The following are the main reasons which highlight the importance of the principles of Management:
· Improving efficiency of managers: Management principles serve as a guideline for doing work with greater efficiency. These principles help managers to take a more realistic view of different managerial problems and to direct human behavior effectively. The conscious manager can become more effective by using the established management principles to solve problems.
· Improving art of management:Management principles help in improving the art of management by suggesting how things should be done to get good results in an efficient manner. These principles provide a means of organizing knowledge and experience in management.
· Useful for research and practical guidance: The network of management principles represents a key area for conducting research studies. These principles have expanded the horizons of knowledge and promoted further research. These principles have provided new ideas, imagination and vision to the organization.
· Helpful in management training:Management principles are also needed to train managers. These principles provide a conceptual framework for systematic training and development of future managers. New techniques of management training make training programs more meaningful and efficiency.
· Useful for spreading knowledge: Management principles are useful for spreading knowledge of management through teaching. The teaching of management principles continues to be an integral part of management education. These principles help to develop an organized body of knowledge by management practitioners, thinkers and philosophers.
· Evaluating the behavior of managers:Management principles prescribe what one should do to improve things in some ways. These principles attempt to prescribe and evaluate the behavior of the managers of the organization.
· Attaining social goals: Management principles have helped to attain the social goals by increasing efficiency and productivity in the use of scarce resources. The supply of quality goods at a reasonable price boosts social welfare.