Features of Principles of Management
Principles of Management are Universal Management principles are applicable to all kinds of organizations – business non business. They are applicable to all levels of management. Every organization must make best possible use by the use of management principles. Therefore, they are universal or all pervasive. Principles of Management are Flexible Management principles are dynamic…
Importance of Management Principles
Following are the main importance of the Principles of Management. Improves Understanding. Direction for Training of Managers. Role of Management. Guide to Research in Management. Improves Understanding – From the knowledge of principles managers get indication on how to manage an organization. The principles enable managers to decide what should be done to accomplish given…
Principles of Scientific Management
Development of Science for each part of men’s job (replacement of rule of thumb) This principle suggests that work assigned to any employee should be observed, analyzed with respect to each and every element and part and time involved in it. This means replacement of odd rule of thumb by the use of method of…
Management as a group refers to all those persons who perform the task of managing an enterprise. When we say that management of ABC Co. is good, we are referring to a group of people those who are managing.
Thus as a group technically speaking, management will include all managers from chief executive to the first - line managers (lower-level managers). But in common practice management includes only top management i.e. Chief Executive, Chairman, General Manager, Board of Directors etc.
In other words, those who are concerned with making important decisions, these persons enjoy the authorities to use resources to accomplish organizational objectives also responsibility to for their efficient utilization.
Management as a group may be looked upon in 2 different ways:
The interpretation depends upon the context in which these terms are used. Broadly speaking, there are 3 types of managers -
Managers have become a part of elite group of society as they enjoy higher standard of living in the society.
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