Learning Principles of Business Management
All the phrases of modern organization have been influenced by the mangers. It helps in getting indication on how to manage an business. The principle of management help in enabling the mangers for deciding what should be done in order to accomplish given tasks and how to handle situations which might be arise in future in the field of management.
It helps the managers in making more efficient to their work. Understanding of management process has been provided by the principles of management that what managers would do to accomplish what. In order to identify the areas of management in which existing and future managers should be trained, these principles are very helpful which is provided by one of the renowned business manager who is still remembered as “Henri Fayol”. These principles will help each and every individual in the core areas of Business Management.
The principle of management is a kind of statements which are based on a fundamental truth. For design making and management actions, these principles of management serve as a guideline.
These principles are as follows:
Division of work: In this principle, different type of expertise could be distinguished within the knowledge areas as employees are specialized in different areas and they have different skills also.
Authority and Responsibility: Management has an authority to give order to the employees in order to get things done in an organization. Responsibility has also come with this authority.
Discipline: This principle is about obedience. Core values of mission and vision have been included in the part of this principle which is in the form of good conduct and respectful interactions.
Unity of Command: This principle simply means that the orders from one manager should be received by an individual employee and that the employee is answerable to only that manager.
Unity of Direction: This principle is all about focus and unity. The same activities have been delivered by the all employees that could be linked to the same objective as well as all activities must be carried out by one group.
Subordination of Individual Interest: We often see that there are many kind of interest in the organization and for having an organization function well, it has been indicated that personal interests are subordinate the interest of the organization.
Remuneration: This principle says that in order to keep the employees motivated and productive, the remuneration should be sufficient.