Question

Explain the following points of significance of principles of management: (i) Providing managers with useful insights into reality (ii) Meeting…

Accepted Answer

(i) Providing managers with useful insights into reality § Principles of management provide useful insights into reality by enabling the managers to learn from past mistakes and conserve time by solving recurring problems quickly. § Adherence to these principles adds to their knowledge, ability and understanding of managerial situations and circumstances. (ii) Meeting changing environment requirements § Principles of management can be modified according to the changes taking place in the environment. § Hence, they help the managers in meeting changing environment requirements. (iii) Scientific decisions § Principles of management help in taking scientific decisions because the decisions based on principles are free from bias. § They are based on the objective assessment of the situation. OR Q. (b) Explain the following principles of management: (i) Unity of direction (ii) Remuneration to employees (iii) Equity (i) Unity of direction § Unity of direction states that all the units of an organisation should be moving towards the same objectives through coordinated and focussed efforts. § Each group of activities having the same objective must have one head and one plan. This ensures unity of action and coordination (ii) Remuneration to employees § Remuneration to employees states that the overall pay and compensation should be fair to both employees and the organisation which should give the employees at least a reasonable standard of living. § At the same time remuneration should be within the paying capacity of the company. (iii) Equity § It advocates that there should be no discrimination against anyone on account of sex, religion, language, caste, belief, nationality etc. § It emphasises kindliness and justice in the behaviour of managers towards the workers to ensure loyalty and devotion.

Explain the following points of significance of principles of
management:
(i)
Providing managers with useful insights into reality
(ii)
Meeting changing environment requirements
(iii)
Scientific decisions

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