PM stands for Principles of Management, consist of principle and management.
A principle is a fundamental truth and is generally stated in the form of cause and effect inter-relationship. Management principles are the statement of general truth providing guide to thought or action. In the words of Herbert G. Hicks, “Principles of Management are the guiding rules of laws for managerial action.” Principles of management are very important for the successful management of organization in its real situations. These are important guidelines to the management. These principles point out the areas where management should concentrate immediate attention. They simplify the process of management, increase the overall efficiency, effectiveness and help in achieving the desired objective of the business (G.Swati, 2015).
Managing is a complex activity because manager must process many skills, knowledge that necessary tasks efficiently and effectively to achieve the organization goals. How well managers perform their tasks efficient and effective are planning, organizing, leading and controlling. Today’s competitive of doing business are various, interesting and it is cause of challenging’s organization performance. Other challenges are behaving in ethical and social responsible both inside and outside the organization.
To run a successful business managers should encourage organization wide acceptance and valuing of diversity because effectively managing diversity can improve organizational effectiveness that can help an organization receive benefits more than competitors. Improving of organization cause of learning and creativity of employees in organization. Moreover, effectively strategy is the important factor that make the business accomplish their goals. A business strategy creates a vision and direction for the whole organization. It is important that all people within a company have clear goals and are following the direction or mission of the organization (Evolve,2015).