Nature and Significance of Principles of Management Video Lecture | Business Studies (BST) Class 12 - Commerce

after having understood the nature and
significance of matching we move to now
to the second chapter that is principles
of management now what are principles of
management they are broad and general
guidelines for decision making and
behavior of managers right now when we
talk about principles of management they
are not like the principles or they are
not like scientific principles they are
not as rigid as scientific principles
but they are just flexible general
guidelines you know which guide the
managers on to decision making and on to
handling you know their manpower now
what are the different characteristics
what are the characteristics of
principles of management first of all
they are just broad general guidelines
they are not rigid prescriptions which
have to be followed as it is they just
provide you general guidelines on to
decision making in an organization
secondly they are formed by
experimentation though there are general
guidelines but these principles have
been formed after enough amount of
observation and experimentation in
different situations
thirdly they are contingent the
application of management principle is
contingent upon the situation in which
they have to be used so application it
depends upon application of the
management principle it depends upon the
kind of the situation that you are
dealing with thirdly they are flexible
in nature they are not like scientific
principles which have to be used in
controlled situations right they are
flexible in nature and can be changed
can be change or chemical side rather
can be modified according to the changes
in the
external environment third universal
application universal applicability or
universality of the management principle
it just means that it can be used in all
types of organization and at all levels
of an organization whether be big
organization small organization or a
nonprofit organization any kind of
organization management principles are
applicable then they establish a
cause-and-effect relationship they
establish a cause-and-effect
relationship what is going to be the
effect of a particular management
principle when applied to a situation it
can already be seen so that in similar
so that they can be used in similar
situations they establish a
cause-and-effect relationship so that
they can be used in similar situations
then last is behavioral they aim at they
mainly aim they are behavioral in nature
because they aim at influencing human
behavior because in an organization what
are we basically dealing with we are
dealing with human behavior so they aim
at influencing the human behavior for
the betterment of the organization now
what is the importance of management
principles significance of management
principles as to why we need to use
these management principles at all first
one is it provides useful insights into
reality it basically equates the
managers with a different kind of
managerial situations he is going to be
facing he is going to be facing they are
managers are able to learn from the past
mistakes and they do not waste any time
in the hit and trial method right they
can learn from the past mistakes right
so manager can leave the routine to the
top level management can leave the
routine tasks to be taken care by the
middle level management and concentrate
himself you know on more important tasks
right then secondly optimum utilization
of resources
now as I said that the management
principle they establish a
cause-and-effect relationship right we
know that what is going to be effect of
a particular what is going to be the
effect of a particular decision so they
don't need to waste any time in a hit on
trial method right so therefore they
they don't have to waste any time in the
hit and run method they can foresee that
what is going to be the effect you know
of their decisions and actions so ways
to just get on