(b) Importance of Principles of Management:
The significance/importance 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) Optimum utilisation of resources and effective administration: Management principles facilitate optimum use of resources by coordinating the physical, financial and human resources. They also help in better administration by discouraging personal prejudices and adopting an objective approach.
(iii) Scientific decisions: Decisions based on management principles tend to be more realistic, balanced and free from personal bias.
(iv) Meeting the changing environmental requirements: Management principles provide an effective and dynamic leadership and help the organisation to implement the changes.
(v) Effective Administration: The management principles act as guidelines and form the base to various administrative policies to have systematic working in the organisation.