PRINCIPAL OF MANAGEMENT

 Introduction-

The systematic study of management as a distinct body of knowledge is only of recent origin. However, since the practice of management has been in existence from several centuries, there are numerous ancient writings also available on the different aspects of management. Some of these works continue to serve as a reference for modern management thinkers. Management is a discipline that consists of a set of five general functions: planning, organizing, staffing, leading and controlling.

Management is a dynamic force which makes the business work smoothly and profitability . The survival and success an organization largely depends upon the quality of Management . Managing well requires, a good knowledge of principal and practice of Management. 

DEFINITION:-

"Management is the art of getting things done through and with people informally organized groups."  -Harold Koontz gave this definition of management in his book "The Management Theory Jungle".

"To manage is to forecast and to plan, to organize, to command, to coordinate and to control." -Henri Fayol gave this definition of management in his book "Industrial and

General Administration".

NATURE OF PRINCIPAL OF MANAGEMENT:-

1. Universal applicability

2. General guidelines

3. Formed by practice & experimentation

4. Flexible

5.Mainly behavioral

FUNCTION OF PRINCIPAL OF MANAGEMENT:-

HENRY FAYOL 14 PRINCIPAL:-  Henry Fayol , a French industrialist , is now recognized as the father of modern management. In the year 1916 Fayol wrote a book entitled "Industrial & General Administration" , In this book , he talk about 14 management principal. these are-

1.Specialization/Division of Labor - By specializing in a limited set of activities, workers become more efficient and increase their output.

2.Authority/Responsibility- Managers must have the authority to issue commands, but with that authority comes the responsibility to ensure that the work gets done.

3.Discipline- Good discipline is the result of effective leadership: workers must understand the rules and management should use penalties judiciously if workers violate the rules.

4.Unity of Command- An employee should receive orders only from one boss to avoid conflicting instructions.

5.Unity of Direction- Each unit or group has only one boss and follows one plan so that work is coordinated.

6.Subordination of Individual Interest- The interests of one person should never take precedence over what is best for the company as a whole.

7.Remuneration-Workers must be fairly paid for their services.

8.Centralization - Fayol believed that whether a company should centralize(made by management) or decentralize(made by employee) its decision making depended on the company’s situation and the quality of its workers.

9.Line of Authority- The line of authority moves from top management down to the lowest ranks.  The line should not be overextended or have too many levels.

10.Order-Orderliness refers both to the environment and materials as well as to the policies and rules. People and materials should be in the right place at the right time.

11.Equity-Fairness (equity), dignity, and respect should pervade the organization. Bosses must treat employees well, with a “combination of kindliness and justice.”

12.Stability of Tenure- People need time to learn their jobs, and stability promotes loyalty. High employee turnover is inefficient.

13.Initiative-Allowing everyone in the organization the right to create plans and carry them out will make them more enthusiastic and will encourage them to work harder.

14.Esprit de Corps-Harmony and team spirit across the organization builds morale and unity.