Significance of Principles of Management can be described through the following points :
- Providing Managers with Useful Insights into Reality : The Principles of Management provide the Managers with the useful Insights into real work situations and promote managerial efficiency .
- Optimum Utilization of Resources and Effective Administration : The understanding of Principles of Management enables the Managers to be equipped with the necessary competence ,so as to make all their decisions and actions cost effective .
- Scientific Decisions : The knowledge of Principles of Management enables an objective assessment of the managerial situation or problems in hand . As a result , it enables the Managers to undertake scientific decisions , based on logic , rather than wishful thinking or guess work .
- Meeting Changing Environment Requirements : The Business Environment is dynamic in nature and the utility of the Principles of Management is derived from the fact that they exist in the form of general guidelines . At the same time they are also flexible in nature .
- Fulfilling Social Responsibility : The knowledge of Principles Management seeks to develop a sense of responsiveness among them towards various kinds of social responsibilities and interest groups , be it Customers , Employees etc.
- Management Training , Education and Research : The Principles of Management are the fundamental to management theory and practice . Also , the various research initiatives undertaken in the field of management are also based on these principles .
