The Principles of Management

Summary:

The Principles of Management project is the topic of this work, with the purpose of understanding and applying the principles in real-world situations. The project includes definitions of management, principles, and principles of management, as well as information on Henri Fayol, his contributions, and the 14 principles of management. The principles discussed are a division of work, authority, and responsibility, discipline, unity of command, unity of direction, subordination of individual interest to general interest, remuneration of employees, centralization, and decentralization, scalar chain, order, equity, stability of personnel, initiative, and esprit de corps. Each principle is explained in detail with examples given.

Excerpt:

DEFINITIONS

MANAGEMENT – Management is defined as the process of planning, organizing, and controlling an organization’s operations in order to achieve the target efficiently and effectively. It is essential for all organizations.

PRINCIPLES – Principle refers to a statement which reflects the fundamental truth about some phenomenon based on cause and effect relationship

PRINCIPLES OF MANAGEMENT – These are the statements of fundamental truth, they serve as a guide to thought and actions for managerial decision actions and their execution.

HENRI FAYOL BIO:

• BORN :29 July 1841, Istanbul, Turkey
• DIED:19 November 1925, Paris, France
• PROFESSION : Mining Engineer and Management the unit (French National)
• EDUCATION : Graduated from the mining academy “École Nationale Supérieure des Mines” in Saint Étiennein 1860.
• OCCUPATION : Economist, Engineer, Entrepreneur
• KNOWN FOR :Fayolism
• WORKS : Administration industrielle et Générale
• CONTRIBUTIONS : He classified all activities of an industrial undertaking into technical,commercial, financial, security, accounting and managerial.
  • He suggested that qualities of a manager must possess should be physical, moral, education, experience etc.
  • He was the first to identify four function of management:
    1. Planning
    2. Organizing
    3. Staffing
    4. Directing
    5. Controlling

14 PRINCIPALS OF MANAGEMENT

Division of Work

Work is divided in small tasks/job and each work is done by a trained specialist which leads to greater efficiency, specialization, increased productivity and reduction of unnecessary wastage and movements.
According to Fayol, “The intent of division of work is to produce more and better work for the same effort. Specialization is the most efficient way to use human effort.”