explain the four point of importance …

(a) Providing managers with useful insights into reality: The principles of management provide the managers with useful insights into the real world situations. Adherence to these principles will add to their knowledge, ability and understanding of managerial situations and circumstances. It will also enable managers to learn from the past mistakes and conserve time by solving recurring problems quickly. As such management principles increase managerial efficiency.
(b) Optimum utilization of resources and effective administration: Both human and material resources, available with the company are limited. They have to be put to optimum use. By optimum use we mean that the resources should be put to use in such a manner that they should give maximum benefit with minimum cost. Principles equip the managers to foresee the cause and effect relationships of their decisions and actions. As such the wastages associated with a trial-and-error approach can be overcome.
(c) Scientific decisions: Decisions must be based on facts, thoughtful and justifiable in terms of the intended purposes. They must be timely, realistic and subjected to measurement and evaluation. Management principles help in thoughtful decision-making. They emphasize logic rather than blind faith. Management decisions are taken on the basis of principles which are free from bias and prejudice. They are based on the objective assessment of the situation.
(d) Meeting changing environment requirements: Although the principles are in the nature of general guidelines but they are modified and as such help managers to meet changing requirements of the environment. Management principles are flexible to adapt to a dynamic business environment.
(e) Fulfilling social responsibility: The increased awareness of the public, forces businesses especially limited companies to fulfill their social responsibilities. Management theory and management principles have also evolved in response to these demands. Moreover, the interpretation of the principles also assumes newer and contemporary meanings with the change in time.
(f) Management training education and research: Principles of management are at the core of management theory. As such these are used as a basis for management training, education and research. These principles provide basic groundwork for the development of management as a discipline. These principles enable refinement of management practices as well by facilitating the development of new management techniques which have developed due to further research on these principles.