Principle of Management
The principle of management applies to all types of companies. Students pursuing an MBA or another management course should be aware of the principles of management. MBA students are given several assignments during the course. If you have issues in completing any of the assignments then you can take management assignment help from our professionals. Below is a sample in which school or college can utilize for writing an essay on principles of management. You can use this sample for writing both long and short essays on a specific topic.
Meaning of management
Management is a process that includes planning, organizing, staffing, leading, and controlling an organization for achieving desired objectives. Management is important for any enterprise that intends to become efficient and want to accomplish the aim.
Nature of principle of management
Management can be considered to be both art and science. The principles of management have been developed based on the experiences of happenings for the past and observations of facts. Nature of principle of management includes following elements these are:
- Intends to influence human behavior
- Limited Application
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Need for the principle of management
Principles of management are broad but basic guidelines for managerial decision making. It also guides the behavior of employees in the workplace. The principle of management is needed for the following reasons:
- To increase Efficiency
- For highlighting the role of management
- To aid in the training of managers
- Making sure a continuous supply of products and services.
- For accomplishing social objectives.
Fayol’s principle of management
The application of the principle of management will help the organization in accomplishing success. The 14 principles of management proposed by Henry Fasyol are given below:
· Division of work
This principle of management states that the manager should divide the big and complex tasks into smaller divisions. It is the strategy that will help in making the `task easier. The division of work tactics will assist in increasing output and efficiency.
· parity of authority and responsibility
Authority means a superior person has the power to delegate their duties or responsibility to a subordinate. In other words, the subordinate has the right to get work done from subordinates by giving an order or through the implementation of strategic decisions.
. Discipline as a principle of management
It is basic obedience, an outward mark of respect and observance of established rules and regulations. Discipline is very much essential for the smooth running of the organization.
· Unit of the command
One boss should give orders or instructions to workers. If an employee receives instructions from more than one superior, it would lead to
(I) Confusion and conflict
(ii) Overlapping of orders and duplication of work.
· Unity of direction
It means a single unit and one plan. According to this principle, every group of activities with similar objectives must have a single head and one plan. This will allow the effective coordination of individual efforts and energies.
· Subordination of individual to general Interest
This principle of management states that the interest of one employee or a group of employees should not prevail over the common interest of the organization. To achieve the supremacy of common goals, the management should set a good example
· Fair remuneration to workers
The remuneration paid to the personnel of the firm should be fair, proper, and satisfactory. Wages of workers should be determined based on work assigned, loss of timing, the financial position of the business, and average wage rates prevailing in the industry.
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· Centralization and decentralization
It is a management principle which states that there should be a proper and effective adjustment between centralization and decentralization to achieve maximum results.
· Scalar chain
This principle of management states that the superior-subordinates relationship and the authority of superior about the subordinates at various levels.
As per this principle of management, there should be a material and social order in an organization. These principles state that there is a great requirement for the scientific selection of competent personnel and the correct assignment of duties to personnel.
This principle of management states that the same treatment should be given to employees working in a similar position. It implies fair dealings, equality of treatment, and an accommodating attitude amongst the personnel in the undertaking.
· Stability of tenure of personnel
According to the time management principle, all employees in a company should be provided with sufficient time for acquiring competency to execute the task efficiently. This principle also states that workers should not move from their position frequently.
All workers in an organization should be allowed to think independently. Management should encourage workers to share their ideas, views, and opinions.
· Spirit de corps
According to this management principle union is a strength. The management should build team spirit amongst the employees. Harmony and co-operation amongst the employees have great importance in every organization
You should include all 14 principles along with their explanation in your essay. In case you face difficulty in understanding the principle then you can take professional help.
Importance of principle of management
The principle of management has great importance as it helps the organization in achieving success. Other importance of the principle of management are:
· It provides a manager with useful insight into the reality
The principle of management provides the manager with valuable insight into situations in real life. Adherence to these policies will supplement their education, capability, and perception of managerial conditions and circumstances. It is the principle of management that assists managers in making accurate decisions. Principles of management also support managers in tackling diverse issues.
· Proper utilization of resources and efficient management
Resources are always scarce both material and human resources are obtainable. For the best utilization, the resources must be put to utilization in such a way that they should give the most profit with minimum cost. Principles provide the managers to predict and influence relationships of their choices and activities.
· Scientific decisions
The application of the principle of management assists the manager in becoming more realistic. The decisions taken based on principles of management are subject to evaluation and objective assessment.
· Dealing with continuously changing business environment
Although the principles are like general guidelines they help managers to meet the changing requirements of the environment.
For instance, with the continuous increase in online selling, offline vendors have also decided to sell their goods using an online platform.
· Fulfilling social responsibility
The principles of management indeed assist in accomplishing objectives effectively and efficiently. But at the same time, it also provides managers with guidance related to the fulfillment of their commitment towards employees and society.
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