(Class 12) Chapter-2 Principles of management (notes)
3 views 0 purchase
Course
9898
Institution
Chapter 2 of Class 12 Business Studies, focusing on the 'Principles of Management,' explores fundamental guidelines essential for effective organizational leadership. These principles, articulated by pioneers like Henri Fayol, encompass key concepts such as division of work, authority and responsib...
2024-2025 (Class 12)
Chapter-2 Principles of management (notes)
This notes are specially for (2024-2025)class 12 students
According to CBSE new syllabus of (2024-2025).
Meaning of principle of management:-
Principles of management are broad and general guidelines for decision making and behavior of
managers.
Definition of principle of management:-
(1) According to G.R. Terry, "Principle is a fundamental statement or truth providing a guide the
thought or action."
Characteristics of principles of Management:-
1)Universal applicability:-
Principles of Management are universal & these can be applied in different organizations like
business, government, military, hospital, schools and colleges, university etc.
2)General Guidelines:-
Principles of Management give guidelines to solve the problems but these principles do not
provide ready-made solutions for all the problems.
3) Formed by practice and experiment:-
The principles of management are formed by experience & collective wisdom of managers after
deep and thorough research work.
4)Flexible:-
The principles of management are flexible and dynamic. Management is a social science having
no hard & fast rules.
5)Mainly Behavioral:-
Management involves the direction of human behaviour which is very complex and
unpredictable.
, Fayol ’s principles of Management:-
1)Division of Work:-
Division of work promotes specialization and efficiency also. Each job should be assigned to the
person according to his capability / qualifications and experience.
2)Authority and Responsibility:-Authority and Responsibility go hand in hand. There
should be a equality or balance between authority or responsibility.
3)Discipline:-
Discipline is absolutely essential for the smooth running of the business.Discipline is necessary
for successful organization.
4)Unity of Command:-
This principle says that "A subordinate should receive orders and be responsible to only one
boss.
5)Unity of directions:- in the unity of directions,there should be a"One head and one
plan" for a group of activities having the same objectives.
6)Subordination of Individual Interests to General Interest:-In Fayol's
principles of management, the subordination of individual interest to the general interest refers
to the idea that the interests of the organization as a whole should take precedence over the
interests of any individual or group within the organization.
7)Remuneration of Employees:
The overall remuneration and compensation should be fair to all employees in the organization.
The compensation should be given At a reasonable standard of living.
8)Centralization & Decentralization: According to this principle, the superiors
should adopt effective centralisation instead of complete centralisation and complete
decentralization.
9)Scalar Chain:-The scalar chain is a chain of authority and communication from the
highest to the lowest rank.
10)Principle of Order:-
According to the principle of order, a right person should be placed at the right job and a right
thing should be placed at the right place.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mohitsinghrana. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.49. You're not tied to anything after your purchase.
