The compilation of these Principles of Management Notes makes students exam preparation simpler and organised.
Concept of Principles of Management
We all know that management is the art of getting things done, by others. No one excels in this art like our mothers, which is why they are the best managers around! On a more serious note, it has often been debated whether the study of management is an art or science. One of the earliest scientists of management Henri Fayol has laid down 14 principles of Management. But before you learn these principles you need to first understand the basic concept of management and its principles.
Definition of Management
Management has been defined by several theorists in their own way. Henri Fayol defined management as, “Management is to forecast, to plan, to organize, to command, to coordinate and control activities of others.” In simple terms, management is a means of organizing and delegating the work that needs to be done among people who can do it, and then ensuring that said work is done diligently and timely.
You will see management in almost all walks of life. Sometimes you will be managing things without actually realizing it. The simplest example is, being the class representative. There are so many things a class representative has to manage. An efficient class representative is one who knows how to delegate duties and take command of the situation.
14 Principles of Management
In the corporate world, management has a very crucial role to play. We have a proper chain of command which can only function if there is efficient management in place. The early scholars foresaw this need and came up with the principles of management. These principles are like basic guidelines for managers.
In order to be an efficient manager, an individual must be aware of these principles. Henri Fayol gave us 14 principles of Management. These 14 principles incorporate within them the rules and guidelines with which management should ideally function.
Key Roles in Management
Henri Fayol’s 14 principles of Management also segregated the function of management into five distinct roles, these roles help understand management better. They are as under:
- Forecasting and Planning
- Organizing
- Commanding, Leading
- Coordinating
- Controlling
Each of these roles requires a distinct feature. The management ought to have people who can execute these roles efficiently in order to run the organization smoothly.
Importance of Principles of Management
Before we learn anything, it is always good to understand why is it important to know it? Running an organization is a huge task. At times it can be daunting if you do not know where to begin. The principles of management help the organization create a coherent management structure which is the backbone of running a successful organization.
The principles work as guidance and reference for the management on how to handle certain situations or manage the organizational structure and chain of command.
Example:
Question:
Is management an art or science?
Answer:
As per the analysis, management seems to have the characteristics of both art and science. While certain definite aspect makes it science, others involving the application of skills make it an art.