BACHELOR OF BUSINESS ADMINISTRATION

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: -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-4: -Henry Fayol, also known as the ‘father of modern management theory’ gave a new perception of the concept of management. He introduced a general theory that can be applied to all levels of management and every department.

Detailed explanation-5: -Principles of management do not provide readymade solution to all managerial problems because principles provide general guidelines to managers whereas real business situations are extremly complex and not based on theoretical knowledge. Was this answer helpful?