Key Principles of Management An overview

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Key Principles of Management An Overview

• In the discipline of business management, some
  of the key principles include the practices which
  are typically adopted by managers for the success
  of a business venture. Henry Fayol (1841-1925)
  and Frederick Winslow Taylor, who are widely
  considered as the fathers of modern management
  methods, devised the basic principles of modern
  management.

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Principles of management Division of labour
According to modern management principles,
division of labour is essential to maximize
productivity and ensure high production level.
Authority Managers must be authoritative and
able to give orders. However, responsibility must
come with the authority. Discipline Employees
must be able to take and handle orders. They must
also follow the rules of the organization.
Discipline is the key to ensure labour docility.
Unity of command Each employee must take
orders from one superior. If there are multiple
sites of authority or more than one immediate
superior, it may cause confusion and conflict of
interests. Unity of direction All following
the same line of activity must have the same
objectives. Different activities should be put
under different groups with different managers
giving orders. Subordination of individual
interests Managers must put aside individual
opinion and interests and work towards the
interest of the company.
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Remuneration Workers must be paid sufficiently,
fairly and according to their efforts. This is
the key to diffuse labour unrest and encourage
productivity. Degree of centralization
Centralization involves concentration of power
at the top level of management while sharing of
authority at the lower levels is called
decentralization. The size of the company must
dictate the degree of centralization. Scalar
chain It refers to chain of authority starting
from the top level of management to the bottom
level and implies that there should be a clear
line of authority. Order Social and moral
order should be maintained to ensure smooth
functioning. Equity Employees must be treated
with justice and impartiality to maintain an
environment of fairness. Stability of tenure
Employees must not be retrenched or transferred
from one position to another before he can get
accustomed to the work. Initiative Initiative
on the part of employee is a must in order to
encourage new ideas. Spirit de Corps Managers
should maintain a team spirit and encourage the
morale of the workers. These are the basic
principles of management which are still relevant
in the present times.
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