Principles of Management are important because they:
(i) Provide useful insights into the real world situations, enabling the managers to learn from past mistake and conserve time by solving recurring problems quickly.
(ii) Help in optimum utilisation of resources, reduces the wastage associated with trial and error approach.
(iii) Help in effective administration by limiting the boundaries of managerial discretion, so that decisions are free from personal prejudices.
(iv) Helps in taking scientific decisions based on facts, objectives and assessment of the situation.
(v) Help the managers in meeting the changing environment requirements because these principles can be modified according to the changes taking place in the environment.
(vi) Helps in fulfilling social responsibility.
(vii) Helps in management training, education and research.
