Features of the Principle of Management: General Guidelines: They are general guidelines to take action and decision making however they do not provide readymade solutions as the business environment is changing or dynamic.
Significance of the Principles of Management:
The significance of principles of management can be derived from their utility which can be understood from the following points:
(i) Providing managers with useful insights into reality: Management principles guide managers to take right decision at right time by improving their knowledge, ability and understanding of various managerial situations and circumstances.
(ii) Fulfilling social responsibility: Principles of management not only help in achieving organizational goals but also guide managers in performing social responsibilities. Example : "Equity" and "Fair" remuneration.