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Principles Of Management

Question
CBSEENBS12004779

Explain the importance of management principles

Solution

The importance of management principles can be understood by considering the following
points:

  1. Provide useful insights to manage: Principles of management help in increasing
    managerial efficiency by adding to their knowledge and ability to understand the
    various situations more objectively.
  2. Optimum Utilization of Resources and effective administration: Management principles help in organizing various activities in such a way that results in an elimination of unwanted activities and consequent wastage. Management principles help in managing organizations effectively. For example, Unity of Command helps to avoid confusion and conflicts Unity of direction ensures unity of actions to facilitate coordination.
  3. Scientific decisions: They help the managers in taking the decisions based on the objective assessment of a situation. Thus decisions taken are logical and free from any bias and prejudice.
  4. Meeting changing environment requirements: Though the principles are only guidelines for action yet they can be modified according to the need of changing situations. Thus principles of management help in meeting changing requirements of the environment.
  5. Fulfilling social responsibilities: Principles of management have been devised in such a way that they help in fulfilling social responsibilities.
  6. Management training, education and research: Principles of management are the fulcrum of management theory so that they are used as a basis for management
    training, education and research.

Some More Questions From Principles of Management Chapter

Name and explain the principle of management according to which a manager should replace 'I' with 'We' in all his conversations with workers. 

Explain 'Harmony Not Discord' as a principle of Scientific Management.

 

Principles of Taylor and Fayol are mutually complementary. One believed that the management should not close its ears to constructive suggestions made by the employees while the other suggested that a good company should have an employee suggestion system whereby suggestions which result in substantial time or cost reduction should be rewarded.
Identify and explain the principles of Taylor and Fayol referred in the above para.

Explain how the principles of management:
a. Provide useful insights into the reality and
b. Help in thoughtful decision making.

Explain the technique of scientific management that is the extension of ‘Principle of division of work and specialisation’.

What is meant by principles of management?

State anyone principle of scientific management.

Explain any two techniques of Taylor's Scientific Management.

 

What is meant by ‘financial management'?

Ashutosh Goenka was working in ‘Axe Ltd.’, a company manufacturing air purifiers. He found that the profits had started declining from the last six months. Profit has an implication for the survival of the firm, so he analysed the business environment to find out the reasons for this decline.
(a) Identify the level of management at which Ashutosh Goenka was working.
(b) State three other functions being performed by Ashutosh Goenka.