Management

The term ‘management’ has been interpreted in various ways. It can relate to planning, organising, staffing, directing, and controlling, or referring to the function of managing the workforce. It is also known as a body of knowledge, a method, or a discipline. Some people define management as a process of leadership and making profitable decisions, while others view it as an economic resource, a factor of production, or an authoritative system. Management-concept entails much more than simply getting things done with the help of others. Management can be defined as getting things done through people by meeting their needs and assisting them in their development.

Principles of Management and their Importance

Any organisation that wants to be efficient and achieve its goals needs to have good management. There would be organisational chaos with no structure and little concentration if no one in a position of power existed. Planning, organising, leading, and controlling are thought to be the four core management activities.

Henri Fayol wrote a famous theory on the principles of management. It aims to categorise management into 14 different principles.

The 14 principles of Management of Henri Fayol are:

1. Division of Work
2. Authority and Responsibility
3. Discipline
4. Unity of Command
5. Unity of Direction
6. Subordination of Individual Interest
7. Remuneration
8. The Degree of Centralisation
9. Scalar Chain
10. Order
11. Equity
12. Stability of Tenure of Personnel
13. Initiative
14. Esprit de Corps

Any successful firm must have a clear management structure in place. Management that is efficient and well-intentioned sets the tone for the rest of the team. It is usual for managers’ attitudes to pervade the entire firm; thus, having exceptionally bosses sets an excellent example for employees to follow.

Features of Principles of Management  

The main features of principles of management are given below:

• Universal Application:

Management concepts are universal, which means they may be applied to any form of organisation. Their outcomes may vary, and their application may be altered, but the concept of management in itself is appropriate for all types of businesses.

• General Guidelines:

Management ideas are not set in stone or unchangeable. These cannot be applied to all situations without hesitation. The management principles are determined by the circumstances and type of the organisation.

The manager must implement these concepts in accordance with the size and nature of the business while keeping the organisation’s needs in mind.

• Practice and experiments evolve:

Only after extensive and in-depth investigation are management principles formed. They don’t happen overnight, and they aren’t based on anyone’s personal feelings. Before they are developed, proper observations and experiments are carried out. As a result, they have an evolutionary nature.

• Flexibility:

This is one of the features of management that can be used in a variety of ways depending on the situation. According to the organisation’s needs, several changes in the application of principles can be made. These aren’t a set of hard and fast rules. The managers who use them can make changes to them.

The principle of centralisation, for example, insists on the concentration of power and authority at the top level, but the extent and degree of centralisation may vary depending on the nature of the organisation; centralisation does not imply total centralisation; decentralisation at the lower level may be used if the organisation requires it.

• Behavioural aspect:

The principles of management are established to guide and affect employee behaviour. These principles emphasise the importance of improving relationships among superiors, subordinates, and all organisation members. They also form human-material resource relationships.

• Based on Cause-and-Effect Relationship:

Management principles are based on cause and effect, which tells us what will happen if a specific concept is applied in a given situation. Although these principles cannot state an exact conclusion because they are applied to humans, they assist in understanding the effect. The results can be better understood when concepts are implemented in similar situations in other organisations.

• Contingent:

The management principles are conditional or depend on the current state of affairs in the organisation. The nature of the organisation determines how they are used and what effect they have. The nature, size, and kind of organisation influences how the idea is applied.

Conclusion

At its most basic level, management is a discipline comprising five general functions: planning, organising, staffing, leading, and controlling. These five roles are part of a larger body of knowledge and theories on managing well. Managers will focus their attention on activities that produce outcomes if they understand the functions. These management concepts serve as a framework for making decisions and taking management activities. Observations and analyses of occurrences that managers face in the field feed into these activities.