An Overview of the Principles of Management

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Management is vital to any company who wants to be productive and accomplish its goal. An organization without any authority would be chaos, with absolutely no plan or very little thing to focus. Management has four primary functions – planning, organizing, leading and controlling to perform.

These principles of the management bring an organization function in place without facing any issue in achieving the goal. Henri Fayol has written a classic theory on the principles of management that divide management into 14 different principles. Similarly, F. W. Taylor principles of scientific management are the five principles that help a company achieve goals is based on scientific theory.

Fourteen principles of management

Mentioned below are the Henri Fayol 14 principles of management 

  • Division of work – If employees are provided with a specialized job, they will become more efficient and skilled and more efficient.
  • Authority – It indicates that authority in an organization is compulsory to guarantee that managerial orders are carried forward correctly.
  • Discipline – It associates with the fact that discipline is necessary to run the organization effectively.
  • Unity of Command – It means to make sure that employees are functioning in harmony to achieve the objective or goal.
  • Subordination individual interests to the collective interests – All the employees should have a common goal as a firm and not work on individual or group of employees interest.
  • Remuneration – All the employee should be paid according to the work they do and be fair.
  • Centralization – This principle associate whether a conclusion should be made centrally, starting from the top to down or from the bottom up.
  • Scalar chain – There should be clear communication between employees and authority.
  • Order – This refers to the genuine use of resources and how effective it is being deployed.
  • Equity – All the employees must be treated politely, and equally and there should be no discrimination.
  • Stability – Each employee should be secure with their job and its management duty to provide job security to their workers.
  • Initiative – The management should be supportive and motivate employees to take actions, ownership, and do best in their job. It will drive them to work hard and make themselves worth.
  • Morale – Keeping high self-esteem is vital to have a productive organization. Enthusiastic and motivated workers are expected to be more productive and less unattentive.

Stay tuned to BYJU’S to learn more concepts associated with Commerce – chapter-wise solutions for commerce for class 11 and 12, Sample papers, etc.

Olivia Wilson

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Olivia Wilson

Olivia Wilson is a digital nomad and founder of TodaysPast. She travels the world while freelancing & blogging. She has over 5 years of experience in the field with multiple awards. She enjoys pie, as should all right-thinking people.

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