Write a short note on the following.
Nature of management.
ANSWER:
The following points highlight the nature of the principles 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.
