Bring out the importance of management …

Four points which highlight the importance of principles of management are

1. To Provide Managers with Useful Insights into Reality: Principles of management are derived on the basis of continuous observation and analysis of events which managers face in real world situations. They help managers to improve their knowledge, ability and understanding of managerial situations These principles enable managers to learn from past mistakes and conserve time by solving recurring problems quickly. Thus, management principles increase the efficiency of managers.
2. Optimum Utilisation of Resources and Effective Administration:  Optimum utilisation of resources emphasise that resources(physical, financial and human) should be utilised in such a manner that they should give maximum benefit with minimum cost. Principles of  management help in organising various activities in such a way that results in elimination of unwanted activities thereby reducing inefficiency and wastage of resources. It also increases the efficiency of management, as through these principles managers adopt a systematic and logical approach to overcome the problems and discard hit and trial approaches.
3. Scientific Decision: Management principles help in thoughtful decision making because they are based on logical reasoning after making detailed research and investigation rather than blind faith or guess work. Such decisions are free from bias and prejudice. These principles develop a scientific approach as they give a realistic and subjective measurement for evaluation. Management principles are based on the objective assessment of the situation.
4. Meeting Changing Environment Requirements: Modern business environment is complex and ever-changing. In order to be survive and grow, organisations have to adapt to these changes. Although, principles are general guidelines but they are flexible and can be frequently modified as per business environment, which are favourable and profitable for the business.