Principles of management part 2

Summary of Chapter: Principles of Management (CBSE Class 12 Business Studies)
This chapter focuses on the principles of management, their significance, and their application in business organizations.
Meaning of Principles of Management
General guidelines that help in decision-making and efficient management.
Derived from experience, observation, and experiments.
Nature of Principles of Management
Universal applicability (used in all organizations).
Flexible (can be modified as per the situation).
Formed by practice and experimentation (not rigid laws).
Cause and effect relationship (help predict outcomes).
Mainly behavioral (focus on human behavior).
Contingent (depend on the situation).
Significance of Principles of Management
Provides useful insights for better decision-making.
Helps in achieving organizational goals efficiently.
Improves managerial effectiveness.
Encourages scientific decision-making over trial and error.
Increases adaptability to changing environments.
Fayol’s 14 Principles of Management
Division of Work
Authority and Responsibility
Discipline
Unity of Command
Unity of Direction
Subordination of Individual Interest
Remuneration
Centralization and Decentralization
Scalar Chain
Order
Equity
Stability of Tenure
Initiative
Esprit de Corps (Team Spirit)
Taylor’s Scientific Management Principles
Science, not rule of thumb
Harmony, not discord
Cooperation, not individualism
Maximum output, not restricted output
Development of each worker
Conclusion:
The principles of management help organizations function efficiently by providing structured guidelines for decision-making, improving productivity, and ensuring discipline and cooperation in the workplace.
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