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State the importance / significance of the principles of management.

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The significance of principle of management is given as below :

1. Helps to improve understanding : Principles of management help the managers in getting better insight or understanding of situations and problems. They also help managers in resolving these problems and handling various situations.

2. Helps in increasing the efficiency: Scientific principles help to cut down the wastages in operations and save time, energy and efforts through the maximum utilisation of the resources. As a result, organisation gets higher returns in terms of quantity and quality of performance at a same or lower cost than before.

3. Helps to develop the objective approach : By using principles of management, the manager can develop an objective approach. The manager can find out and identify the problems in right direction and can provide solutions in an objective manner.

4. Helps to co-ordinate and control: Principles of management serve as guidelines to co-ordinate the departmental goals with the goals of the organisation. These principles help the managers to co-ordinate the activities of different departments. Managers can easily exercise the control over the entire organisation. The proper use of these principles helps to achieve the given targets easily.

5. Understanding social responsibility : Business is a part of the society. It makes use of the resources of the society and therefore, it has to perform some social responsibilities. Management principles guide the managers to understand and perform social responsibilities. For example, the principle of fair remuneration insists the management to pay adequate salary to the employees and to take care of other interests of the employees also.

6. Research and development: Principles of management are evolutionary in nature and have evolved with passage of time. They have undergone certain changes on account of changes in the business world. They are developed over the years to suit the current needs of organisation. They stress on scientific study, research and development in the organization. 

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