Management Of Business

• Management is essential for all organisations, big or small,.profit or non-profit, manufacturing or service sector.

• The term management is used in different senses. Generally the term management is used to refer to the principles of managing the activities of an enterprise. It is also used to refer to a field of learning or a branch of knowledge.

• “Management is an art of getting things done through other people”

• “Management is a distinct process consisting of planning, organizing, actuating and controlling performance to determine and accomplish the objectives by the use of people and resources”.

• From the above definations, it is clear that the managemenr is the process of getting Pre-determined things done through the efforts of others.

• Management is the sum total of the principle functions namely

1. Planning

2. organising

3. staffing

4. directing

5. Co-ordinating

6. Controlling.

• For smooth and efficient management of buisness concern, certain principles are suggested they are：

Division of work

• Work has to be divided among the employees. The division of work leads to specialization and efficiency. It minimizes the wastage and maximises the production and profit .

• This principle can be adopted at all levels of the organisation.

Authority and responsiblity

• This principle refers to the authority and responsiblity, which are the combination of official authority and personal responsiblity . Both are compounded with intellingence , experience , past experience ,moral worth etc.,

Discipline

• This principle refers to the managercial authority and constrictive discipline among the officials and subordinates at all levels. It guarantees the fulfillment of objectives set by the management. The discipline required by the superiors should be clear and fair. It also includes the judicious application of penalties.

Unity of command

• This is the principle that an employee should receive orders from one superior only.

Unity of direction

• This principle means that each group of activities, having the same objective must have one head and one plan.

Sub-ordination of individual interest to general interest

• This principle tells that the management should minimize the individual differeces and should not allow differences to block the fulfillment of general goals of the organisation.

Remuneration of personnel

• The remuneration and methods of payment should be fair and afford to maximum satisfaction to the employees.

Centralisation

• This principle refers to the extent to which authority is concentrated, so that it gives the overall yeilds.

Scalar chain

• This principle means that every enterprise should have graded authority or superior-subordinate relationship.

• The range of authority and responsiblity of superiors in relation to the subordinates at various levels should be clearly defined.

Equity

• It means that, there must be fair dealing, accommodation or co-operative attitide among the common employees and managers.

Stablity of security to personnel

• The management must assure security of job to the personnel. Instablity of job has both cause and effect of the bad management. The quick labour turnover will result in bad management.

Initiative

• The initiative is one of key satisfactions. The management should have the capacity to think out original plans and execute them with full discreation.

Espirit De-Corpus

• It is based on the principle“ unity is strength” . It emphasizes the need for team work and importance of communication in obtaining it.