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Transcript of Principles of Management - Part time MBA Programs in India · PDF fileThere are 14 Principles...
![Page 1: Principles of Management - Part time MBA Programs in India · PDF fileThere are 14 Principles of Management described by Henri Fayol These principles are derived: - 1. On the basis](https://reader031.fdocuments.net/reader031/viewer/2022013006/5aa616fb7f8b9a7c1a8e43da/html5/thumbnails/1.jpg)
Principles of
Management
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ContentsWhat is management?
Functions of Management
14 Principles of Management
Summary
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What is management?
Management is an art of getting things
done through and with the people in
formally organized groups.
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Functions of ManagementPlanning
Organizing
Staffing
Directing
Controlling
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Principles of managementManagement principles are the statements of
fundamental truth based on logic which
provides guidelines for managerial decision
making and actions.
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There are 14 Principles of Management described by Henri Fayol
These principles are derived: -
1. On the basis of observation and analysis i.e.
practical experience of managers.
2. By conducting experimental studies.
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1. Division of LaborWork of all kinds must be divided &
subdivided and allotted to various
persons according to their expertise in a
particular area.
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2. Authority & Responsibility Authority refers to the right of superiors to
get exactness from their sub-ordinates.
Responsibility means obligation for the
performance of the job assigned.
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3. Unity of Command A sub-ordinate should receive orders and
be accountable to one and only one boss at
a time.
He should not receive instructions from
more than one person
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4. Unity of Direction
People engaged in the same kind of
business or same kind of activities must
have the same objectives in a single plan.
Without unity of direction, unity of action
cannot be achieved.
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5. Equity Equity means combination of fairness,
kindness & justice.
The employees should be treated with
kindness & equity if devotion is expected
of them.
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6. OrderThis principle is concerned with proper &
systematic arrangement of things and
people.
Arrangement of things is called material
order and placement of people is called
social order.
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7. Discipline Discipline means sincerity, obedience,
respect of authority & observance of rules
and regulations of the enterprise.
Subordinate should respect their
superiors and obey their order.
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8. Initiative Initiative means eagerness to initiate
actions without being asked to do so.
Management should provide opportunity
to its employees to suggest ideas,
experiences& new method of work.
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9. Remuneration Remuneration to be paid to the workers
should be fair, reasonable, satisfactory &
rewarding of the efforts.
It should accord satisfaction to both
employer and the employees.
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10. Stability of Tenure
Employees should not be moved
frequently from one job position to
another i.e. the period of service in
a job should be fixed.
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11. Scalar ChainScalar chain is the chain of superiors
ranging from the ultimate authority to the
lowest.
Every orders, instructions etc. has to pass
through Scalar chain.
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12. Sub-Ordination of Individual Interest to common goal
An organization is much bigger than
the individual it constitutes
therefore interest of the undertaking
should prevail in all circumstances.
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13. Espirit De’ Corps It refers to team spirit i.e. harmony in the
work groups and mutual understanding
among the members.
Espirit De’ Corps inspires workers to work
harder.
19
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14. Centralization Centralization means concentration of
authority at the top level.
In other words, centralization is a situation
in which top management retains most of
the decision making authority.
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The Principles of Management are the
essential, underlying factors that form
the foundations of successful
management.
These principles serve as guidelines for
decisions and actions of managers.