Management principles are the broad and general guidelines for decision making and behavior.
Management principles may be distinguished from the principles of pure science, as Management principles are not rigid and can be applied with creativity depending upon the circumstances whereas principles of pure science are rigid and universal.
Management principles may be distinguished from techniques of management, as Management principles are the guidelines whereas techniques are methods or procedures involving a series of steps to be taken to accomplish desired goals.
Management principles may be distinguished from values of Management principles are the guidelines for behavior formed after research whereas values are acceptable behavior formed through common practices.
Management principles are developed/derived on the basis of:
(1) Observation and experimentation.
(2) Personal experiences and practices.
Derivation of Management principles makes management a science and application of these principles makes management an art.
Features of Management Principles
(1)Universal application
Management principles can be applied to all types of organizations; business or non-business, small or large, public sector or private sector, though after making the necessary adjustments relating to the nature of organization, type of business activities, scale of operations of the business etc.
(2) General guidelines
Real business situations being complex and dynamic, Management principles do not provide readymade solutions but are general guidelines only.
(3) Developed by practice and experimentation
Management principles are derived or formed by observation and experimentation as well as by experience and practice.
(4)Flexible
Management principles can be applied with modifications by the managers as per the requirement of a particular case.
(5) Behavioral
Management principles are mainly the outcome of human behavior and aim at bringing the desired behavioral change for the achievement of organizational goals.
(6) Cause and effect relationship
Management principles involve cause and effect relationship so that these can be used in similar cases with equal ease.
(7) Contingent
Application of Management principles depends upon the current situation at a particular time and necessary adjustments are to be made accordingly.