Principles of mgt.(3) 2

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Principles of mgt.(3) 2

  1. 1. <ul><li>PRINCIPLES OF </li></ul><ul><li>MANAGEMENT </li></ul><ul><li>(HENRY FAYOL’S) </li></ul>
  2. 2. Definition: <ul><li>Principle is a fundamental statement or truth providing a guide to the thought or action . </li></ul><ul><li>-G.R.Terry </li></ul>
  3. 3. Six categories of business activities <ul><li>Financial - Search for and optimum use of capital. </li></ul><ul><li>Security - protection of property and persons </li></ul><ul><li>Commercial - Buying, Selling, Exchange </li></ul><ul><li>Technical - Production or Manufacturing </li></ul><ul><li>Managerial </li></ul><ul><li>Accounting - including statistics </li></ul>
  4. 4. 14 Principles of Management <ul><li>Division of Work </li></ul><ul><li>Authority & Responsibility </li></ul><ul><li>Discipline </li></ul>
  5. 5. Contd.. <ul><li>Unity 0f Command </li></ul><ul><li>Unity of Direction </li></ul><ul><li>Subordination of Individual Interest to General Interest </li></ul>
  6. 6. Contd.. <ul><li>Remuneration of personnel </li></ul><ul><li>Centralization and decentralization </li></ul>
  7. 7. Contd.. <ul><li>Scalar Chain- Scalar chain is the chain of superiors ranging from the ultimate authority to the lowest level in the organization. </li></ul><ul><li>The gang plank allows two employees at the same level to communicate directly with each other. But each must inform his superior. </li></ul>
  8. 8. Contd.. <ul><li>Order - Concerned with the arrangement of things and placement of people. </li></ul><ul><li>Equity </li></ul>
  9. 9. Contd.. <ul><li>Stability of tenure of personnel. </li></ul><ul><li>Initiative </li></ul><ul><li>Esprit the corps </li></ul>
  10. 10. Importance of Management Principles <ul><li>Aid to training </li></ul><ul><li>Improvement of research </li></ul><ul><li>Increase in efficiency </li></ul><ul><li>Aid to understanding the nature of management </li></ul><ul><li>Achievement of social goals </li></ul>
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