ITFT- Principles of Management

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Education

Published on April 26, 2014

Author: Neelu333

Source: slideshare.net

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PRINCIPLES OF MANAGEMENT

PrinciplesPrinciples ofof ManagementManagement 1

Contents Management Functions of Management 14 Principles of Management Summary 2

What is Management?  Management is an art of getting things done through and with the people in formally organized groups. 3

Functions of Management 4

Principles of Management Management principles are the statements of fundamental truth based on logic which provides guidelines for managerial decision making and actions. 5

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. 6

1. Division of Labor Work of all kinds must be divided & subdivided and allotted to various persons according to their expertise in a particular area. 7

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. 8

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 9

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. 10

5. Equity  Equity means combination of fairness, kindness & justice. The employees should be treated with kindness & equity if devotion is expected of them. 11

6. Order This 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. 12

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. 13

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. 14

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. 15

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. 16

11. Scalar Chain Scalar chain is the chain of superiors ranging from the ultimate authority to the lowest. Every orders, instructions etc. has to pass through Scalar chain. 17

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. 18

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

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. 20

 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. 21 SUMMARY

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