The importance of the principles of management are mentioned below:
- Furnishing managers with beneficial insights: These principles of management help in raising the managerial effectiveness by adding to their knowledge, skills and ability to comprehend the various situations more equitably.
- Scientific decisions: Management principles assists the managers in taking the decisions that are based on the goal-oriented situation. Hence, the decisions taken are certainly logical, unbiased and free from any sort of prejudices.
- Fulfilling social responsibilities: These principles of management are outlined in such a way that they assist in fulfilling social responsibilities.
- Management training, education and research: These principles of management are utilised as a basis for management training, education and research.