What are the Principles of Management? Discussion

Management principles are those fundamental truths or statements of facts which serve as a guide to managers in thinking and doing their job of managing. Management principles may be derived in any of the following ways: 1) By observation and analysis of managerial practices. 2) By conducting studies through system inquiry, collection and analysis and testing of facts. What is the nature of Management?

Important Principles of Management: 

F. W. Taylor, Henry Fayol, Mary Parkeer Follett, Urwick, Koontz O‘ Donnel, George R. Terry, etc. are the leading thinkers who have listed and described management principles:

Fayol’s Principles of Management: 

Henri Fayol, who is recognized as the father of the modern theory of management formulated a set of 14 principles.

1. Division of Work: Division of work states that the total work should be subdivided into small components/parts and each part of the work should be allocated to the worker who specializes in that part of the work.  
2. Authority and Responsibility: Authority creates responsibility Whenever a person exercises authority, responsibility arises. Responsibility is the essential counterpart of authority. Therefore, this principle states that authority and responsibility must go together. 
3. Discipline: According to Fayol, discipline is absolutely essential for the smooth running of the business. Without it, no business can prosper.  
4. Unity of Command: The principle of unity of command states that each subordinate should receive orders from only one boss or superior, to avoid confusion and ambiguity and faster effective working.
5. Unity of Direction: The principle of unity of direction states that there should be ―one head and one plan‖ for a group of similar activities having the same objective. In other words, the activities that have the same objective should be directed by only one manager under one plan, to ensure unity of action and sound organization structure. 
6. Subordination of individual interest to general interest: Interest of organization as a whole must prevail over the individual interest. Wherever, individual interest and the common interest differs, efforts must be made to reconcile them. 
7. Remuneration: Fayol stressed on the thought that the remuneration or compensation for work done should be fair to both employees and the firm. It should neither below nor high.  
8. Centralization: Decreasing the role of subordinates in decision making is centralization of authority and increasing their role in it is decentralization of authority. Fayol believed that managers should retain final responsibility but should at the same time give their subordinates enough authority to do their job properly. 
9. Scalar chain or hierarchy of authority: Scalar chain or hierarchy of authority refers to the unbroken chain or line of authority running from the top management to the lowest levels of the organization. This chain is normally followed for giving orders and receiving reports. 
10. Order: The principle of the order states that there should be a place for everything and for every person. Material and people should be in the right place at the right time. People should be assigned the jobs that are best suited to them. 
11. Equity: According to this principle, the manager must install equity in the organization. To ensure this, the manager should be friendly, fair and kind in dealing with their subordinates. 
12. Stability of Personnel: This principle states that there should be reasonable stability of the tenure of personnel in the firm. No employee must be removed from his position within a short period of time. However, incompetent employees should be sacked immediately. 
13. Initiative: This principle states that subordinates should be given the freedom to develop and carry out their plans. But managers should do so within the limits of authority and discipline. This freedom encourages the subordinates to initiate new things and hence fasters growth and development. 
14. The spirit of cooperation: It demonstrates the need for managers to ensure and develop morale in the workplace; Personal and communally. Help in developing an environment of mutual trust and understanding with the spirit of cooperation. It also helps in ending the work from time to time.

Other Important Principles: 

The following principles below are;

1. Principle of objective: Koontz and O‘Donnel suggested that ―The organization as a whole and every part of it must contribute to the attainment of enterprise objectives.
2. Principle of planning: The principle of planning states that good planning is a prerequisite for good management. Therefore managers should accurately plan the activities of their organization keeping in view the environmental factors. 
3. Principle of the span of control: Span of control means the number of subordinates under the direct supervision of the superior. According to this principle, a superior should supervise only that number of subordinates which he can properly supervise directly under his control. 
4. Principle of balance: This principle states that different parts or units of an organization should be in balance. This is essential in order to ensure proper development of business and its efficiency. 
5. Principle of coordination: This principle states that human efforts and other resources should be coordinated in order to achieve organizational goals effectively. 
6. Principle of exception: The principle of exception states that every superior should set the objectives and plan for their subordinates and delegate them the appropriate amount of authority to take all decisions to carry out the plans. 
7. Principle of participation: This principle states that managers must encourage the participation of their subordinates in taking decisions on matters directly affecting them.