PRINCIPLES OF MANAGEMENT
Meaning
-
·
Management is a process of getting a work done efficiently and
effectively.
·
Principles of management are the general rules, opinions, ways which
helps in decision making , action taking and problem solving easy ,
So that, a manager can achieves the organizational goal efficiently and
effectively.
Features
NOTE: I will only provide four
features which will include all other features.
(NO
NEED TO WORRY)
1.
FORMATION: The principles of
management have been evolved from repeated experimentation and observation by
practitioner after devoting a long period of time.
Practitioners
are those renowned business professionals who have already applied these
principles of management for the smooth
functioning of organization as well as society.
2.
PERVASIVE or UNIVERSAL or GENERAL or COMMON APPLICABILITY:
[Pervasive or Universal
or General or common applicability meaning of all the terms are same i.e. It includes everything, everyone and is
required everywhere (both inside as well as outside the organization or firms).]
The principles
of management can be applied anywhere and in any type of organization
irrespective of size and nature of organization.
3.
TAILOR MADE:
Tailor made
means to modify things easily as per situation or fashion unlike ready made
things may not be modified.
Unlike
principles of science they are flexible
Means
principles of management can be modified and have to modify as per demand and
situation of dynamic nature of humans and business environment.
4.
CAUSE AND EFFECT RELATIONSHIP:
Here Cause and
effect relationship means principles of management every time study
§ cause of prevailing
situation
§ Effect of cause and action on prevailing
situation.
Though prediction is not so accurate because the
principles of management are ALWAYS APPLIED ON HUMANS and their nature is dynamic (which
keeps on changing).
In short, it
helps in avoiding future issues.
5.
BASED ON HUMAN BEHAVIOR:
All the
principles of management are always applied on humans.
Example:
§ Principle of Division of work.
§ Principle of Discipline.
§ Principle of harmony and
discord.
Human behavior is unpredictable that’s why
they are required to be modified as needs of situation, nature of humans and
business environment because their nature is dynamic (keeps on changing).
1.
BETTER UNDERSTANDING AND IMPROVES KNOWLEDGE:
§ This factor says that
principles of management increases knowledge about managerial skills, which
leads in efficient and effective management.
§ This is so because these principles of management
have been developed after repeated practice, experiment and observation.
§ Because it has been
developed by renowned business professionals and leads to brain storming at the
time of modification of principles.
2. SCIENTIFIC DECISION:
·
Scientific decision means making any
decision after deep examination and realizing the logic behind it so that it
can be justified.
·
It does not include hit and trial method.
·
CONCLUSION: using principles of management
leads in scientific decision making as it deeply studies cause and effect
relationship.
3.
OPTIMUM UTILIZATION OF RESOURCES:
·
Optimum means Maximum.
·
As we know improved knowledge and scientific decision are important
outcomes of principles of management.
These factors
also help in minimizing cost of operation for example:
BY USING
STABILITY OF PERSONNEL when firms are in need of employees, we save time and money.
4. FULFILLING SOCIAL RESPONSIBILITY:
·
Now days, social satisfaction is
mandatory for any type of business, for achieving money motive.
·
Principles of management are a helpful source
for achieving social motive of the firm.
·
Like principle of equity, principle of
harmony not discord.
·
HARMONY and EQUITY maintains and increases
the goodwill in the organization.
