Principle of management
Why is it important to learn to plan – and to change plans – in today’s world and work environment? Give examples from your experiences. Did you handle the change well? How could you have done a better job?
A principle refers to a fundamental truth. It establishes cause and effect relationship between two or more variables under given situation. They serve as a guide to thought & actions. Therefore, management principles are the statements of fundamental truth based on logic which provides guidelines for managerial decision making and actions. These principles are derived: –
- On the basis of observation and analysis i.e. practical experience of managers.
- By conducting experimental studies.
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