Class 12Business Studieschapter- Principles of management

Management principles are statements of fundamental truths which provide guidelines for managerial actions.

Principles of management

Universal applicability General guidelines Formed by practice and experiment Mainly behavioral cause and effect

relationship Contingent Flexible

Nature

Useful insights to managers Scientific decisions Optimum utilization of resources Meeting changing environmental

requirement Fulfilling social responsibility Management training , education and

research

Significance

Scientific management is concerned with knowing exactly what you want men to do and then seeing that they do it in the best and cheapest way.

Taylor’s scientific management

Frederick Winslow Taylor was an American mechanical engineer who sought to improve industrial efficiency. He was one of the first management consultants. Wikipedia

Born: 20 March 1856, Germantown, Philadelphia, Pennsylvania, United States

Died: 21 March 1915, Philadelphia, Pennsylvania, United States

Spouse: Louise Spooner (m. 1884–1915) Education: University of Pennsylvania, 

Phillips Exeter Academy, Stevens Institute of Technology Awards: Elliott Cresson Medal

Frederick Winslow Taylor

Science,Not rule of thumb Harmony, Not discord Cooperation , Not individualism Development of each and every person

Scientific principles

Functional formanship Standardization and simplification of work Work study

◦ Method study◦ Time study◦ Motion study◦ Fatigue study

Differential piece wage system

Scientific techniques

Henri Fayol was a French mining engineer, mining executive, author and director of mines who developed a general theory of business administration that is often called Fayolism. Wikipedia

Born: 29 July 1841, Constantinople Died: 19 November 1925, Paris, France Nationality: French Education: École nationale supérieure

des mines de Saint-Étienne (1860) Books: Henri Fayol's

Classic General and Industrial Management Parents: André Fayol, Eugénie Cantin Fayol

Henri Fayol