Justify the following statement.
Principles of management are flexible in nature.
(1) Principles of management are the statements of fundamental truth which act as guidelines for managerial decision-making and action. They establish cause and effect relationships. They are evolved through observation, analysis, and experiments.
(2) Principles of management although fundamental, are not rigid. They are flexible in nature in the sense they can be changed or modified according to the situation and requirements of the organization. Managers can change these principles to suit the requirements of the organization.
(3) Principles of management are flexible guidelines providing ample scope for making changes according to the nature of the enterprise, its size, competitive situation, etc. For instance, in the context of the present business scenario, in many places, the 'family management has been substituted by professional management.
(4) The modern business world is dynamic. The situations in a business enterprise keep on changing continuously. No two circumstances are identical. Principles of management can be changed, adjusted or modified, and used in the enterprise as per its changing needs and requirements. By identifying problems of business changes will be accepted.
OCM [Organisation of Commerce and Management] Business Studies, XII 12th Standard,
Balbharati Solutions for Organisation of Commerce and Management (OC) 12th Standard HSC Maharashtra State Board