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Management Planning Process, Managerial decision Making Formally defined, the principles of management are the activities that âplan, organize, and control the operations of the basic elements of [people], materials, machines, methods, money and markets, providing direction and coordination, and giving leadership to human efforts, so as to achieve the sought objectives of . Management(Paris: Institute of Electrical and Electronics Engineering, 1916).For this reason, principles of management are often discussed or learned using a framework called P-O-L-C, which stands for planning, organizing, leading, and controlling. Organisation and Management 4. Notes MODULE - 4 Business Management : Nature and Scope BUSINESS STUDIES Fundamentals of Management (h) Management is Situational : The success of management depends on, and varies from, situation to situation. 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