Significance OR Importance 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