Page 26 - DCOM102_DMGT101_PRINCIPLES_AND_PRACTICES_OF_MANAGEMENT

Principles and Practices of Management

Notes According to Fayol, managers perform five basic functions in order to achieve results viz.
planning, staffing, organising, directing and controlling.

1.12 Keywords

Art: It is the bringing about a desired result through the application of skills.
Administration: It is a higher-level function concerned with the determination of policies.
Code of conduct: It prescribed the norms of professional ethics for its members.
Economic Resource: Management, land, labour and capital.
Goal-oriented: Purposeful activity towards achieving the goals of the organisation.

Management: The art of getting things done.
Process: A series of functions that lead to the achievement of certain objectives.
Professionalisation: It means defining the duties and responsibilities of the managers to improve
the quality of management education and training.
Science: A systematically organised body of knowledge including concepts, principles and
theories.

Top management: Managers who are higher up in the hierarchy devoting more time on
administrative functions.

1.13 Self Assessment

Fill in the blanks:

1. A profession may be defined as an occupation backed by .................. and .................. .
2. We can classify management into .................. management, and .................. management.
3. There is .................. professional body to regulate the educational and training standards of
the managers.
4. To be a successful manager, it is essential to acquire management skills through ..................
education and training.

5. Administrative management is primarily concerned with .................. and .................. .
6. Operative management is concerned with the .................. of the policies for the achievement
of goals.

7. Controlling includes four things, viz. .................., .................., measuring actual performance
and .................. .
8. .................. is concerned with the arrangement of an organisation’s resources.

9. .................. pay with .................. rewards can act as the best incentive or motivator for good
performance.
10. The function of .................. and .................. the activities of the subordinates is known as
directing.
11. .................................... provides direction to enterprise activities.

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