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Page 1 Principles of Management Concept of Principles of Management Broad and general guidelines Influence human behaviour Derived through research and experimentation Nature of Principles of Management Universal applicability General guidelines Formed by practice and experimentation Flexible and mainly behavioural Cause and Effect relationship Significance of Principles of Management Insights into reality Optimum utilization of resources Scientific decisions Meeting changing environmental requirements Fulfilling social responsibility Fayol’s Principles of Management Division of work Authority and Responsibility Discipline Unity of Command Unity of Direction Subordination of Individual Interest Remuneration of Employees Centralization and Decentralization Scalar Chain Order Equity Initiative Espirit De Corps T aylor’s Scientific Management Science, not rule of Thumb Harmony, not discord Cooperation not individualism Development of each person Functional Foremanship Standardization and Simplification of work Method Study Motion Study Time study Fatigue study Differential piece wage system Mental Revolution Comparison Fayol vs T aylor Complementary principles Different focus areasRead More
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FAQs on Mind Map: Principles of Management - Business Studies (BST) Class 12 - Commerce
| 1. What are the key principles of management in commerce? |  |
Ans. The key principles of management in commerce include planning, organizing, staffing, directing, and controlling. Planning involves setting objectives and determining the best course of action to achieve them. Organizing involves arranging resources and tasks to achieve the objectives. Staffing involves recruiting, selecting, and training employees. Directing involves guiding and motivating employees towards the accomplishment of objectives. Controlling involves monitoring performance and taking corrective action when necessary.
| 2. How does planning contribute to effective management in commerce? | |
Ans. Planning is essential for effective management in commerce as it provides a roadmap for achieving organizational goals. It helps in setting clear objectives, identifying the actions required to achieve them, and allocating resources effectively. Planning also helps in minimizing risks and uncertainties, as it involves evaluating various alternatives and making informed decisions. It provides a framework for coordination and collaboration among different departments and individuals within an organization.
| 3. What is the role of organizing in management in commerce? | |
Ans. Organizing plays a crucial role in management in commerce as it involves arranging resources and tasks to achieve organizational goals. It includes designing the organizational structure, defining roles and responsibilities, and establishing communication channels. Organizing helps in efficient utilization of resources by ensuring that they are allocated optimally. It also facilitates coordination and cooperation among different departments and individuals within an organization.
| 4. How does directing contribute to effective management in commerce? | |
Ans. Directing is a key function of management in commerce as it involves guiding and motivating employees towards the accomplishment of organizational goals. It includes providing clear instructions, communicating expectations, and providing feedback to employees. Effective directing helps in aligning individual efforts with organizational objectives, enhancing employee morale and job satisfaction, and promoting teamwork. It also facilitates effective communication and coordination within an organization.
| 5. Why is controlling important in management in commerce? | |
Ans. Controlling is important in management in commerce as it helps in monitoring performance and ensuring that organizational goals are being achieved. It involves measuring actual performance against planned objectives, identifying deviations, and taking corrective action when necessary. Controlling helps in maintaining standards, improving efficiency, and minimizing wastage. It also provides feedback to employees and helps in identifying areas for improvement.
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Document Description: Mind Map: Principles of Management for Commerce 2024 is part of Business Studies (BST) Class 12 preparation.
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