Henri Fayol explains management as a process of forecast followed by planning, organization, command, coordination and control of activities of others. In simpler terms, management refers to proper organization and delegation of work along with ensuring its completion. Vitally, this simple concept is the basis for Fayol’s principle of management.
Notably, be it a corporate set up or a simple business enterprise, efficient management is vital to ensure smooth functioning, which in turn generates significant revenue. Keeping this in mind, there have been quite a few theorists who have attempted to theorize the management’s role and function. In this regard, principles of management offered by Henri Fayol are a remarkable success.
Understanding Henry Fayol’s Principles of Management
Management as a subject of study has developed in recent years. Various scholars have contributed significantly to developing these subjects as a course of study that is taught in high schools and colleges as a professional career.
Henry Foyal is one of such famous academicians who has given his famous 14 principles of management. He had proposed these theories in the early 20th century that hold very true and are important in the management in business settings of the world today. In industries or manufacturing units many individuals are employed for the production of the final product. It has been observed in such settings that the employees or laborers are not efficient in every department of the work division.
This observation of Henry Foyal led to his first conclusion that it is very important to segregate the employees according to their domain of expertise. This method of division of labor increases the efficiency of workers and benefits the enterprise or business unit as a whole. This method also assures for the accuracy of the work and its speedy completion. Authority and responsibility are also the major factors for the success of a business unit or any other organization and go hand in hand. Authority without responsibility or responsibility without authority can be a disastrous affair to be dealt with.
Likewise, Henry Floyed has suggested and described very crucial and fundamental factors of managing the workforce or human resources of anybody or organization. As a student of commerce, understanding these basic principles of management will not only help you in exams but also be very useful ordereir future professional life.