Meaning: -Principles of management are the guidelines to be followed by managers in managing the organisation. No manager can be effective if he/she does not follow the principles of management. Therefore, managers in all organisations, whether large or small, business or non-business, and at al levels (top, middle and lower) must follow the principles of management.
The nature of principles of management can be briefly explained as under:
1. Basic Guidelines: -The principles provide basic guidelines to the managers to manage the subordinates effectively. If managers follow the well established principles of management, then he/she would be in a better position to get the work done effectively and efficiently from the subordinates.
2. Applicable to business and non-business organisation: - principles of management are applicable to business organisations as well as to non-business organizations. For instance, the principle of management must be followed by managers in a non-business organisation such as hospitals, educational institutions, charitable trust, etc.
3. Applicable at all levels: -The principles of management must be followed by managers at all levels. Principles of management are the guidelines to be followed by managers in managing the organisation. No manager can be effective if he/she does not follow the principles of management. Therefore, managers in all organisations, whether large or small, business or non-business, and at al levels (top, middle and lower) must follow the principles of management.
4. Applicable to any size of business: - The principles of management are applicable not only to large organisation such as joint stock companies but also to small organisations, like sole trader too. It necessary for the sole trader to follow the principles of management in order to satisfy the customer and to run the organisation successfully.
5. Time Tested: - The principles of management are time tested. The basic principles of management have remained the same for a number of centuries (although Henri Fayol first published the list of 14 Principles of management in 1916). Principles of management are practiced by the people over period of time.
6. Ensures smooth working of an organisation: - The principles of management ensure smooth working of an organisation. For instance, the principles of division of work, team spirit, order, etc., enable the organisation to conduct its activity in a systematic and successful manner.
7. Situational in Nature: -Certain principles of management may be applied depending upon the situation. For instance, a manager may not delegate authority to subordinates, if subordinates have no knowledge of a certain type of work. In such a condition the managers must first training the subordinates, and then to delegate the authority.
8. Intangible: - The principles of management are not directly visible. The effect of principles can be felt by the results. If the managers follow the principles, then there can be higher results in the organisation in the form of : -
Reduction of wastages
Optimum use of resources
Motivated and dedicated workforce
Higher efficiency.
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