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Functions of Management 14 Principles of Management Summary 2 What is management?: What is management? Management is an art of getting things done through and with the people in formally organized groups. 3 Functions of Management: Functions of Management Planning Organizing Staffing Directing Controlling 4 Principles of management: Principles of management Management principles are the statements of fundamental truth based on logic which provides guidelines for managerial decision making and actions. 5 There are 14 Principles of Management described by Henri Fayol: There are 14 Principles of Management described by Henri Fayol These principles are derived: - On the basis of observation and analysis i.e. practical experience of managers. By conducting experimental studies. 6 1. Division of Labor: 1. Division of Labor Work of all kinds must be divided & subdivided and allotted to various persons according to their expertise in a particular area. 7 2. Authority & Responsibility: 2. Authority & Responsibility Authority refers to the right of superiors to get exactness from their sub-ordinates. Responsibility means obligation for the performance of the job assigned. 8 3. Unity of Command: 3. Unity of Command A sub-ordinate should receive orders and be accountable to one and only one boss at a time. He should not receive instructions from more than one person 9 4. Unity of Direction : 4. Unity of Direction People engaged in the same kind of business or same kind of activities must have the same objectives in a single plan. Without unity of direction, unity of action cannot be achieved. 10 5. Equity: 5. Equity Equity means combination of fairness, kindness & justice. The employees should be treated with kindness & equity if devotion is expected of them. 11 6. Order: 6. Order This principle is concerned with proper & systematic arrangement of things and people. Arrangement of things is called material order and placement of people is called social order. 12 7. Discipline : 7. Discipline Discipline means sincerity, obedience, respect of authority & observance of rules and regulations of the enterprise. Subordinate should respect their superiors and obey their order. 13 8. Initiative : 8. Initiative Initiative means eagerness to initiate actions without being asked to do so. Management should provide opportunity to its employees to suggest ideas, experiences& new method of work. 14 9. Remuneration : 9. Remuneration Remuneration to be paid to the workers should be fair, reasonable, satisfactory & rewarding of the efforts. It should accord satisfaction to both employer and the employees. 15 10. Stability of Tenure : 10. Stability of Tenure Employees should not be moved frequently from one job position to another i.e. the period of service in a job should be fixed. 16 11. Scalar Chain: 11. Scalar Chain Scalar chain is the chain of superiors ranging from the ultimate authority to the lowest. Every orders, instructions etc. has to pass through Scalar chain. 17 12. Sub-Ordination of Individual Interest to common goal : 12. Sub-Ordination of Individual Interest to common goal An organization is much bigger than the individual it constitutes therefore interest of the undertaking should prevail in all circumstances. 18 13. Espirit De’ Corps : 13. Espirit De’ Corps It refers to team spirit i.e. harmony in the work groups and mutual understanding among the members. Espirit De’ Corps inspires workers to work harder. 19 14. Centralization : 14. Centralization Centralization means concentration of authority at the top level. In other words, centralization is a situation in which top management retains most of the decision making authority. 20 PowerPoint Presentation: The Principles of Management are the essential, underlying factors that form the foundations of successful management. These principles serve as guidelines for decisions and actions of managers. 21 THANK YOU!: THANK YOU! 22 You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.