BCom Notes Part II Management Nature of Management Principles

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Nature of Management Principles

What are Management Principles? Explain the nature of Management Principles. OR

Why Management Principles are needed? What are their limitations?

Meaning of Management Principles

Management principles may be defined as fundamental truths of general validity. They are helpful in predicting and understanding the results of managerial actions. The principles have been derived from the experience of managers in different fields of activity. Primarily members of the classical management school have developed them.

Management principles are intended to improve the practice of management by providing guidelines for managerial actions in the management process. They become the basis of scientific process of management.

Flexibility of Management Principles (Nature)

As indicated above, management principles are not rigid, absolute truths like rules and laws. In fact, they are flexible guides to managerial actions. Hence, while applying these principles, due attention must be given to varied and changing, circumstances because human beings who are subject of such principles are different and changeable and moreover other concerned factors are also not stable. At times it has been found in practice that the same principles is seldom applied twice in exactly the same way.

Like other social sciences, management science is also not very exact and rigid. Certain kind of flexibility is always necessary to accommodate new thinking, new demands and newly emerging circumstance. Hence the management principles are flexible and can should be adopted to meet the specialty of every situation. However as a precaution management principles should be guarded against unnecessary frequent modifications and alterations based on pure whims and friezes of individual user so that they are not distorted unwarrantedly.

In sum, it may be said that the nature of the principles of management suggests that they should be applied with fair judgement and interpretation of the available facts in a given situation.