CHAPTER 2 PRINCIPLES OF MANAGEMENT A management principle is a broad and general guideline for decision making and behavior but they are not rigid (not changeable) and can be changed (altered). NATURE OF PRINCIPLES OF MANAGEMENT (i) Universal applicability: The principles of management are intended to apply to all types of organisations, small or large, not for profit organisation, religious place ans so on. (ii) General guidelines: The principles are guidelines to action but do not provide readymade, straitjacket solutions to all managerial problems. This is so because business environment is complex and dynamic. (iii) Formed by practice and experimentation: The principles of management are formed by experience and collective wisdom of managers as well as experimentation. For example: :Discipline" is necessary for accomplishing any purpose. (iv) Flexible: ...