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Principles of Management
Explain how the principles of management:
a. Provide useful insights into the reality and
b. Help in thoughtful decision making.
a. The principles of management provide the managers with useful insights into real life situations. The principles add manager’s knowledge, ability and understanding of managerial situations and circumstances which helps them to solve problems quickly and increase managerial efficiency.
b. Management principles help in thoughtful decision-making. They are based on logic rather than blind faith. Management decisions taken on the basis of principles are free from bias and prejudice. They are based on the objective assessment of the situation.
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Principles of Taylor and Fayol are mutually complementary. One believed that the management should not close its ears to constructive suggestions made by the employees while the other suggested that a good company should have an employee suggestion system whereby suggestions which result in substantial time or cost reduction should be rewarded.
Identify and explain the principles of Taylor and Fayol referred in the above para.
Name and explain the principle of management according to which a manager should replace 'I' with 'We' in all his conversations with workers.
Explain 'Harmony Not Discord' as a principle of Scientific Management.
Principles of Taylor and Fayol are mutually complementary. One believed that the management should not close its ears to constructive suggestions made by the employees while the other suggested that a good company should have an employee suggestion system whereby suggestions which result in substantial time or cost reduction should be rewarded.
Identify and explain the principles of Taylor and Fayol referred in the above para.
Explain how the principles of management:
a. Provide useful insights into the reality and
b. Help in thoughtful decision making.
Explain the technique of scientific management that is the extension of ‘Principle of division of work and specialisation’.
What is meant by principles of management?
State anyone principle of scientific management.
Explain any two techniques of Taylor's Scientific Management.
What is meant by ‘financial management'?
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