Business management is a core subject in every business administration course. A study field that deals with the best practices of running an organization, business management assignment can help students learn what it takes to become a capable manager.
The ideas and techniques involved in business management are many and revolve around some fundamental management principles. Whether you are a student or a professional business management assignment writer, the following fundamental postulates are indispensable to one and all.
Let us dive right into them.
The Central Principles Of Management Conventional wisdom suggests that management has four essential functions: Planning, Organizing, Leading and Controlling. The classic management theory by the pioneering Turkish engineer, Henri Fayol, divides management into 14 principles. Let’s take a look. Division of Work This particular principle of management states that, if workers are allowed to focus on a specific task, they become more skilful at it. Human cognitive capabilities enable the brain to become more efficient if it is allowed to work on a singular, specialized task rather than a broader range of functions.
Authority The authority principle dwells into the concept of managerial authority. It looks at the necessity of management to ensure that all operations are carried out to a T. The code also suggests managers use their power responsibly and ethically.
Business management assignments may present a scenario where a conflict of ethics might occur while enforcing authority. Use your managerial skills, decision-making capabilities and ideas to test to make the right choice.
Discipline This principle reiterates the essentiality of discipline in an organization. A business must have a set of organizational rules, philosophies, guidelines, and work ethics. Discipline is crucial to success, and having a bunch of strict rules are an effective way to enforce discipline in employees. Mutual respect and motivation are, however, essential to nurturing an atmosphere of discipline at employees.
Unity of Command A transparent chain of command must exist within an organization, and employees must have an idea about the existing chain of command.
Unity of Direction All work must be organized in such a way so that employees can work in harmony toward a shared objective or common goal.
Remuneration To motivate employees to work hard, management must dole out fair and reasonable compensation to all of their employees. Underpayment will prevent an organization from attracting skilled, motivated workers.
Precedence of Interests The company’s interests must take priority over personal preferences in case of every employee. This should be the case in the case of any conflicting situations unless the private interest is extreme. Managers should encourage employees to cultivate team spirit and a collective mentality amongst themselves.
Decision-making Structure The principle of centralization relates to the decision-making structure in a company. Centralized or top-down decision-making process emphasizes the authority of the managerial authorities. The bottom-up approach is much more democratic as employee opinions get priority.
Scalar Chain of Communication This is a principle that emphasizes the importance of having a clear line of communication between management and employees. Everybody must respect this chain unless there is an emergency.
Order Having a semblance of order is essential for successful and smooth business operations.
Equity A set of ethical standards, policies and procedures are essential for every modern organization.
Initiative and Morale Staff morale is crucial for continued optimal performance. Benefits, incentives and appreciation are excellent morale boosters and can motivate employees to improve performance & productivity.
And, that wraps up this write-up. Use it to brush up on your knowledge of the core principles. Study diligently, gather knowledge from different sources, work on various projects and avail help for your business management assignment writing, from writers of reputed academic services.