The scientific approach to management required that the management theorists dedicate significant attention to the management principles. Many of the classical management theorists are known for their principles. The paper points out the significant fact that even though many of the principles of management were set many, many decades ago, they are still valid nowadays, in this changing world. Since the formal study of management began, numerous concepts have emerged as management principles. Even though nowadays many other, different, contemporary principles of management have been set, they do not lessen the importance of the “classical” principles. The paper focuses on Henri Fayol’s 14 principles of management and their applicability nowadays. The principles of management are considered to be important feature of the management thought. Their proper use can very likely improve the organizational performance. They provide appropriate set of guidelines that managers can use to create a work setting that can effectively and efficiently use the organizational resources.