Importance of Management Principles
April 3, 2025
Following are the main importance of the Principles of Management. Improves Understanding. Direction for Training of Managers. Role of Management. Guide to Research in Management. Improves Understanding – From the knowledge of principles managers get indication on how to manage an organization. The principles enable managers to decide what should be done to accomplish given…
Development of Science for each part of men’s job (replacement of rule of thumb) This principle suggests that work assigned to any employee should be observed, analyzed with respect to each and every element and part and time involved in it. This means replacement of odd rule of thumb by the use of method of…
Fredrick Winslow Taylor ( March 20, 1856 – March 21, 1915) commonly known as ’Father of Scientific Management’ started his career as an operator and rose to the position of chief engineer. He conducted various experiments during this process which forms the basis of scientific management. It implies application of scientific principles for studying identifying…
Management is an activity concerned with guiding human and physical resources such that organizational goals can be achieved. Nature of management can be highlighted as: -
It is a tool which helps use of human physical resources to fulfill the pre-determined goals.
For example, the goal of an enterprise is maximum consumer satisfaction by producing quality goods and at reasonable prices. This can be achieved by employing efficient persons and making better use of scarce resources.
Management integrates human efforts to those resources. It brings harmony among the human, physical and financial resources.
It is concerned with identifying the problem and taking appropriate steps to solve it. E.g. the target of a company is maximum production. For achieving this target, various policies have to be framed but this is not the end. Marketing and Advertising is also to be done. For this policies have to be again framed. Hence this is an ongoing process.
Thus clubs, hospitals, political parties, colleges, hospitals, business firms all require management. When ever more than one person is engaged in working for a common goal, management is necessary.
Whether it is a small business firm which may be engaged in trading or a large firm like Tata Iron Steel, management is required everywhere irrespective of size or type of activity.
It involves the use of group effort to achieve predetermined goal of management of ABC Co. is good refers to a group of persons managing the enterprise.
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