BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Readymade solution to managerial problems
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Guidelines for managerial action
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Guarantee for success of an organisation
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All of the above
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Detailed explanation-1: -Principles of Management are guidelines and frameworks that help managers to run their organisation efficiently and effectively. It helps them in the day-to-day functioning and while framing the organisation’s goals and objectives.
Detailed explanation-2: -The application of principles of management helps the managers to take right decisions at the right time. These principles of management help managers to tackle the diverse problems in a dynamic business environment.
Detailed explanation-3: -Principles of management are basic activities that can help you plan, organize and control operations related to material, people, machines, methods, money and markets. They provide leadership to human efforts so that they achieve set objectives efficiently.
Detailed explanation-4: -Management principles provide general guidelines in tackling the organizational situations wisely as well as in solving the problems. They are not rigid. Which management principles are to be applied depends upon the situation, size, and nature of the organization.
Detailed explanation-5: -At the most fundamental level, management is a discipline that consists of a set of five general functions: planning, organizing, staffing, leading and controlling.