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Valiyam Memorial College of Teacher Education

Prepared And Submitted By

Shiji C AntonyReg. No.13387012

Commerce

Importance of Management Principles

importance

Optimum utilization of

resources

Scientific decisions

Helps in setting

objectivesResearch and development

Social obligation

Effective administration

Change in technology

1.Helps in Setting Objectives/goal: Management principles helps an organization in setting realistic objectives. Thus in turn contributes to the goal setting process.

2.Optimum utilization of Resources: Optimum utilization of resources is possible through

proper monitoring of the performance of employees . It points out how time, money, materials and human efforts can be used economically to improve productivity.

3.Scientific Decisions:By following the decentralization of authority, managers can decisions scientifically as the situation demands. Taking appropriate decisions at the right time is essential for the smooth running of the organization.

4.Change in technology: Managers must face the challenges of the competitive world. They keeps a close watch on changing technology being adopted in various fields.

5.Effective Administration: By following certain principles of like unity of

command, unity of direction etc managers can manage their respective areas effectively. This removes confusion in the minds of the employees.

6.Social Obligation: A business enterprise is an integral part of

society.. It derives its inputs from the society and supplies its to output to the society. It has to supply quality products at reasonable price to the customers and employees.

7.Research and development: Management principles evolved through scientific observations and there should be a continuous process of research in all the functional areas of management.

Thank You….