BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -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-2: -Significance of the Principles of Management Use of principles will increase their knowledge, ability and understanding of various managerial situations and circumstances. Optimum Utilisation of Resources and Effective Administration: Optimum utilisation of resources means maximum benefit with minimum cost.

Detailed explanation-3: -What Is the Importance of the 14 Principles of Management? The principles of management allows managers to understand how to run an organisation. It also helps them to accomplish tasks and manage situations as and when they arise in the organisation.

Detailed explanation-4: -At the most fundamental level, management is a discipline that consists of a set of five general functions: planning, organizing, staffing, leading and controlling.

Detailed explanation-5: -The principles of management are said to be flexible as: (a) they aim at influencing the behaviour of human beings. (b) they are general guidelines to action but do not provide readymade solutions to management problems. (c) they can be modified by the manager when the situation demands.