'Adherence to the principles of management will add to the knowledge, ability and understanding of managers for the managerial situations and circumstances. It will also enable managers to learn from past mistakes and conserve time by solving recurring problems quickly.'
Which significance of principle of management is highlighted in the above statement?
Answer & explanation
Correct answer: option 1
The principles of management provide the managers with useful insights into real world situations. Adherence to these principles will add to their knowledge, ability and understanding of managerial situations and circumstances. It will also enable managers to learn from past mistakes and conserve time by solving recurring problems quickly. As such management principles increase managerial efficiency. For example, a manager can leave routine decision-making to his subordinates and deal with exceptional situations which require her/his expertise by following the principles of delegation.