GENERAL KNOWLEDGE

Detailed explanation-1: -True. Principles of management are statements of fundamental truths, which serve as guidelines for decisions and actions of managers.

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: -Principles of management help managers in taking decisions scientifically as the knowledge of management principles enables managers to learn the cause and effect relationship between variables operating in the organisation.

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.