A principle refers to a fundamental truth, it establishes a cause and effect relationship between two or more sets of events. Principles can predict the results of certain causes in the given circumstances. According to George R. Terry “ Principle is a fundamental statement of truth providing a guide to thought or action”. Thus on a basic principle, we may say that this is to be done and this is not to be done. A managerial principle is a broad and general guideline for decision-making and behavior, for example, while deciding about the promotion of an employee on my consider seniority, whereas the other may consider the principles of merit. Principles of management are different from that of principles of pure sciences. Management principles are not as rigid as principles of pure sciences they deal with human behavior and thus are to be applied creatively given the demand of the situation.
Management principles have not been developed overnight but a complete procedure to develop these principles is undertaken and these principles are developed by the management experts, first, the problems were born, then efforts were made to solve them and these efforts resulted in a lot of research work and finally the solutions were found out and these solutions are in the form of principles of management. The principles of management are derived in the following ways:
1. Based on deep observation/ study of the problem
Researchers observe the problem in different situations and from different angles. They have to study deeply the problem, its cause, magnitude, consequences, and solutions.
2. Based on experimental studies
A decision or statement which is observed is tested in different organizations with different employees and if they get a favorable result, then the statement is given the name of a principle and a principle is derived. After understanding the meaning of principles and principles of management, it is very necessary to learn the nature and the need for the principles of management.
Based on the above guidelines the principles of the management were developed. Several principles of management have been developed to assist managers in performing their functions well, a large number of principles have been contributed by the management authors belonging to the traditional school of management thought and today there is a very lengthy list of management principles and these principles can be used by changing them according to the requirement and situation. The principles of management are not like the principles of physical sciences. The Principles of management cannot be rigid or absolute as they are not rules or laws and “No Principle operates automatically”. According to Henry Fayol “Principles of management are flexible and nor absolute, but must be utilized in the light of changing and special conditions”. Management principles are universal and these can be applied in different organizations like government, business, military, etc.. Principles of management are the fundamental statements of the truth of universal validity and these principles help the managers in solving managerial problems systematically and scientifically and methodologically.