Principles of Management

Principles of Management.

Meaning of Principles of Management; Management principles are the statements of fundamental truth. These principles provide guidelines for managerial decision making and action. The management principles are both descriptive and prescriptive. 
Nature of principles of Management:
. Management principles are universal -can be applied in different organisations eg. business, goverment, military, hospital, university etc.
. Management principles are flexible guidelines.
. There is a cause and effect relationship in some management principles.
. Principles of management are designed to influence human behaviour. 
. Management principles must be applied carefuly depending upon the organisational requirements and situation standards. 

Significance of principles of management
. Management principles serve as guidelines for the managers to manage with different situations.
. It helps in understanding of Nature of management.
. Management Principles aimed at influencing human behaviour.
. Management principles improves the managers efficency who will work for social objectives.
. Management principles provide new ideas, imagination and visions to the managers and the organisation. 
. Guide to research. 
Fayol's principles of Management.
. Division of work
. Authority and Responsibilty
. Discipline
. Unity of command
. Unity of direction
. Centralisation
. Scalar chain
. Order
. Equity
. Stability of tenure
. Initiative
. Espirit of corps
. Subordination of Individual Interest to general Interest .

Meaning of Scientific management:
Scientific principles were given by F.W. Taylor and his followers are known as scientific management thinker who insisted on the introduction of scientific methods in the management. It aims at replacement of traditional techniques by scientific techniques. It is the systematic approach to handle management problems. It helps to discover the best method of doing a work at lower cost. ... [continues]

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