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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…
INCENTIVE PLANS FOR EMPLOYEES Incentive Plans for employees are the plans formulated to influence and motivate the workers to achieve the set targets to get the reward. The incentive is given to the worker by paying some bonus or premium in addition to their normal wages. Under an incentive plan, normally a standard time is…
MANAGEMENT AS PROFESSION Management as profession is a specialized body of knowledge and requires specific skills and educational qualifications. Profession is an economic activity which requires specialized knowledge, degree and skills. ACCORDING TO HODGE AND JOHNSON “Profession is a vocation requiring some significant body of knowledge that is applied with high degree of consistency in…
WHAT IS COMPANY Joint Stock Company is an artificial person created by the law for some common purpose where the capital is divisible into parts known as shares with perpetual succession and common seal. ACCORDING TO PROF. HANEY “A company is an artificial person created by law, having separate entity with the perpetual succession and…
MANAGEMENT AS A SCIENCE Science is a systematic and scientific body of knowledge which has some universally applicable laws. The theories or laws are originated after a continuous observation and experimentation capable of verification. Management as a science possesses the features of the science which are as follows: SYSTEMATISED BODY OF KNOWLEDGE: Management is viewed…
MANAGEMENT IS AN ART Management is an art if it qualifies all the attributes of the art. An art is regarded as systematic application of skill or knowledge in achievement of goals. Art presents the methods and ways of doing things or tasks. It is a personalized process and based on the practice over a…
MEANING Process of Management includes planning, organising, staffing, directing, coordinating and controlling in order to achieve the organizational goals effectively and efficiently. ACCORDING TO LOUIS ALLEN “Management is what manager does.” ACCORDING TO HENRY FAYOL “To manage is to forecast and plan, to organize, to command, to co-ordinate and to control.” ACCORDING TO GEORGE R…
FUNCTIONS OF MANAGEMENT Management is a process of getting things done with the aim of achieving the goals effectively and efficiently. It consists of various inter-related functions such as planning, organizing, staffing, directing, coordinating and controlling for accomplishing the set targets of the organisation. The functions of management defined by various management thinkers are as…
OBJECTIVES OF MANAGEMENT Objectives are the ends towards which the activities of an organisation are directed. Management is an art of getting things done through others with the aim of achieving all the set targets on time by incurring minimum cost. The main objective of management is to run the organisation smoothly. Following the Objectives…
MEANING Management is a process of getting things done with the aim of achieving the goals effectively and efficiently. It consists of various inter-related functions such as planning, organizing, staffing, directing, coordinating and controlling for accomplishing the set targets of the organisation. ACCORDING TO MARY PARKER FOLLETT “Management is an art of getting things done…
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