Fayol developed theory of management. According to him managerial excellence is a technically ability and can be acquired. He developed theories and principles of management which are universally accepted and make him universalistic. He was pioneer of the formal education in management. Fayol's principles of management meet the requirements of modern management. Henry Fayol, a french industrialist, offered fourteen principles of management for the first time in 1916. During the period of 1920-40 in the U.S. many authors did hard work in developing and testing various principles of management. Today, there is a very lengthy list of management principles and it is not possible to give an exhaustive lot of these management principles. Here, we are giving some important principles of management. The 14 Management Principles from Henri Fayol (1841-1925) are: 1. Division of Work. Specialization allows the individual to build up experience, and to continuously improve his skills. Thereby he can be more productive.
2. Authority and Responsibility. The right to issue commands, along with which must go the balanced responsibility for its function.
3. Discipline. Employees must obey, but this is two-sided: employees will only obey orders if management plays their part by providing good leadership.
4. Unity of Command. Each worker should have only one boss with no other conflicting lines of command.
5. Unity of Direction. People engaged in the same kind of activities must have the same objectives in a single plan. This is essential to ensure unity and coordination in the enterprise. Unity of command does not exist without unity of direction but does not necessarily flows from it.
6. Subordination of individual interest (to the general interest). Management must see that the goals of the firms are always paramount.
7. Remuneration. Payment is an important motivator although by analyzing a number of possibilities, Fayol points out...