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Q.What are the Principles of Management?

Telangana TsbieTSBIE Telangana Intermediate (2nd Year) Commerce Board 2022Subjective· 10mImportance★★★★★
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Principles of management are broad statements that guide managerial thinking and action. The most widely studied set is Henri Fayol's fourteen principles, which together cover work division, authority, discipline, unity, remuneration, order and team spirit. (F. W. Taylor's principles of scientific management are a complementary set.)

Meaning

A principle of management is a general, tested guideline for managerial decisions and conduct. These principles are flexible, universally applicable and derived mainly from experience and experimentation.

Henri Fayol's Fourteen Principles of Management

  1. Division of work - Specialisation improves efficiency and output.
  2. Authority and responsibility - Authority (right to command) must go hand in hand with responsibility.
  3. Discipline - Obedience to rules and respect for agreements are essential.
  4. Unity of command - Each employee should receive orders from only one superior.
  5. Unity of direction - One head and one plan for a group of activities with the same objective.
  6. Subordination of individual interest to general interest - Organisational goals come before personal goals.
  7. Remuneration - Pay should be fair and satisfactory to both employees and employer.
  8. Centralisation - A proper balance between centralisation and decentralisation of authority.
  9. Scalar chain - A clear line of authority from top to bottom; a 'gang plank' allows direct contact in emergencies.
  10. Order - A place for everything (material and social) and everything in its place.
  11. Equity - Managers should be kind and just to employees. …

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