What is Management principles?
management principles is a set of rules that guides managerial decisions when each manager is trying to maximize profits, control costs, distributed wealth, and increase productivity.
Management principles (also known as industrial management principles) consist of the following:
1. Maximizing Profits
2. Cost Control
3. Distributing Wealth
4. Increasing Productivity
5. Rational Decision Making
6. Sound Planning
7. Incentives
8. Organization
9. Teamwork
10. Capital and Credit
Why Are Management Principles Necessary?
Management principles are necessary in order to help organizations function effectively. These principles provide guidance on how to manage resources, motivate employees, and make decisions. By following these principles, organizations can improve their chances of success.
