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Question
Write a word or phrase or a term which can substitute the following.
The statements of fundamental truth of management.
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Solution
The statements of fundamental truths of management: Management principles
Explanation-
Management principles are the basic truths that govern managerial behavior. They help managers in taking managerial decisions and guide them in taking the future course of actions.
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After completing her Bachelors in Fashion Designing from a well-known college in France, Aditi has opened a boutique in a posh market in Kolkata. She has divided the work in smaller units and each employee is well trained to perform his/her task efficiently. The sales persons are allowed to close a deal with a buyer by giving a maximum of 5 percent discount, whereas the decision to give any further discount rests with Aditi as the final authority. In the earlier period of her business venture, employees were asked to put in extra hours of work. In return she had promised to give them a special incentive within a year. Therefore, when the business was doing well, she honour her commitment by giving bonus to her employees. She also instructed her employees that communication from top to bottom should follow the official lines of command. However, she tends to be more biased towards her female employees, when it comes to solve the conflicts among employees. |
“Therefore, when the business was doing well, she honoured her commitment by giving bonus to her employees.” Which principle of management is being highlighted here?
______ principle of management is being violated if management does not fulfill its promise to increase wages of the workers after the mission is accomplished.
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How are the Management principles derived?
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Principles of management can be applied universally.
Match the correct pairs:
| Group ‘A’ | Group ‘B’ | ||
| (a) | Henry Fayol | (1) | It is the process of instructing, guiding, communicating and motivating |
| (b) | Directing | (2) | Scientific Management theory |
| (c) | Responsibility towards Government | (3) | It is the process of recruiting, selecting, placing and remunerating |
| (d) | Digital cash | (4) | To earn profit |
| (e) | Monopoly | (5) | Respecting rules and regulations |
| (6) | Exist only in cyber space | ||
| (7) | Exist everywhere | ||
| (8) | Single buyer | ||
| (9) | Modern management theory | ||
| (10) | Single seller |
"M/s J.K. Computers’ is a small organisation engaged in assembling of computers. In this organisation, decision making rests with top management while the middle level is involved in only the implementation of plans. On the other hand, ‘Progressive Computers Ltd." is a large company where a number of people from each level are involved in the decision-making process.
The application of the principle of ‘Centra- lisation and Decentralisaton’ is different in the two organisations as the situation in each enterprise is not same.
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