principles
Principles of management are broad and general guidelines for managerial decision making and behaviour. The principles are general guidelines to solve the managerial problems.
Principles of management are not as rigid as pure science
Principle of management deal with human behaviour and cannot be tested in laboratories
Principles are guidelines to take decisions or actions while practicing techniques
Values are something which are acceptable or desirable. they have moral connotations.PRINCIPLES ARE BASIC TRUTHS OR GUIDELINES FOR BEHAVIOUR..
Values are general rules for behaviour of individuals in society formed through common practice.
Principles of management are formed after research in work situation,which are technical in nature.
Management confirm the goodness of society and moral values in practice.
Management principles are developed through continuous observation and experience.
nature of management principles
1. General guidelines -------- they are not a ready made solution
2. Formed by practice and experimentation------- developed through observation and analysis
3. Contingent-------------------------------------------not static or absolute in nature ,it is situational.
4. Flexible----------------------------------------------can modified situtionaly
5. Universal applicability---------------------------- like pure science certain principles are universally accepted, unity of command,unity of direction etc
6.Establish cause and effect relationship----------division of work ,discipline ,equality etc
7 Behavioural ------------------------------principles are influencing the human behaviour
significance of management principles
The principle are properly guide the new manager in decision making
Principle are the basis of the utilisation of resources,they should give maximum benefit with minimum cost.
Effective administration...principles are solution to managerial problems
Scientific decisions...scientific decisions are taken on the baking of principles they emphasise logic rather than blind faith.
Meeting changing environment requirements.........possible to adapt timely changes
Fulfilling social responsibility............. introducing fair remuneration and fair price system
TAYLOR VS FAYOL
FAYOL the father of modern management Taylor the father of scientific management
Fayol the managing director of a large Taylor performed as Executive at Midvale steel company (top Level) steel companies(lower level)
Fayol focus to improving over all Taylor focus to increase the productivity
administration
Introduce scalar operation in the administration Taylor introduce functional foremanship
Principles are universally applicable Applicable only on a particular situation
Fayol acting as management practitioner Taylor is a scientist he introduced modern techniques in production area
IMPACT OF GOVERNMENT POLICY CHANGES ON BUSINESS AND INDUSTRY
The policy of liberalisation ,privatisation and Globalisation of the government has made a significant impact on the Working of Indian Business and Industry .
Increasing competition-- --- Multi National Companies create acute competition in the market
More demanding customers---The customer will get wide choice of quality goods and services
Rapidly changing technology---Much fund is needed to conduct Research and development of product and services
Need for developing human resources--Universities and school more concentrated on skill development and professional courses
Market Orientation -------- Marketing techniques necessary to introduce new product
in the market ,after sales services and educational advertisement etc
No budgetary support----------------------Moder economy more concentrated on own capital than borrowed
