Slide importance of management principles
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The document discusses the importance of management principles for organizations. It states that management principles help organizations set realistic goals and objectives. They also help ensure optimal utilization of resources like time, money, materials, and human efforts. Following management principles allows managers to make scientific decisions decentralizedly based on situational needs. Principles support effective administration through unity of command and direction. They further help organizations adapt to changing technologies and fulfill social obligations to customers, employees, and society. The document emphasizes the need for continuous research and development of management principles.
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Slide importance of management principles
- 2. Valiyam Memorial College of Teacher Education
- 3. Prepared And Submitted By Shiji C Antony Reg. No.13387012 Commerce
- 4. Importance of Management Principles importance Optimum utilization of resources Scientific decisions Helps in setting objectives Research and development Social obligation Effective administration Change in technology
- 5. 1.Helps in Setting Objectives/goal: Management principles helps an organization in setting realistic objectives. Thus in turn contributes to the goal setting process.
- 6. 2.Optimum utilization of Resources: Optimum utilization of resources is possible through proper monitoring of the performance of employees . It points out how time, money, materials and human efforts can be used economically to improve productivity.
- 7. 3.Scientific Decisions: By following the decentralization of authority, managers can decisions scientifically as the situation demands. Taking appropriate decisions at the right time is essential for the smooth running of the organization.
- 8. 4.Change in technology: Managers must face the challenges of the competitive world. They keeps a close watch on changing technology being adopted in various fields.
- 9. 5.Effective Administration: By following certain principles of like unity of command, unity of direction etc managers can manage their respective areas effectively. This removes confusion in the minds of the employees.
- 10. 6.Social Obligation: A business enterprise is an integral part of society.. It derives its inputs from the society and supplies its to output to the society. It has to supply quality products at reasonable price to the customers and employees.
- 11. 7.Research and development: Management principles evolved through scientific observations and there should be a continuous process of research in all the functional areas of management.
- 12. Thank You….