PRINCIPLES OF MANAGEMENT

PRINCIPLES OF MANAGEMENT

Introduction:

Every business man desires to have a successful business. In order to achieve success in his business he has to manage his business effectively, managing the business is not an easy task but with the support to his managerial personal these tasks can be accomplished so easily.

       Therefore, the responsibility of each individual employed in the organization is to adopt certain principles. These principles were contributed by Henry Fayol which are presently applicable universally.

Meaning and definition of Management:

An individual cannot satisfy all that he desires by himself. He unites all the persons in the society in a group to achieve what he could not achieve individually. An organization contains a group of persons working collectively for a common purpose.

    The management becomes essential when such kinds of goal are to be achieve effectively and efficiently. Skill full management is needed in clubs, families, schools, sports team and social functions like parties, picnics, marriages and so on. The management is needed in various activities; it has special significance in respect to business enterprises in the public and private sectors.

Definitions:

According to Peter F Drucker, Management is a multipurpose organ that manages a business and manages and manages workers and work.

F.W. Taylor defines “Management is the art of knowing what you want to do and then seeing that it is done, in the best and cheapest way”.

Henry Fayol defines “to manage is to forecast and to plan, to organize to command to coordinate and to control”.

Characteristics of Management:

•        It is an economic activity:

Management is part and parcel of every economic activity of man who struggles for better living in his existing society. The fate of which is rather mould by management under different aspects the planning, coordinating, controlling etc.

•        It gets things done through others:

It is its purpose that Management gets the things done through other people managers motivate people to get things done through them.

3 It is a creative activity:

Management is creative activity purposeful activity group activity motivating activity economy oriented activity delegating activity and above all, a decision- making activity.

4. It co-ordinates efforts:

The management activity brings about a coordinated effort of the many individuals and smaller groups whose activities are called operative and such groups are usually known as Human Resource.

5. It is a process:

Management is defined for conceptual theoretical and analytical purposes and theoretical and analytical purposes and that process by which managers create, direct, maintain and operate purposive organizations through systematic coordinative human efforts.

6. It is a goal oriented:
The purpose of objective of management is to achieve certain goals.

7. It acts as a group:
Management as a group refers to management as a section of people who composed carryout various managerial activities.

8. It is a discipline:
Management refers to body of knowledge and as a separate field of study.
All over the world scholars are doing research on the principles and practices of management.

Objectives of Management:

Management tries to achieve the goals which are the desired result of any activity. They must be derived from the basic purpose of the business. In any organization there are different objectives of any business management has to achieve the objectives in an effective and efficient manner.

Objectives of any business entity can be classified into organizational objectives. Social objectives and personal or individual objectives.

 

Organizational objectives:

Management of a business is responsible for setting and achieving objectives for its success. It has to achieve a variety of objectives in all areas considering the interest of all shareholders. Employees, customers and government.

2. Social Objectives:

It involves the creation of benefit for society. As a part of society, every organization whether it is business or non-business has a social obligation to fulfill. This refers to consistently creating economic value for various constituents of society

3. Personal Objectives:

Organizations are made up of persons who have different personalities, backgrounds, experience and objectives. They all become part of the organization to satisfy their diverse needs.

                Management has to reconcile personal goals with objective for harmony in the organization.

Nature of Management:

The nature of management has been differently viewed by the writers. It is said, "Management viewed broadly as a human activity is a universal and parallels the history of man".

                In the beginning of 19th century it was not believed that managers can be created or trained. Management was considered as the god - given gift. It is said; good managers are born and not made. It was thought to be an inborn talent like that of an artist or of a poet.