Attempt the following.
Explain the nature of the principles of management?
Solution:
The nature of management principles is given below:
1) Universal application:
The principles of management are universal in nature. That means they can be applied to all types of organizations, irrespective of their size and nature. Their results may vary and application may be modified but these are suitable for all kinds of organizations. Similarly, they are applicable to all levels of management.
2) General guidelines:
Management principles provide general guidelines in tackling the organizational situations wisely as well as in solving the problems. They are not rigid. Which management principles are to be applied depends upon the situation, size, and nature of the organization.
3) Principles are formed by practice and experiments:
The management principles are developed gradually with thorough research work. Systematic observations and experiments are conducted before developing them. The results of such experiments have been developed as a principle after its practice in organizations.
4) Flexibility:
Management principles are flexible in nature. It means they can be changed or modified according to the situation. Managers can be flexible while implementing principles to suit the requirement. The business situations keep on changing. Management principles can be adjusted or modified and can be used in the organization according to its need.
5) Behavioral in nature:
Management is a group activity. Management aims at achieving a certain goal through a group of human beings. Management principles are designed to influence human beings. These principles control a group of persons and direct them to achieve the objectives.
6) Cause and effect relationship:
Principles of management are the base for taking decisions. They determine the cause or reason for a particular effect. For example, payment of good wages and incentives helps in increasing the output of workers or making effective advertisement increases the sale of a product.
7) All principles are of equal importance:
All principles of management are of equal importance. Those are to be practiced simultaneously to get the best results in the form of achievement of predefined goals. If any specific principle is focused more and others are not followed with the same focus, then it affects the working of the organization.
OCM [Organisation of Commerce and Management] Business Studies, XII 12th Standard,
HSC OCM MARCH 2020 BOARD PAPER WITH COMPLETE SOLUTION OMTEX CLASSES
Balbharati Solutions for Organisation of Commerce and Management (OC) 12th Standard HSC Maharashtra State Board
Chapter 1: Principles of Management
Chapter 2: Functions of Management
Chapter 3: Entrepreneurship Development
Chapter 5: Emerging Modes of Business
Chapter 6: Social Responsibilities of Business
Chapter 7: Consumer Protection
