Principles of Management

Definition
Principles of Management are the guiding rules of laws for managerial action. These principles are the guiding pillars in the managerial execution of function and solution to problems.

Introduction
Why Management ? Management is essential for effective and efficient working of organizations. Managers are the people responsible for supervising the use of an organizational resources to meet its goals. Organizational resources are Men, Machine, Material, Money, Method

Definition of Management
Management is the art of knowing what you want to do in the best and cheapest way. F. W. Taylor
Management is to forecast and plan, to organize, to command to coordinate and control. H.Fayol

Elements of Management
Working with and through others Achieving organizational objectives Making the most use of limited resources Coping with a changing environment Balancing effectiveness and Efficiency

Management Science or Art

Science, Engineering & Technology Science

Science is systematic and organised gaining of knowledge that is derived from observations, which are verified and tested thoroughly.
If the knowledge is not verifiable, knowledge can not become science.

Engineering

The application of science to practical uses such as the design of structures,bridges and Dams machines, engines,Vehicle, aircraft etc.

Technology

the methods and tools that a society has developed in order to facilitate the solution of its practical problems.

 Management is everywhere School, Hospital, Industries Different management need different approaches For.E.g.,Business management, Personnel Management Management changes from situation from situation, industry and Industry

 Management is taking input and transforming them into output The effectiveness of transforming this input to output depends upon the management

Art
Art is the technique of applying the principles into actual practice so as to achieve the desired results. Art uses the known rules and principles and uses the skill, expertise, wisdom, experience.

Management both science and art

Management is both science and art because of its dynamic nature. Management has got scientific principles which constitutes the element of science and skill and Talent which are the attributes of Art Mere concepts will not fetch results. Understanding human behaviour, Team work, compassion towards staff, Creativity etc are all needed for a successful manager.

Management and Administration

Administration is
Concerned with the formulation of corporate policy Co ordination of finance, production and distribution Setting of the scope of the organization The ultimate control of executive

Management
Management is concerned with the execution of objectives and policies within the limit set by administration.

Administration
Administration lays down corporate objectives and policies Administration resembles legislatives Administration is associated with top level management Administration is used in governmental, military and educational institutions

Administration Contd..
Administration is focus on long term finance to make decisions on how to collect capital needed Administration determines the size of the organization structure Administration exercises control over management

Management
Management executes the objectives and policies set by administration Management resembles executive Management is associated with lower level activities The term management is used in profit making organization

Management

Contd..

Management is needed in short term finance decision Management makes use of organizational resources and achieve organizational objectives Management is accountable to administration