Final answer:
The step in management development that involves transferring learned principles is 'skill application.' This entails applying acquired knowledge to real-world scenarios, highlighting the importance of transferable skills across varied tasks.
Step-by-step explanation:
The four broad steps in management development include skill assessment, skill acquisition, skill practice, and skill application. When it comes to transferring learned principles to a work setting or various tasks, this refers to the step of skill application. It involves applying the knowledge and education one has acquired to real-world scenarios across different contexts. For instance, using critical thinking or problem-solving skills honed through an undergraduate education in psychology is an example of skill application in the workplace. It is the stage where transferable skills become particularly valuable as they can contribute to a diverse array of functions and tasks within a professional environment.