A managerial principle is a broad and general guideline for decision-making and behavior. For example, while deciding about promotion of an employee one manager may consider seniority, whereas the other may follow the principle of merit. The principles of management derive their significance from their utility. They provide useful insights to managerial behavior and influence managerial practices. Managers may apply these principles to fulfil their tasks and responsibilities. Principles guide managers in taking and implementing decisions. It may be appreciated that everything worthwhile is governed by an underlying principle. The quest of the management theorists has been and should be to unearth the underlying principles with a view to using these under repetitive circumstances as a matter of management habit. These principles enable refinement of management practices as well by facilitating the development of new management techniques. Thus, we see that techniques like Operations Research (OR), cost accounting, ‘Just in Time’, ‘Kanban’ and ‘Kaizen’ have developed due to further research on these principles. Thus, it can be said that understanding the meaning, nature and significance of principles of management will help us to appreciate their applicability in real life situations.

Who has given various principles of management like "Science not Rule of Thumb", "Harmony, Not Discord", "Cooperation, Not Individualism"?

F.W. Taylor

In the words of Taylor, “Scientific management" means knowing exactly what you want men to do and seeing that they do it in the best and cheapest way. The Bethlehem Steel company where Taylor himself worked achieved three-fold increase in productivity by application of scientific management principles which are as follows:

• Science not Rule of Thumb
• Harmony, Not Discord
• Cooperation, Not Individualism
• Development of Each and Every Person to His or Her Greatest Efficiency and Prosperity