slide importance of management principles
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importance of management principlesTRANSCRIPT
Valiyam Memorial
College of Teacher Education
Prepared And Submitted
By
Shiji C Antony
Reg. No.13387012
Commerce
Importance of Management Principles
importance
Optimum utilization of
resources
Scientific decisions
Helps in setting
objectives
Research and development
Social obligation
Effective administration
Change in technology
1.Helps in Setting Objectives/goal: Managementprinciples helps an organization in setting realisticobjectives. Thus in turn contributes to the goalsetting process.
2.Optimum utilization of Resources: Optimumutilization of resources is possible through propermonitoring of the performance of employees . Itpoints out how time, money, materials and humanefforts can be used economically to improveproductivity.
3.Scientific Decisions: By following thedecentralization of authority, managers candecisions scientifically as the situation demands.Taking appropriate decisions at the right time isessential for the smooth running of theorganization.
4.Change in technology:
Managers must face the challenges of thecompetitive world. They keeps a close watch onchanging technology being adopted in variousfields.
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 anintegral part of society.. It derives its inputs fromthe society and supplies its to output to thesociety. It has to supply quality products atreasonable price to the customers andemployees.
7.Research and development: Managementprinciples evolved through scientificobservations and there should be a continuousprocess of research in all the functional areas ofmanagement.
Thank You….