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Principles of Mgt Notes

This document covers the principles of management

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Nshom Joel
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9 views

Principles of Mgt Notes

This document covers the principles of management

Uploaded by

Nshom Joel
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Lecture notes for management

Course name: Principle of Management

SOME BASIC DEFINITION

Principles refer to the fundamental truth of a system.

Principal of management of refers to the basic elements of management.

Management therefore refers to the use of people and other resources to achieve organizational
goals and objectives.

Managers of businesses do face a lot of problem in their daily work. And being guided by certain
principles can help solve these problems.

Importance of principles of management

 Decision making

Principles of management help a manager in the principles of decisions making. This


principle helps the manager to take quality decisions, since principles provide framework for
informed decision making.

 Allocation of resources

The management principles will help the management in the discipline of resource
allocation. Management principles help a manager in the efficient allocation of resources,
ensuring full utilization of human, financial and materials resources.

 Increase productivity

Management principles help the manager in the discipline of productivity. Management


principles help to enhance managerial productivity. This is because principles will promote
efficient workflow, reduce wastage thereby increasing productivity.

 Clarity and direction

Principle of management will also help the manager in the clarity and direction
discipline. Principles provide a clear of management roles, objectives and responsibilities.

 Improve communication

Principles of management are important to the discipline of manager by improving on his


or her communication skills. Principles facilitate and clear communication amongst state holders,
reducing misunderstanding and errors.
 Professional development

Principles of management foster learning and professional growth, enabling managers to


stay updated with best practices.

Conclusion

With the above points mentioned and discussed above, it is very clear that management
principles are very important to the manager, and the entire organization (institution). And it is
right for us to say that every institution needs a good manager and well defined principles to
guide the institutions.

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