Project work on principles of management

The importance of management principles can be understood by considering the following points:

1. They help in providing useful insight to manage: Principles of management help in increasing managerial efficiency by adding to their knowledge and ability to understand the various situations more objectively. In simple terms, they act as a guide to overcome the situational hindrances.
2. Optimum Utilization of Resources and effective administration: Management principles help in organizing various activities in such a way that results in the elimination of unwanted activities and consequent wastage In short, overlapping of work.. Management principles help in managing organizations effectively. For example, Unity of Command helps to avoid confusion and conflicts Unity of Direction ensures unity of actions to facilitate coordination.
3. Scientific decisions: They help the managers in taking the decisions based on the objective assessment of a situation. Thus decisions taken are logical and free from any bias and prejudice.  Moreover they are firm decisions and are not based upon intuitions.
4. Meeting changing environment requirements: Though the principles are only guidelines for action yet they can be modified according to the need of changing situations. Thus principles of management help in meeting changing requirements of the environment.  Thus, it is truly said that Management principles are flexible in nature.
5. Fulfilling social responsibilities: Principles of management have been devised in such a way that they help in fulfilling social responsibilities.  for instance, the Principle of esprit de corps states that there should be harmony in action which brings a sense of respect and recognition for each other among the workers.
6. Management training, education and research: Principles of management are the fulcrum of management theory so that they are used as a basis for management training, education and research.  Depending upon the past mistakes, the principles are modified according to the present situation.