Management Principles are guidelines for taking management decision. They are the general premises that are applicable in different situations and may vary in their application by different managers.
The following points highlight the significance of principles of management:
(i) Insights to reality: Principles of management are based on years of experimentation and experience. Thus, these principles guide the managers when they face real-world problems. Managers can use them in different situation to solve recurring problems.
(ii) Logistic decisions: Decisions regarding the management should be taken carefully. They should be based on reasons and proofs rather than beliefs and ignorance. As principles of management were developed from real-life problems, they stand the test of logic and reasoning. Thus, principles of management help managers in taking logical decisions that are free from personal bias.
(iii) Basic education of management: These principles form the basic roots of management education. Without them, management as a discipline could not have been developed. In other words, management principles form an important part of the management curriculum. In addition, they also from the basis of further research on management techniques and methods.