Meaning of Management Principles
Principles of management are broad and general guidelines for the decision-making and behavior of managers.
Nature/ Characteristics /Features
- General guidelines
- Formed by practice and experimentation
- Universal Applicability
- Cause and effect relationship
Significance of management Principles
- Provide useful insight into the reality
- Optimum utilization of resources and effective administration
- Scientific / Thoughtful decision
- Meeting changing environment requirements
- Fulfilling social responsibility
- Management training, education, and research.
- Henri Fayol – Principles of General Management – Father of General management
- F.W. Taylor – Principles of Scientific Management / Techniques of Scientific Management – Father of Scientific management