A deep knowledge of any subject cannot be acquired without studying its basic principles. So, study of basic principles is necessary for acquiring the thorough knowledge of any subject. Henry Fayol was the first management expert who realized the need of management principles. Principles are the fundamental truth that explains the relationship between two or more sets or variables under the given situations. A principle is a fundamental statement of basic truth that provides a guide to thought and action. It establishes cause and effect relationship between two or more variables.
Definition of Principles
According to Terry, "Principle is a fundamental statement of truth providing the guide to thought and action".
According to Flippo, "A principle is a fundamental truth and is generally stated in form of cause and effect relationship".
The principles of management lay down guidelines for improving management practice. These principles are established after long researches and experiences of the managers in the field of management.