Plus Two Business Studies Notes Chapter 2 Principles of Management
Chapter 2 – Important Topics: Meaning and Nature of Management Principles Significance of Management Principles Scientific Management – Principles (Taylor) Scientific Management – Techniques (Functional Foremanship, Work Study, Differential Piece Wage, etc.) Fayol’s Principles of Management (14 principles) Comparison between Fayol and Taylor Principles of Management – Concept and Nature Principles of management is a fundamental truth that explains the relationship between two or more variables under given situations. Principle means an accepted rule of action. Nature of Principles of Management Universal applicability – Management principles are practicable in different economic systems, in different types of organisations and in different places. Hence they are said to possess worldwide application. General guidelines – Management principles are general guidelines, as they cannot be applied blindly in all the situations. They do not provide rea...