Principles of management are general guidelines, which can be used for conduct in work places under certain situations. They help managers to take and implement decisions.
Nature: The nature of management principles can be discussed under the heads- formed by practice; general guidelines; universal; flexible; behavioural; contingent; and cause and effect relationship.
Significance: Proper understanding of significance of management principles is essential to make sound decisions by managers. The significance can be discussed under the following heads- Increase in efficiency; Optimum utilisation of resources; Scientific decision making; Adaptation to changing environment; Fulfilling social responsibilities; Proper research and development; Training managers; and Effective administration.
Scientific Management: Taylor’s principles of scientific management are - Science, not the rule of thumb; Harmony not discord; Cooperation not individualism; Maximum not restricted output; Development of each person to her/ his greatest efficiency and prosperity. The techniques of scientific management as per Taylor were - Functional foremanship; Standardisation and simplification of work; Fatigue Study; Method Study; Time Study; Motion Study; and Differential Wage System. We can also point out differences between the contributions of Taylor and Fayol but essentially they were complementary in nature.