Why principles of management are needed? Explain by giving any five reasons.

Following are the main five reasons which highlight the importance of management principles:

(i) Improves understanding: The knowledge of principles improves the understanding of the managers about the ways and means of managing an organisation.

(ii) Direction for training of managers: The principles are helpful in identifying the areas of management in which existing and future managers should be trained.

(iii) Optimum utilization: Management principles aim at optimum utilization of human and physical resources for the attainment of organisational goals.

(iv) Meeting changing environment requirement: Management principles help the managers to meet changing requirements of the environment.

(v) Fulfilling social responsibility and research: Management principles are used as a basis for management training, education and research.