Chapter 2 business(part-1) (Principles of management)

                chapter 2

          Principle of  management

                            (Part-1)

principle of management are board and general guidelines for decision making and behaviour of managers.

Features

1. Universal applicable
2. General guidelines
3. Formed by practice and experimentation
4. Flexible
5. Mainly behavioural
6. Relationship between causes and effect
7. Contingent

Significance of principle of management

1. Provide useful insight to manager

• make the manager aware about the manner in which he should act in various station so that the does not repeat the mistakes of the previous managers.

2. Optimum utilisation of resources and effective administration

• every organisation needs manpower to run but the function of management is nothing but to put them to optimum use or avoid wastage of resources

3. Scientific decision

• Scientific decision mean balance decision

4. Meeting changing environment requirement

• a manager who can understand the changing situation well in the time can alone face competition successfully

5. Fulfilling social responsibility

• Good quality products at reasonable price.

6. Management training education and research

• the principle of management are actually providing education and training to the manager by enriching their theoretical and practical knowledge.

     Fundamental principle of management

                                             (  By :- Henry fayol )

1. Division of work:-the work divided in small parts of each individual.
2. Authority and responsibility:- authority and responsibility should go hand to hand.
3. Discipline:- the organisational rules and employment agreement should be availed by both the superior and subordinate which are necessary for the successful working of the organisation.
4. Unity of command:- that's mean one only command to superior
5. Unity of direction:- there should be one hand and one plan for a group of activity having the same objective
6. Subordinate of individual interest to general interest:- the interest of an organisation should take parity over the interest of any one individual employee
7. Remuneration of employees:- the employee should be paid fair remuneration we should give them at least a reasonable standard of living
8. Centralisation and decentralization:-the superior should adopt effective centralise instead of complete centralisation and complete decentralisation
9. Scalar chain:- it refers to a formal line of authority and communication which moves from highest to lowest ranks in a straight line
10. Order:- right person should be placed at the right job at a right thing should be placed at the right place
11. Equity:- the manager should treat their support unit as early as possible so that they develop a feeling of dedication of work.
12. Stability of personnel:- there should be a stability of tenure of employees so that the word continuous effectively
13. Initiative:-employee in organisation most be given an appropriation in making and executing plan
14. ESprite d crops:-develop team spirit among the subordinate.

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