In this article we will discuss about Principles of Management: Meaning, Features/Nature, Importance and its Derivation.
The word principles mean a fundamental concept which defines rules and truths of organization. It helps organization in taking action or decision on business management. Principles of management are an essential factor of the company which helps in management of all works effectively & efficiently. There are some Principles of Management by Henry Fayol based on truth which helps organization in taking any decision regarding business management.
ALSO READ: Fayol’s Principles of Management with his Background, History and his major contributions toward Management.
- Universal in nature: The principle of management is universal in nature because it is applicable for all type of organization whether it is partnership or sole. It is suitable for all type of organization which helps in decision making.
- Flexibility: The principle of management is flexible in nature because it can be applied under any condition and also in any organization.
- General guidelines: The Principle of management provides general guidelines to business organization which helps in taking decision and management planning.
- Behavioral in nature: The Principle of Management helps organization to built-up relationship within organization. It also guides and influences the behavior of the employees.
Derivation of Management Principle
The Management Principle is derived after analysis and observation by the researchers. It can’t be observed within one night or day, it takes several time by the procedure of the researchers. For the development of management principles there are two steps:
- Deep observation: At the time of derivation of Management principles researchers faced many of the problems and they overcome with these problems by observing them deeply. The observer’s notes down works are working in their fields and note the reaction of situation.
- Repeated experiments: The decision of the management is observed on daily basis and experiment it on different organization. If they get same result from all organization then principle of management formed.