Principles of Management Flashcards

Comprehensive vocabulary cards covering general management principles, Henry Fayol's 14 principles, F.W. Taylor's scientific management theory, and the contributions of C. K. Pralhad.

Principle

A fundamental truth or proposition that serves as the foundation for a system of belief or behaviour or for a chain of reasoning.

Universal Application

The nature of management principles meaning they can be applied to all types of organizations, irrespective of their size, nature, or level of management.

Flexibility

The characteristic of management principles that allows them to be changed or modified according to the situation or requirement of the organization.

Cause and Effect Relationship

The aspect of management principles where they determine the reason for a particular result, such as how effective advertising increases product sales.

Henry Fayol

A French mining engineer and industrialist known as the 'Father of Modern Management' who proposed 14 principles of management in his book 'General and Industrial Administration'.

Principle of Division of Work

Dividing work into different kinds such as technical, financial, and managerial, and assigning it to employees based on their qualities and capabilities to improve efficiency.

Authority

The right to take decisions and get things done from subordinates, which must always be accompanied by responsibility.

Principle of Unity of Command

The concept that each member of an organization should receive orders from only one superior to avoid confusion and conflicts.

Principle of Unity of Direction

The state that 'there should be one head and one plan' where each group in the organization with the same objective is directed by one manager.

Centralization

The concentration of powers and authorities in one or few hands, typically occurring in small organizations.

Scalar Chain

The hierarchy of authority from the top level to the lower level for the purpose of orderly communication flow.

Gang Plank

A system of direct communication used to avoid delays in the scalar chain, usually requiring proper permission from authorities.

Principle of Order

A principle based on the concept 'A place for everything and everything in its place' to ensure maximum efficiency of human and physical resources.

Principle of Equity

The practice of management being fair and friendly to subordinates, ensuring no discrimination between employees working at the same level.

Principle of Esprit de corps

An emphasis on teamwork and the belief that 'union is strength,' where managers create a spirit of understanding among employees.

Fredrick Winslow Taylor

An American who rose from machinist to Chief Engineer, known as the 'Father of Scientific Management' for applying scientific data to management thoughts.

Scientific Management

Management that consists of knowing exactly what you want men to do and seeing that they do it in the best and cheapest manner.

Rule of Thumb

Decisions based on the personal judgments of the manager rather than scientific analysis; Taylor advocated substituting this with scientific methods.

Mental Revolution

A change in the attitude of employees and management toward each other, where both realize their equal importance and cooperate for productivity.

Work Study

An organized, systematic, and critical assessment of activities based on time study, motion study, method study, and fatigue study.

Time Study

The technique of observing and recording the time taken by an employee to complete a task used for fixing standard time.

Motion Study

The study of the movement of an employee and machines while completing a task to eliminate unnecessary motions and find the best method.

Fatigue Study

The study of physical and mental stress caused by factors like long hours and poor conditions to maintain operational efficiency.

Differential Piece-Rate Wage Plan

A remuneration system where higher wage rates are offered to employees who exceed standard output and lower rates to those performing below standard.

C. K. Pralhad

A management thinker famous for his contribution to the Core Competence Model and Co-creation, named the world's most influential business thinker in 2018.

Core Competency

A concept in management theory introduced by C.K. Pralhad and Gary Hamel.