1. Principles of management equip to managers to foresee the cause and effect relationships of their decisions and actions so that the wastages associated with a trial and error approach can be overcome. Identify the point of significance of management highlighted here.
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Optimum utilisation of Resources and Effective Administration is the significance highlighted by the statement 'Principles of management equip the managers to foresee the cause and effect relationships of their decisions and actions so that the wastages associated with a trial and error approach can be overcome.
Explanation: Resources which are available to any company (both human and material) are limited in nature. There is a huge need for its optimum utilisation. Here, optimum utilisation denotes deriving maximum benefits with minimum costs. These Principles help the managers to look at the cause and the effect element which reduces the risk of trial and error and ultimately leading towards the optimum utilisation. Moreover, these principles ensure effective administration which allows the manager's power to be used with due discretion leading to the efficiency in the system.
Regards
Optimum utilisation of Resources and Effective Administration is the significance highlighted by the statement 'Principles of management equip the managers to foresee the cause and effect relationships of their decisions and actions so that the wastages associated with a trial and error approach can be overcome.
Explanation: Resources which are available to any company (both human and material) are limited in nature. There is a huge need for its optimum utilisation. Here, optimum utilisation denotes deriving maximum benefits with minimum costs. These Principles help the managers to look at the cause and the effect element which reduces the risk of trial and error and ultimately leading towards the optimum utilisation. Moreover, these principles ensure effective administration which allows the manager's power to be used with due discretion leading to the efficiency in the system.
Regards