OCM 12th Commerce PDF

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OCM 12th Commerce Notes

Management is considered one of the required sources of a business organization like machines, materials, and money. For establishing coordination between all other sources of organization, one needs to know about management.

Therefore, it is observed that the importance of management is growing rapidly. Various management thinkers have introduced different management theories as per their field observation and systematic study. There are various principles, theories, and techniques of management which give results in the same direction.

But its use is varying from organization to organization, situation to situation, and person to person. In brief, management sets the strategic goals in accordance with the vision-mission of the organization and makes decisions on how the overall organization will operate.

Management is often included as a factor of production. It harmonizes all functions of a business organization such
as planning, organizing, staffing, coordinating, and controlling, which are termed functions of management.

While achieving the goal of an individual or an organization, it is always important to use different systems or techniques. Some of these techniques are accepted universally, hence, they are called principles. It provides guidelines to managers to conduct all organizational activities on specific bases.

It helps the manager to take effective decisions and to achieve organizational goals. “Principle is defined as a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning.”

In simple words, techniques or systems which give one directional result are called principles. These principles are universal and applicable everywhere. Due to the basis of principles, managers need not work on a trial-and-error basis.

For Example, in cricket or in any other game, total play is designed and divided between the players according to their qualities and capabilities. In terms of management, it is called division of work which is one of the principles of management.


Management principles are formed to guide and influence the behavior of employees. These principles insist on improving the efficiency of organizational resources in terms of profit. These principles also focus on the best coordination between superiors, subordinates, and all the members of the organization.
The nature of management principles is given below:

1) Universal application:
The principles of management are universal in nature. That means they can be applied to all types of organizations, irrespective of their size and nature. Their results may vary and applications may be modified but these are suitable for all kinds of organizations. Similarly, they are applicable to all levels of management.

2) General guidelines:
Management principles provide general guidelines for tackling organizational situations wisely as well as solving problems. They are not rigid. Which management principles are to be applied depends upon the situation, size, and nature of the organization. For example, when we say fair remuneration, then the term ‘fair’ can vary as per the nature, size, and financial condition of the organization.

3) Principles are formed by practice and experiments:
The management principles are developed gradually with thorough research work. Systematic observations and experiments are conducted before developing them. The results of such experiments have been developed as a principle after its practice in organizations.

4) Flexibility:
Management principles are flexible in nature. It means they can be changed or modified according to the situation. Managers can be flexible while implementing principles to suit the requirement. The business situations keep on changing. Management principles can be adjusted or modified and can be used in the organization according to its need.

5) Behavioral in nature:
Management is a group activity. Management aims at achieving a certain goal through a group of human beings. Management principles are designed to influence human beings. These principles control a group of persons and direct them to achieve their objectives.

6) Cause and effect relationship:
Principles of management are the base for taking decisions. They determine the cause or reason for a particular effect. For example, payment of good wages and incentives helps in increasing the output of workers or making effective advertisement increases the sale of a product.

7) All principles are of equal importance:
All principles of management are of equal importance. Those are to be practiced simultaneously to get the best results in the form of achievement of predefined goals. If any specific principle is focused more and others are not followed with the same focus, then it affects the working of the organization.

Management principles are the principles of social science. The nature of principles of management is not absolute like pure sciences i.e. Chemistry, Mathematics, etc. With some modifications according to requirements, the organization needs to apply the principles of management.

Language English
No. of Pages180
PDF Size2.7 MB

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