question_answer

Values are desirable for moral connections that are to be followed for ethical business practices. At the same time, techniques are the methods or procedures to achieve organisational goals. Then apart from values and techniques, why are the principles of management needed?

Answer:

Management principles are essential for the successful running of business organisation. Its significance or need can be enumerated with the help of the points given below: (i) Optimum Utilisation of Resources Several principles of management, such as unity of direction, division of labour, etc help in optimum utilisation of resources. (ii) Scientific Decisions The knowledge of management principles enables managers to learn about the cause and effect relationship between variables operating in the organisation. This helps them to develop a scientific approach to solve problems.