TN 12th commerce chapter 1 Principles of Management

CHAPTER-1
PRINCIPLES OF MANAGEMENT



Chapter synopsis

1. Concept of Management
2. Definitions of Management
3. Management vs Administration
4. Management Process
5. Principles of Scientific Management
6. Principles of Modern Management
7. Span of Management




Concept of Management
1. Body of Knowledge
Management has developed into a specialised body of management theory and
philosophy.

Management knowledge is the best passport to enter the world of employment.

2. Management tools
1. Accounting
2. Business law
3. Psychology
4. Statistics
5. Econometrics
6. Data processing

3. Separate discipline
Management studies in many universities and institutions of higher learning are
recognised as separate discipline. Eg: Export Management, Personnel Management .

, 4. Specialisation
There is a growing tendency to appoint highly qualified, trained, experienced
person to manage business in each functional area of Management.

5. Code of conduct
Enlightened businessmen have recognised that business Management is a
social institution. It has social responsibility to be fulfilled.

6. Professional Associations
Business Management Association Help spread knowledge about
management and create a good public image of the management profession.




Definitions of Management
1. “ To manage is to forecast, to plan, to organise, to command, to co
ordinate and to control” – Henry Fayol
2. “Management is a multipurpose organ that manages a Business and
manages Manager and manages Worker and Work.”- Peter F. Drucker

Drucker stresses three jobs of management
1. Managing Business
2. Managing Manager and
3. Managing Workers and Work