importance of management principles

2. Valiyam Memorial
College of Teacher
Education

3. Prepared And Submitted
By
Shiji C Antony
Reg. No.13387012
Commerce

4. 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

5. 1.Helps in Setting Objectives/goal: Management
principles helps an organization in setting realistic
objectives. Thus in turn contributes to the goal
setting process.

6. 2.Optimum utilization of Resources: Optimum
utilization of resources is possible through proper
monitoring of the performance of employees . It
points out how time, money, materials and human
efforts can be used economically to improve
productivity.

7. 3.Scientific Decisions: By following the
decentralization of authority, managers can
decisions scientifically as the situation demands.
Taking appropriate decisions at the right time is
essential for the smooth running of the
organization.

8. 4.Change in technology:
Managers must face the challenges of the
competitive world. They keeps a close watch on
changing technology being adopted in various
fields.

9. 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.

10. 6.Social Obligation: A business enterprise is an
integral part of society.. It derives its inputs from
the society and supplies its to output to the
society. It has to supply quality products at
reasonable price to the customers and
employees.

11. 7.Research and development: Management
principles evolved through scientific
observations and there should be a continuous
process of research in all the functional areas of
management.

12. Thank You….