3. Concepts of management
1. Body of knowledge
2. Management tools
3. Separate discipline
4. Specialisation
5. Professional association
4. Management Vs Administration
Management
a. Middle and lower level
b. Profit making
c. Employees work for salary
d. Policy implementation
e. Organised way of
managing the business
Administration
a. Top level
b. Service motive
c. Owner work for the return
of capital invested
d. Policy formulation
e. Organising a group of
people
5. Twin purpose of management
1.Maximum productivity or profitability
2.Maximum human wants and satisfaction
6. Principles of scientific management
1.Science not rule of thumb
2.Harmony not discord
3.Mental revolution
4.Cooperation not Individualism
5.Development of each and every person
for the greatest prosperity and
efficiency
7. Principle of modern management
1. Division of work
2. Authority and responsibility
3. Unity of command
4. Unity of direction
5. Scalar chain
6. Remuneration
7. Equity
8. Order- (Social and material)
9. Team spirit
10.Initiative
