What is meant by principles of management? State any three points of their importance.

Explanation

The principles of management are the activities that “plan, organize, and control the operations of the basic elements of [people], materials, machines, methods, money and markets, providing direction and coordination, and giving leadership to human efforts, so as to achieve the sought objectives of the Organisation : -

Importance of principle of Management:

(a) Helps in achieving group goals.

(b) Increases efficiency.
(c) Creates a dynamic organisation.

(d) Helps in achieving personal objectives. (e) Helps in the development of society.