(a)OR(b)

‘Principles of management guide managers in taking and

implementing decisions.’

In the light of this statement, explain any four points of

significance of the principles of management.

Significance of the principles of management : $\displaystyle 1$) Providing managers with useful insights into reality. $\displaystyle 2$) Optimum utilisation of resources and effective administration. $\displaystyle 3$) Scientific decisions. $\displaystyle 4$) Meeting changing environment requirements. $\displaystyle 5$) Fulfilling social responsibility. $\displaystyle 6$) Management training, education and research.Importance of business environment $\displaystyle 1$) It enables the firm to identify opportunities and getting the first mover advantage. $\displaystyle 2$) It helps the firm to identify threats and early warning signals. $\displaystyle 3$) It helps in tapping useful resources. $\displaystyle 4$) It helps in coping with rapid changes. $\displaystyle 5$) It helps in assisting in planning and policy formulation. $\displaystyle 6$) It helps in improving performance. B