MSG Team's other articles

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In recent years, many Information Technology and Software firms in the Silicon Valley area have been implementing innovative Human Resources (HR) policies that are aimed at creating an engaging workplace culture and actualizing a work environment that is fulfilling and rewarding. Starting with flexible work and employment arrangements and including, among other measures such as […]

12070 Cultural Dimension to Youth Entrepreneurship

When we refer to a country’s resources and wealth, we refer to their economic position, the availability of natural resources, financial status as well as the state of technological growth etc. However not much attention is given to assess the human capital especially the youth capital. It is true that youth is the future of […]

11217 Secondary Metric(s) – Meaning, Purpose and its Identification

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9657 How Pre-Revenue Companies are Valued?

Valuation of any company can be a very complex task. However, when it comes to pre-revenue companies, this complexity is magnified. This is because of the fact that valuation is generally the discounted value of the future cash flows which are likely to arise in the future. The current cash flows are used as a […]

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Following are the main importance of the Principles of Management.

  1. Improves Understanding.
  2. Direction for Training of Managers.
  3. Role of Management.
  4. Guide to Research in Management.

  1. Improves Understanding - From the knowledge of principles managers get indication on how to manage an organization. The principles enable managers to decide what should be done to accomplish given tasks and to handle situations which may arise in management. These principles make managers more efficient.

  2. Direction for Training of Managers - Principles of management provide understanding of management process what managers would do to accomplish what. Thus, these are helpful in identifying the areas of management in which existing & future managers should be trained.

  3. Role of Management - Management principles makes the role of managers concrete. Therefore these principles act as ready reference to the managers to check whether their decisions are appropriate. Besides these principles define managerial activities in practical terms. They tell what a manager is expected to do in specific situation.

  4. Guide to Research in Management - The body of management principles indicate lines along which research should be undertaken to make management practical and more effective.

    The principles guide managers in decision making and action. The researchers can examine whether the guidelines are useful or not. Anything which makes management research more exact & pointed will help improve management practice.

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