Features of Management Principles:
Cause and Effect Relationship: Principles of management cannot be applied blindly and recognise the cause-effect relationship between human and physical resources.
Management principles are based on cause and effect that means these principles tell us if a particular principle is applied in a situation, what might be the effect.
The principles of management tell the likely effect if a certain principle is applied. The effect of such principles remains more or less the same due to their application on human.
Example: By applying the principle of subordination of individual interest to the general interest, the behaviour of employees may be influenced in such a way that the personal goals of employees may be directed towards goals of the organisation.
Significance of Management Principles:
(a) Meeting Changing Business Environment: Management prin iples provide an effective and dynamic leadership and help the organisation to implement the changes. Although the principles are in the nature of general guidelines, they are modified and help managers to meet the changing requirements of the environment.
Example: With the rapid rise of online market sellers, offline vendors have also started selling their goods on online platforms.
(b) Management Training, Education and Research:
(i) Proper understanding of principles is the base of training, research, and development in the field of management.
(ii) Management is taught on the basis of these principles which help the management institutes prepare future managers.
(iii) These principles help managers to take decisions and actions in the right manner.
(iv) Application of these principles by the managers brings innovation in the field of management.
Example: It is the result of such training, education, and research that Sunil Mittal could run Airtel in a successful way.