PRINCIPLES OF MANAGEMENT

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PRINCIPLES OF MANAGEMENT
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IMPORTANCE / SIGNIFICANCE

1. Increases efficiency
2. Solves problems
3. Research is Possible
4. Attainment of Social Objectives

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Fredrick Taylors Principles Of
Scientific Management
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Definition

• According to Fredrick Taylor management is
  knowing exactly what you want your men to do,
  and then see to it that they do it in the best
  and cheapest way

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Basis of scientific managemeent

1. Develop scientific methods in place of
   traditional methods.
2. Select the workers scientifically and train them.
3. Expose the selected workers to modern techniques.
   
4. Allocate work properly between managers workers.

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Points for Efficiency in Firm

1. Define work specifically develop best methods.
2. Select the right man for the right job.
3. To give the best training to selected workers.
4. To fix standards of work.
5. To provide incentives for those who surpass
   standards.

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Taylors Guiding Principles

• Separation of planning doing
• Functional foremanship
• Job analysis
• Standardization
• Scientific selection training of workers

• Financial incentives
• Economy
• Mental revolution

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Merits

• Scientific management increases productivity with
  standardized time standardized job.
• Cost per unit can be decreased.
• Quality of product can be improved.
• Factors of production can be used to the optimum.

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Limitations

• Increase in efficiency stressed equating workers
  with machines plants.
• Leadership, communication and motivation are
  ignored.
• Human element is neglected
• No emphasis on formal authority.

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Henry Fayols Principles of Management

• He was a french engineer
• He wrote a book in 1916 named industrial
  engineering

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Division Of Organization

• Technical
• Commercial
• Financial
• Security
• Accounting
• Managerial

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Managerial functions

• Planning
• Organization
• Direction
• Co-ordination
• Control

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Fayols 14 Principles

1. Division of work
2. Authority responsibility
3. Discipline
4. Unity of command
5. Unity of direction
6. Subordination of ind. Interest to general
   interest.
7. Remuneration

• 8. Centralization
• 9. Scalar chain
• 10.Order
• 11.Equity
• 12.Stability of tenure of personnel
• 13.Initiative
• 14.Espirit de corps