment based - Management principles have been developed through years of research and experimentation; that is why they are technical in nature. They pertain to different working situations and can be modified by managers as per the situations and requirements.
iv. Flexible - Management principles are not rigid in nature. They can be moulded by managers as per the need of the hour.
v. Behavioural - Management principles aim at influencing the behaviour of individuals; the applicability of these principles varies according to changes in human nature.
