STUDY TO ENLIGHTEN YOURSELF
OBJECTIVES/ IMPORTANCE OF PLANNING IN MANAGEMENT Planning is an essential function of the management. It aims at making the realistic plans with a view to utilize the resources optimally and contribute to the efficiency and effectiveness of the economy. The following point will clearly illustrate the Importance of Planning in management: 1.ESSENTIAL FOR MODERN BUSINESS…
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MEANING Planning is an intellectual process of thinking resorted to decide a future course of action regarding: What to do? How to do? Who will do it? When to do? It is first and foremost function of the management of ‘THINKING BEFORE DOING’. It is a bridge between the present situations and future circumstances. ACCORDING…
METHOD STUDY Method Study is one of the Work Study techniques introduced and recommended by Father of Scientific Management FW Taylor to be used to choose the best way of doing the job. Method study is a systematic method of analyzing the method of doing a job including human movements involved in it. So it…
MOTION STUDY Motion Study is a scientific technique introduced by Frank Gilbreth. It is one of the techniques of work study recommended by the FW Taylor to decide upon chosing the method that will be best for doing a job effectively and efficiently. Motion study is a systematic way of determining the best method of…
MEANING Time Study is a scientific technique introduced by FW Taylor as a part of work study. Time study is a structured process of directly observing and measuring human work using a timing device to establish the time required for completion of the work by a qualified worker when working at a defined level of…
WHAT IS WORK STUDY Under Scientific management, the management is responsible for determining the task for every employee which he performed in standardized working conditions. The standard work may be determined through proper investigation and taking into account average worker abilities. According to Taylor, the best way of doing the work is that which requires…
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SCIENTIFIC MANAGEMENT Scientific Management is defined as Application of science for each and every element of management. It means application of the scientific methods, tools and techniques by the managers to manage each operation effectively and efficiently. The Principles of Scientific Management insists on replacing the Rule of Thumb by the science which means decisions…
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PRINCIPLES OF SCIENTIFIC MANAGEMENT Scientific Management is defined as Application of science for each and every element of management. It means application of the scientific methods, tools and techniques by the managers to manage each operation effectively and efficiently. The Principles of Scientific Management insists on replacing the Rule of Thumb by the science which…
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14 PRINCIPLES OF MANAGEMENT BY HENRI FAYOL Henry Fayol was the Frenchman who introduced the General Principles of Management for the first time during his job as Junior Engineer in a Coal Mining and Iron Foundry Company. 14 Principles of management by Henri Fayol has emerged as a theoretical framework for the managers to enhance…
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OVERHEAD Overhead is the aggregate of indirect material costs, indirect labor costs and indirect expenses. These are those costs which cannot be allocated accurately but can be apportioned and absorbed to the cost centers or cost units. Overheads costs are also known as ‘ Supplementary costs’, ‘Non-productive costs’, ‘Indirect costs’ etc. ACCORDING TO BLOCKER AND…