Tag Archives | Management Principles

Six significance of principles of management for organizational decision making are: 1. Providing Managers with Useful Insights into Reality 2. Optimum Utilisation of Resources and Effective Administration 3. Scientific Decisions 4. Meeting Changing Environment Requirements 5. Fulfilling Social Responsibility 6. Management Training, Education and Research. 1. Providing Managers with Useful Insights into Reality: Principles of management help in increasing managerial [...]

Principles of scientific management propounded by Taylor are: 1. Science, Not Rule of Thumb 2. Harmony, Not Discord 3. Mental Revolution 4. Cooperation, Not Individualism 5. Development of each and every person to his or her greatest efficiency and prosperity. 1. Science, Not Rule of Thumb: In order to increase organisational efficiency, the ‘Rule of Thumb’ method should be substituted [...]

Seven essential principles of management are: 1. Universal Applicability 2. General Guidelines 3. Formed by Practice and Experimentation 4. Flexible 5. Mainly Behavioural 6. Cause and Effect Relationship 7. Contingent! Managerial principles are the guideline to for decision making and action. […]