Which among the following does NOT relate with the nature of principles of management?

The principles are guidelines to action and provide readymade, straitjacket solutions to all managerial problems.

The correct answer is option 2- The principles are guidelines to action and provide readymade, straitjacket solutions to all managerial problems.

The principles are guidelines to action and provide readymade, straitjacket solutions to all managerial problems is not related with the nature of principles of management as they do not provide readymade, straitjacket solutions to all managerial problems. They just provide general guidelines.

General guidelines: The principles are guidelines to action but do not provide readymade, straitjacket solutions to all managerial problems. This is so because real business situations are very complex and dynamic and are a result of many factors. However, the importance of principles cannot be underestimated because even a small guideline helps to solve a given problem.

OTHER OPTIONS

• The principles of management are intended to apply to all types of organisations, business as well as non-business, small as well large, public sector as well as private sector, manufacturing as well as the services sectors- It is related with Universal applicability. The principles of management are intended to apply to all types of organisations, business as well as non-business, small as well large, public sector as well as private sector, manufacturing as well as the services sectors. However, the extent of their applicability would vary with the nature of the organisation, business activity, scale of operations and the like.

• The principles of management are formed by experience and collective wisdom of managers as well as experimentation-  It is related with Formed by practice and experimentation. The principles of management are formed by experience and collective wisdom of managers as well as experimentation.

• The principles of management are not rigid prescriptions, which have to be followed absolutely- It is related with flexibility. The principles of management are not rigid prescriptions, which have to be followed absolutely. They are flexible and can be modified by the manager when the situation so demands. They give the manager enough discretion to do so.