Business Studies XII Content
Meaning of principle of management
Principle of management is concerned with managerial aspect of organization. It is believed that management is as old as mankind however systematic approaches to management are the outcome of efforts made in 20th century.
Nature of management principles
· Management principles are flexible and change with change in environment thus cannot be regarded as final truth. Principles should be applied according to need, place time and social culture. Continuous research re to be carried out.
· Management principles are relative and are applied according to the needs of particular organization.
· Management involves the direction of human behavior in an organization which are directed towards regulating human for best result.
· Management principles establish cause and effect relationship. The effects are based on management principles which are based on predictions based upon division of labor which results efficiency. Here division of labor is cause and efficiency is result.