Valiyam Memorial

College of Teacher Education

Prepared And Submitted

By

Shiji C Antony

Reg. No.13387012

Commerce

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

1.Helps in Setting Objectives/goal: Managementprinciples helps an organization in setting realisticobjectives. Thus in turn contributes to the goalsetting process.

2.Optimum utilization of Resources: Optimumutilization of resources is possible through propermonitoring of the performance of employees . Itpoints out how time, money, materials and humanefforts can be used economically to improveproductivity.

3.Scientific Decisions: By following thedecentralization of authority, managers candecisions scientifically as the situation demands.Taking appropriate decisions at the right time isessential for the smooth running of theorganization.

4.Change in technology:

Managers must face the challenges of thecompetitive world. They keeps a close watch onchanging technology being adopted in variousfields.

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.

6.Social Obligation: A business enterprise is anintegral part of society.. It derives its inputs fromthe society and supplies its to output to thesociety. It has to supply quality products atreasonable price to the customers andemployees.

7.Research and development: Managementprinciples evolved through scientificobservations and there should be a continuousprocess of research in all the functional areas ofmanagement.

Thank You….