Nature of principle of management
By nature is meant qualities and characteristics of anything p.are are general proposition . Which are applicable when certain conditions are present. These have been developed on the basis of observation and experimentation of the management depending upon how they are deserve and how effective they are are in explaining and redirecting managerial behaviour they contribute towards the development of management both as a science and as an art p. Derivetion of these principles may be said to to be a matter of Science and there creative application may be regarded as an art. These principles lead credibility e of a a learnable and teachable discipline to the the practice of management. As such ascent To managerial position may not be a matter of birth but matter of requisite qualification clearly management principles have gained importance with increasing professionalisation of management.
1) Universal applicability : The principle of management are intended to apply all types of organisation business as well as non business as small as well large public sector as well as private sector manufacturing as well as the service sectors however the extent of their applicability wood very which the nature of the organisation business activity scale of operations and the like for example for greater productivity task and each employee should be trained to perform his is specialised job this principle is applicable to a government office where there is a dispatch clerk whose job is to receive and send mail or document , a data entry operator whose task is to input data on the computer, a peon and an officer etc.
2) General Guidelines: the principal are guidelines to action but do not provide readyment straitjacket solution to all managerial problem. This is so because real business situations are very complex and dynamic and are a result of many factors. How is the importance of principal cannot be underestimated because even a small guidelines helps to solve a given problem. for example in dealing with a situations of conflict between two departments a manager may emphasis the primacy of the over all goods of the organisation.
3)Formed by practice and experimentation :- the principles of management are formed by experience and collective wisdom of managers as well as experimentation. For example, it is a matter of common experience that discipline is indispensable for accomplishing any purpose. This principle find mention in management theory on the the other hand in order to remendy the problem of fatigue of workers in the factory, an experiment maybe conducted to see the effect of improvement of physical conditions to reduce stress
4)Flexible : The principles of management are not rigid prescriptions, which helps to be followed absolutely. Flexible and can be modified by the manager when the situation so demands. They give the manager enough discretion to do so.
5) Mainly Behaviour : management principles aim at influencing behaviour of human beings. Therefore principles of management are mainly behavioural in nature. It is not that these principles do not pertain to things and phenomenon at all , lt is just a matter of imphasis . More over principles enable better understanding of the relationship between human and material resources in accomplishing organisational proposes. For example while planning the layout of a factory order lines wood required that workflows are matched by follow of materials and movement of men .
6)Cause and effect relationship :The principles management are intended to establish the relationship between cause and effect so that they can be used in a similar situation in a large number of cases. As such thy tell us if a particular principle was applied in a particular situation what would be its likely effect. The principles of management are less then perfect since they p apply I too human behaviour. In real life situations are are not identical so so accurate cause and effect relationship may be difficult to establish . However principles of management assist managers in establishing these relationships to some extent and are therefore useful in situation of of emergencies, it is desirable that someone tag change and others just follow.
7)Contingent : The application of principles of management is contingent or dependent upon these prevailing situation at particular point of time. The application of principles have to to be changed as per requirement for example, employees deserve fair and just remuneration. But what is just and fair is is determined by multiple factors. They include contribution of the employee capacity of the employer and also prevailing wage rate for the occupation under consideration.
Features of Bill's of exchange
b) It is an order to make payment .
c) The order to make payment is unconditional .
d) The maker of the bill of exchange must sing it .
e ) The Payment to be made must be certain .
f) The date on which payment is made must also be certain .
g ) The bill of exchange must be payable to a certain person .
h) It must be stamped as per the requirement of law.
There are three parties to a bill of exchange namely .
1) Drawer
2) Drawee and
3) Payee
Drawer is the makes of the bill of exchange .A seller / creditor that is to receive money from debtor can a bill of exchange upon the buyer/debtor.
Drawee is the person upon whom the bill of exchange is drawn .Drawee is the purchaser or debtor of the goods upon whom the bill of exchange is drawn .
A payee is the person to whom the payment is to be made . The drawer of the bill himself will be the payee he keeps the bill with him till the date of its payment.
Features of Book Keeping
1) Book Keeping is a Science
2) Book Keeping is a Art
3) Recording of transaction is done in proper set of bookd
Features of Accounting
1) It is an art of Recording of transaction
2) Accounting main features is also classified all business transactions
3) Summarising of business transactions by preparing trial balance
Book-keeping
1) It's Function is to record business transaction
2) Recording of transactions in books of original entry
3) To make posting larger
4) Preparation of trading profit loss account and balance sheet not book-keeping
Accountancy
1)The functions of accounting the recording classified interpreting business transactions and communicating results
2)Examine record transactions in order to find out their accounting
3)To exam in posting in order to you as certain AC Odyssey
4)Preperation of trading profit loss account and balance sheet is included in it
One of the most important development affecting the business world in addition year has been in the area of Packaging. . Many older which we thought could never lend themselves to packaging because of their nature , have been successfully packed .
Levels of Packaging
There can be three different levels of Packaging .There are below .
1) Primary Package : It refer to the product immediate container in some cases the primary package is kept team the customer is ready to use the product whereas in order cases , it is kept throughout the entire life of the product
2) Secondary Packaging : It refers to additional layers of protection that are kept till the product is ready for use , e.g.,a tube of shaving cream usually comes in a card board box . shaving cream , they will dispose off the box but retain the primary tube.
3) Transportation Packaging : It referred to father package components necessary for storage identification or transportation for example is toothpaste manufacturer send the goods to retailer in corrugated boxes containing 10,20, or 100 units .
Characteristics of good brand name
1 ) The brand name should be short easy to pronounce, spell, recognise and remember e.g, ponds ,VIP ,Rin ,Vim ,etc
2) A brand should suggest the products benefits and qualities should be appropriate to the products function . e. g Rasika , Genteel , Promise , My Fair Lady and Boost .
3) A brand name should be distinctive e. g ., Liril , Safari, Zodiac.
4) The brand name should be adaptable to packing for labelling requirements different advertising media and different languages.
5) The brand name should be sufficiently versatile to accommodate new product, Which are added to the product line e. g., Maggie , Colgate.
MANAGEMENT AS AN ART
What is art? art is the skillful and personal application of existing knowledge to achieve desired results. It can be acquired through study, observation and experience. Since art is concened with personal application of knowledge some kind of ingenuity and creativity is required to practice the basic principles learnt as followsw:
EXISTENCE OF THEORETICAL KNOWLEDGE: Art presupposes the existence of certain theoretical knowledge . experts in their respective areas have derived certain basic principles which are applicable to a particular from of art .
PERSONALISED APPLICATION :The use of this basic knowledge varies from insividual to individual .art therefore is a very personal dancers two speakers two actors or two writers will always differ in demonstrating their art .
BASED ON PRACTICE AND CREATIVITY : All art is practical art involves the creative practice of existing theoretical knowledge. We know that all music is based on seven basic notes . However what makes the composition of a musician unique or different is his use of these notes in entirely his own interpretation.
LEVELS OF MANAGEMENT
Nadar and Suhasini are both managers of an enterprice. Shiv Nadar is the CEO of HCL and Suhasini is a branch manager at Fabmart .They manage their Enterprise at different levels . Management is a universal term used for certain function performed by individuals in an Enterprise who are bound together in a hierarchy of relationships. Every individual in the hierarchy is responsible for successful completion of a particular task . To be able to fulfill that responsibility he is assigned a certain amount of authority or the right to take a decision .This authority -responsibility relationship binds individuals as superiors and subordinates and gives rise to different levels in an organisation . Generally speaking there are three levels in the hierarchy of an organisation.
TOP MAN TOP MANAGEMENT : They consist of the senior -most executives of the organisation by whatever name they are called . They are usually referred to as the are chairman , the chief executive officer , chief operating officer, president and vice - president . Top management is a team consisting of managers from different functional levels, heading finance , marketing etc.
MIDDLE MANAGEMENT : is the link between top and lower level manager . They are subordinate to top managers and superior to the first line managers . They are usually known as division heads,
SUPERVISORY OR OPERATIONAL
MANAGEMENT:Foremen aand supervisors comprise the lower level in the hierarchy of the organisation . Supervisors directly oversee the efforts of the workforce.Their authority and responsibility is limited according to the plans drawn by the top management . Supervisory management play a very important role in the organisation since they interactwith the actual work force and pass on instructions of the middle management to the workers. Throught their efforts quality of output is maintained , wastage of materials is minimised and safety standards are maintained and the quantity of output depends on the hard work discipline and loyalty of the workers.
MANAGEMENT AS A PROFESSIN
You have understood so far that all form of organisations activity need to be managed . You would also have observed that organisation look for individuals with specific qualification and experience to manage them . It has also been an increase in the corporate from of business on the one hand and increasing emphasis on managed business concerns. Does this imply that management is a profession? To answer this question let us examine the salient features of a profession and see whether management satisfies them.
A profession has the following characteristics:
WELL-DEFINED BODY OF KNOWLEDGE:- All professions are based on a well-defined body of knowledge that can be acquired through instruction.
RESTRICTED ENTRY:- The entry to a profession is restricted through an examination or through acquiring an educational degree. For example, to become a chartered accountant in India a candidate has to clear a specified examination conducted by the Institute of Chartered Accountants of India.
PROFESSIONAL ASSOCIATION:- All professions are affiliated to a professional association which reglulates entry, grants certificate of practice and formulates and enforces a code of conduct. To be able to practice in India lawyers have to become members of the Bar Council which regulates and controls their activities.
ETHICAL CODE OF CONDUCT:- All professions are bound by a code of conduct which guides the behaviour of its members.All doctors, for example, take the oath of ethical practice at the time they enter the profession.
SERVICE MOTIVE:- The basic motive of a profession is to serve their client's interests by rendering dedicated and committed service
Function of management
Management is described as the process of planning organising controlling and directing the efforts of organisational members and of using organisational resources to achieve specific goals
Planning : Planning is the function of determining in advance what is to be done and who is to be do it. This implies setting goals in advance and developing a way of achieving efficiently and efficiently.
Organising: organising is the management function of a assigning duties grouping tasks established authority and allocating resources required to clear out specific plan .Once a specific plan has been established for the the accomplishment of an organisation goals
Staffing : Staffing simply started is finding the right people for the right job a very important expect of Management is to makes your dad the right people with the right qualification are at the right places and time to accomplish the goals of the organisation this is also known as the human resources function.
Directing: Directing involves leading influencing and motive employees to perform the tasks assigned to them. This requires establishing an atmosphere that encourage employers to do their best.Motivation and leadership are two key components of direction directing also involves communicating effective as well as supervising employees at work.
Controlling: Controlling is the management function of monitoring organisational performance towards the attainment of organisational goals.The task of controlling involves establishing standard of performance measuring current performance comparing this which establishing standards and taking corrective action where any deviation is found.Here management must determine what activities and outputs are critical to success.
Book-keeping
1) It's Function is to record business transaction
2) Recording of transactions in books of original entry
3) To make posting larger
4) Preparation of trading profit loss account and balance sheet not book-keeping
Accountancy
1)The functions of accounting the recording classified interpreting business transactions and communicating results
2)Examine record transactions in order to find out their accounting
3)To exam in posting in order to you as certain AC Odyssey
4)Preperation of trading profit loss account and balance sheet is included in it
Keywords
Features of book keeping, nature of management, definition of management, what is Bill's of exchange, features of bills of exchange,what is cross cheque
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