PRINCIPLES OF

MANAGEMENT
IMPORTANCE / SIGNIFICANCE
1. Increases efficiency

2. Solves problems

3. Research is Possible

4. Attainment of Social
Objectives








Fredrick Taylors Principles Of
Scientific Management
Definition
According to Fredrick
Taylor management is
knowing exactly what
you want your men to do,
and then see to it that
they do it in the best and
cheapest way
Basis of scientific
managemeent
1. Develop scientific methods in
place of traditional methods.
2. Select the workers
scientifically and train them.
3. Expose the selected workers
to modern techniques.
4. Allocate work properly
between managers & workers.
Points for Efficiency in Firm
1. Define work specifically &
develop best methods.
2. Select the right man for the
right job.
3. To give the best training to
selected workers.
4. To fix standards of work.
5. To provide incentives for those
who surpass standards.
Taylors Guiding Principles
Separation of
planning & doing
Functional
foremanship
Job analysis
Standardization
Scientific
selection&
training of
workers

Financial
incentives
Economy
Mental
revolution

Merits
Scientific management
increases productivity with
standardized time &
standardized job.
Cost per unit can be decreased.
Quality of product can be
improved.
Factors of production can be
used to the optimum.
Limitations
Increase in efficiency stressed
equating workers with machines
& plants.
Leadership, communication and
motivation are ignored.
Human element is neglected
No emphasis on formal
authority.

Henry Fayols Principles of
Management
He was a french engineer
He wrote a book in 1916 named
industrial engineering

Division Of Organization
1. Technical
2. Commercial
3. Financial
4. Security
5. Accounting
6. Managerial

Managerial functions
1. Planning
2. Organization
3. Direction
4. Co-ordination
5. Control


Fayols 14 Principles
1. Division of work
2. Authority &
responsibility
3. Discipline
4. Unity of
command
5. Unity of direction
6. Subordination of
ind. Interest to
general interest.
7. Remuneration
8. Centralization
9. Scalar chain
10.Order
11.Equity
12.Stability of tenure
of personnel
13.Initiative
14.Espirit de corps