Principle of Management Complete Chapter | Business Studies(BST) | Chandan Poddar

In this Video We Will Discuss Principle of Management for Business Studies(BST) all Concepts, Problems and Examples for Class 11, BBA, BCA, B.COM, B.Com(Hons.), MBA, NTA UGC-NET and Other Commerce Courses. has been Discussed by Chandan Poddar Sir for Grooming Education Academy.

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Topic Discussed in this Video:
00:00 introduction Principle of Management
00:59 Henry Fayol Principle of Management
12:54 Unity of command
16:18 Unity of Direction
20:10 Difference between Unity of command and Unity of Direction
21:40 subordination of individual interest over general interest
26:20 remuneration of personnel
29:06 centralization and decentralization
31:53 Principle of order
34:35 principle of equity
37:18 Stability of personnel
39:07 Principle of initiative
41:01 Espirit De Corps
44:01 Scalar Chain
47:59 F.W. Taylor scientific principles of management Science not a rule of thumb
53:18 Harmony not discard
56:13 Cooperation not individualism
59:44 Development of each and every person to his or her greatest efficiency and prosperity
01:02:32 Technique of Scientific Management
01:03:09 Standardisation and simplification of work
01:08:08 Method study
01:11:21 Motion study
01:13:18 Time study
01:16:10 Fatigue study
01:18:50 Differential piece wage system
01:22:12 Functional foremanship
01:26:48 Quick Revision

Topic Covered:
Henry Fayol Principle of Management
F.W. Taylor scientific principles of management
The technique of Scientifique Management
Quick Revision

Principles of Management
Principles of management are broad and general guidelines for managerial decision making and behavior (i.e. they guide the practice of management).
The nature of principles of management can be described in the following points:
1. Universal applicability i.e. they can be applied in all types of organizations, business as well as non-business, small as well as large enterprises.
2. General Guidelines: They are general guidelines to action and decision making however they do not provide readymade solutions as the business environment is ever changing or dynamic.
3. Formed by practice and experimentation: They are developed after thorough research work on the basis of experiences of managers.
4. Flexible: Which can be adapted and modified by the practicing managers as per the demands of the situations as they are man-made principles.

Significance of the Principles of Management
The significance of principles of management can be derived from their utility which can be understood from the following points:
1. Providing managers with useful insights into reality: Management principles guide managers to take right decision at right time by improving their knowledge, ability and understanding of various managerial situations and circumstances.
2. Optimum utilization of resources and effective administration: Management principles facilitate optimum use of resources by coordinating the physical, financial and human resources. They also help in better administration by discouraging personal prejudices and adopting an objective approach.
3. Scientific decisions: Decisions based on management principles tend to be more realistic, balanced and free from personal bias.
4. Meeting the changing environmental requirements: Management principles provide an effective and dynamic leadership and help the organization to implement the changes.


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