Business Management is the most popular stream of study these days. Every year thousands of students get admission in different business management courses all over the world. Many talented students also work hard to get a ‘position‘ in the best management institutes or colleges in their countries or in other countries.
Discussion on Major Management Principles:
Students enrolled in business management course look forward to advance learning. They are expected to carry out detailed research on the given topic; however, this subject is so vast that they end up merging varied concepts and principles in every topic. To ensure that they do justice to the topic assigned to them it is important that they get a grasp of the major principles of management. By knowing these principles and their role in each facet of management, students can gain the correct skill and direction of furnishing assignments with professional expertise.
Each principle is listed below along with its description:
- Division of labor: This is one of the modern management principles, wherein the labor is divided to enhance the productivity count and sustain a higher level of production.
- Power: It is important for the Managers to be authoritative and get the order executed.
- Discipline: As managers, employees should be able to receive as well as discharge the orders well.
- Unity of command: It is crucial that the orders given are in consensus to provide the required clarity to each employee
- Uni-directional approach: For any company to attain its business goals, it is important that all its entities work towards attaining the common target.
- Relegation of individual interests: it is vital for the Managers to prioritize team goals above individual goals.
- Fair Remuneration: It is important that the employees get paid fairly to avoid the situation of demotivation and low productivity.
- Order: Order for any management to sustain and thrive, it is important that it follows the Social and moral order throughout the organization.
- Respect and Equality: Management must treat employees with respect and impartiality to create a harmonious environment.
- Initiative: Employees must be motivated to come up with newer ideas and should be treated them with reward, award and recognition for the same.
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