Significance of principles of management
Management provides useful insights to managers by helping them understand the organization and situations/problems, and find solutions. It is helpful for efficiently utilizing resources through optimum use and waste control of physical and human resources. Management encourages scientific, systematic decision-making over trial and error, and helps analyze situations and alternatives. It focuses on understanding social responsibility through quality products at reasonable prices, fair competition, fair remuneration, and healthy workplaces. Management also encourages research and development to consistently improve the organization as the business world changes. Finally, it helps coordinate different departments and develops an objective approach to identify opportunities and appropriate problem solutions.
More Related Content
What's hot (20)
Similar to Significance of principles of management (20)
More from Farheen Khilji (20)
Significance of principles of management
- 2. 1. PROVIDES USEFUL INSIGHT TO MANAGERS: 1.PROVIDES USEFUL INSIGHT TO MANAGERS Help the MANAGER to UNDERSTAND the ORGANISATION Helps to improve the UNDERSTANDING of the SITUATIONS AND problems Helps the MANAGER to find out the solutions to the problems
- 3. 2. HELPFUL IN EFFICIENT UTILIZATION OF RESOURCES 1.PHYSICAL resources (MATERIAL, MACHINES, money etc.) 2. HUMAN resources (MANPOWER). optimum use AND control on WASTAGE of resources.
- 4. 3. SCIENTIFIC DECISIONS SCIENTIFIC decision MEANS SYSTEMATIC or BALANCED decision AVOID TRIAL AND error method Help the manager in How to ANALYZE the SITUATIONS To SEARCH ALTERNATIVE options AND their results
- 5. 4. UNDERSTANDING SOCIAL RESPONSIBILITY Not only guide in HANDLING the resources effectively but also help in UNDERSTANDING SOCIAL responsibility Focus on providing QUALITY products AT REASONABLE prices AVOIDING ARTIFICIAL monopolistic SITUATIONS in MARKET FAIR competition FAIR REMUNERATI ON HEALTHY working PLACE STANDARD tools AND MACHINERY
- 6. 5. ENCOURAGES RESEARCH AND DEVELOPMENT (R AND D) It goes on CHANGING ALONG with the CHANGes in the business world Bring consistent improvement Growth AND development of ORGANISATION Use of Digital Marketing Online business
- 7. 6. HELPS TO COORDINATE AND CONTROL CREATE COORDINATion AND COOPERATION AMONG different employees working in different DEPARTMENts. Different Department like Finance, Marketing, Sales, Production Department Etc
- 8. 7. DEVELOPS OBJECTIVE APPROACH identify the business opportunities CAUSES of the problems provide APPROPRIATE solutions