Question : The resources should be put to use in such a manner that they should give maximum benefit with minimum cost. The given statement tells us about which significance of principal of management?
Option 1: Optimum utilisation of resources and effective administration.
Option 2: Meeting changing environment requirements.
Option 3: Providing managers with useful insights into reality.
Option 4: None of the above.
Correct Answer: Optimum utilisation of resources and effective administration.
Solution : Principles facilitate optimum use of resources by coordinating the physical financial and human resources. It means that resources should be put to using such a way that they should be give maximum benefit with minimum cost.
Hence, Option A is correct.
Question : It will enable managers to learn from past mistakes and conserve time by solving recurring problems quickly. The given statement shows which significance of principle of management?
Question : They must be timely realistic and subject to measurement and evolution. Which significance of management is being discussed here?
Question : The management principles are flexible to adapt to dynamic business environment. The given statement shows which significance of principles of management?
Question : Principles of management limit the boundary of managerial discretion so that the decisions may be free from personal prejudices and biases. The given statement tells us about which significance of principles of management?
Question : Decisions must be based on facts thoughtful and justifiable in terms of the intended purpose. The given statement shows which significance of principles of management?
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