BRAHMAPUR (GANJAM) 2023-2024

A PROJECT REPORT ON:

EFFECTIVE APPLICATION OF THE PRINCIPLE OF
MANAGEMENT ENSURES SUCCESS OF BUSINESS

(BUSINESS STUDIES AND MANAGEMENT)

SUITTED IN THE PARTIAL FULFILLMENT OF
AHSE-2024
(AS PER THE GUIDELINE OF CHSE, ODISHA)

SUBMITTED BY: UNDER GUIDANCE OF:

N.HEMANTH KUMAR Mr. SHANKAR MAHAPATRO

CLASS-XII COMMERCE CHSE ROLL NO: IC22-245

REGISTRATION NUMBER:

STUDENT’S SIGN: -
(WITH DATE)

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INTERNAL EXAMINER EXTERNAL EXAMINER
 ABSTRACT:
The paper focuses on the principles of Henry Fayol,
one of the founding fathers of management principles and education with a view
towards determining the relevance of these principles for the modern age. It finds
that each of the principles still has some relevance, but that work would need to be
undertaken to account for the existence of flat management structures and
decentralized companies. There are a few other changes that need to be made to
bring Fayol’s principles into the 21st century but these are largely small modifications.
These alterations reflect changes in the motivation of staff.
 INDEX

Sl.no Content Page no:

1. Introduction 01

2. What are the principles of management 02

3. Concept of principles of management 03

4. Natures of Management of Principles 03-04

5. 14 Principles of management 04-0

6. Conclusion _

7. Reference _
 1. INTRODUCTION:
Henry Fayol could be called one of the
founders of management education practice. As with many things though,
what our fathers and founders thought is no longer particularly relevant to
this new, more advanced, broader, more global, more technologically
advanced world in which we live. The remarkable turn of the event here
though is that principles designed over 100 years ago are still as relevant to
companies as they were then. Fayol had his detractors of Mintzberg and the
range of other academies who believed in his ideas existed in a fantasy world,
completely removed from the actual action the manager takes. Arguing that
while a manager will quote the principles taught to him in Management
school, the reaction will not reflect these. Instead of developing his principles
in the halls of academia though, Fayol devised his principles, theories and
methods while the CEO (Chief Executive Officer) of a vertically integrated
mining concern. Starting his career as a mining engineer, he would go down
things that reduced the productivity of the mines he worked in. Advancing this
process as moved higher in a management position, attempting to redirect the
company to focus on proper administration, proper record keeping and
effective principles of management that all staff could understand and be
guided by.
2. WHAT ARE THE PRINCIPLES OF MANAGEMENT:
The organisation has a great overall direction for determining
performance. For instance, while ascertaining the promotion of an
employee, may manager can contemplate seniority, whereas the other may
follow the principle of quantity.

One may define principles of management from pure science. Management

principles are not as firm postulates of pure science. They human traits and
hence, are to be employed creatively given the requirements of the position.
Human is never inactive and so also technology, which is business.
Therefore all the principles have to be kept in step with these changes. For
instance.

 In the absenteeism of Information and Communication Technology

(ICT), a manager could manage only a small workforce that too
within a restricted geographical area.
 The approach of ICT has developed the ability of managers control
over large business domains scattered across the globe.
 in promising an understanding of the application of principles of
management, it is also helpful to comprehend what these are not.
 The principles of management should be selected from techniques of
management. Techniques are methods of techniques, which include a
group of steps to be taken to achieve sought goals.

Principles are guidelines to make judgements on actions while studying

techniques. Moreover principles should also be comprehended as being
different from values.
3. CONCEPTS OF PRINCIPLES OF MANAGEMENT:
Principle is a basic statement that provides understanding and guidance to
thinking and action. It refers to the fundamental truth that explains the
relationship between two or more sets of variables under a given situation.
A principle predicts the result of certain causes in a specific set of
conditions. The principle of management provides guidelines for
management decision-making and action.

3.1 NATURE OF MANAGEMENT OF PRINCIPLES:

1. General Statement: Management principles are generally based on

experiences. They cannot become rigid like the principles of science.
Management principles deal with human beings. Human behaviour
cannot be particularly expected under different situations.

2. Based on Situation: Principles are applied according to the situation

faced by managers. These principles are always neither absolute nor
stable.

3. Flexibility: Management principles are flexible in nature. These can be

changed with the change in the environment of business. The principles
that are suitable today may be replaced by other days due to changes in
the environment of business.

4. Cause of Effect of Relationship: There is a cause-and-effect relationship

in management principles. The result of certain decisions can be expected
based on action e.g., the principles and division inflatable linked with the
efficiency of workers.

5. Relative: Management principles are relative and not absolute in nature.

They cannot be applied in all situations and in all organizations in the
same way. The principles are subject to create with the objective of -
-the management.
6. Universal Application: Management principles are universal in nature
they are successfully applied in different organizations like clubs,
hospitals, educational institutions, religious organisations etc. The
principles of management are used in every country and every
organization.

4. 14 PRINCIPLES OF MANAGEMENT: