Answer:
Principles of management are the statements of fundamental truth that explain the relationship between variable factors. These principles serve as guidelines for decision-making of managers. Management principles are important as they provide useful insights into reality. The principles of management help the managers to increase their efficiency by increasing their knowledge and ability to understand the situations. They help the managers to learn from the past mistakes and conserve time by taking wise decisions quickly e.g. A manager can give his authority of taking day-to-day decisions to his/her subordinate and deal only with exceptional situations, which require his/her expertise by following the principle of delegation of authority.
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