Science and not the rule of thumb which implies developing one standard method through work study unifying the best practices globally which would result in optimum resource utilization. Taylor gave the following principles of scientific management :. His book “Principles of Scientific Management” was published in 1911.ĥ. Taylor (1856-1915) was an American mechanical engineer who believed in analyzing the work scientifically and finds one best way to do any work. Management training, education and research.į.W. Meeting the changing environmental requirements. Optimum untilization of resources and effective administration. Providing managers with useful insights into reality.
The significance of principles of management can be derived from their utility which can be understood from the following points :. Significance of the Principles of Mangement :.
Contingent as their applicability depends upon the prevailing situation.ģ. Cause and Effect relationship which can be used in similar situations in a large number of cases. Mainly Behavioral since the principles aim at influencing human behavior. Formed by practice and experimentation.įlexible which have to be modified by the practicing manager as per the demands of the situations. General Guidelines to action which however do not provide readymade solutions as the business environment is very changing or dynamic. they can be applied in all types of organizations The nature of principles of management can be described in the following points :. It is broad and general guideline for managerial decision making are different from principles of science as they deal with human behaviour are different from techniques of management as techniques are method whereas principles are guidelines to action and decision making are different from values which are formed as generally accepted behaviour in society and having moral coordination where as principles are formed through research having technical nature. Fayol : Their contributions are complementary in nature despite several differences. Techniques of Scientific Management: (a) functional foremanship (b) differential piece rate system (c) work study ‐ time study, motion study, fatigue study, method study (d) standardisation and simplification of work.įayol's Principles : (a) division of work (b) authority and responsibility (c) discipline (d) unity of command (e) unity of direction (f) subordination of individual interest to common interest (g) remuneration (h) centralisation and decentralisation (i) scalar chain (j) order (k) equity (I) stability of tenure (m) initiative (n) esprit de corps Principles of Scientific Management : (a) science not rule of thumb (b) harmony not discord (c) cooperation not individualism (d) maximum not restricted output (e) developerat Importance: (a) useful insights into reality (b) optimum utilisation of resources (c) scientific decisions (d) meeting changing environment (e) management training and research (f) fullfilling socia responsibility Ral (e) cause and effect relationships (f) general guidelines contingent Nature : (a) universal applicability (b) formed by practice (c) flexible (d) mainly behaviou These exam notes for Grade 12 Business Studies will be very useful for upcoming class tests and examinations and help you to score good marks Principles Of Management Notes Class 12 Business StudiesĬoncept : Principles of management are general guidelines which can be used After reading these notes also refer to MCQ questions for Class 12 Business Studies given our website Principles Of Management Class 12 Business Studies Revision NotesĬlass 12 Business Studies students should refer to the following concepts and notes for Principles Of Management in standard 12. These study notes can also be used for learning each chapter and its important and difficult topics or revision just before your exams to help you get better scores in upcoming examinations, You can also use Printable notes for Class 12 Business Studies for faster revision of difficult topics and get higher rank. You should use these chapter wise notes for revision on daily basis.
Our teachers have designed these concept notes for the benefit of Grade 12 students. All Revision notes for Class 12 Business Studies have been designed as per the latest syllabus and updated chapters given in your textbook for Business Studies in Standard 12.
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