Management Theory Review

Principles of Management were first distributed by F.W. Taylor in modern management theory. Henri Fayol offered a list of 14 concepts as important concepts that he followed as CEO and Managing Director of the Mining Business. Koontz has expanded these principles into function sensible principle. He gave first concepts related to control and planning. Then he gave principles related to organizing, staffing, and directing. Narayana Rao now advocates that the set of functions of management should be Planning, Organizing, Resourcing, Control, and Executing.

The two new functions suggested, resourcing and execution have good support in books now. Resource based view (RBV) in strategic management literature highlights the necessity for entrepreneurs and managers to obtain resources as an important activity of these. Similarly in strategy management literature, it is being emphasized that execution is the main element to get results.

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So significantly execution didn’t get the emphasis it deserved and planning only got highlighted. Management has to be undertaken keeping because the concepts of management that are actually well established will almost a century of existence. Many of these concepts are converted into methods and techniques. Various tools were developed to assist in the utilization of the methods and techniques.

Every management college student and industrial executive student have to understand these concepts and the methods of applying them used. Planning logically precedes all other planning functions. If objectives should be meaningful to people, they must be clear (attainable and verifiable). Goals derived from goals for various intervals need to be clear, attainable, and verifiable.

The purpose of every plan and everything supporting programs is to promote the fulfillment of enterprise objectives. The efficiency of an idea is measured by the amount it plays a part in the purpose and goals offset by the costs necessary to formulate and operate it and by unsought outcomes. Profits on return best captures the principle of efficiency. But if an individual element of a business becomes disappointed or the customers become disappointed or suppliers become unhappy or any group stakeholders become unsatisfied, ROI might not be able to capture it. But the negative consequences follow from the unhappiness.

Managers have to take that all into account. The more thoroughly individuals charged with planning understand and consent to utilize consistent planning premises, the greater coordinated business planning will be. The more strategies and policies are understood and implemented in practice clearly, the more effective and consistent will be the framework of enterprise plans.

Alignment of all persons in the business to work and only the strategy has to be achieved. This problem was highlighted by Harrington Emerson in 1912 in his book, 12 Principles of Efficiency. The first principles, ideals, can be involved with this. In choosing among alternatives, the greater accurately individuals recognize and allow for factors that are restricting or critical to the attainment of the required goals, the more easily and accurately can they select the most beneficial option. Critical Success Factors is the term under which research is being carried in every important regions of business activities and management activities to recognize the variables that determine the success.

The planners have to evaluate their inner environment to judge whether they can offer those critical success factors. Logical planning should cover a time period in the foreseeable future necessary to foresee as well as you possibly can, through a series of actions, the fulfillment of commitments involved with a decision made today.

Building versatility into programs will reduce the threat of losses incurred through unpredicted events, but the expense of versatility should be weighed against its advantages. The greater that planning decisions to commit individuals to a future path, the greater important it is to check on events and goals regularly and redraw plans as essential to maintain a course toward a desired goal. A business structure is effective if it allows individuals to donate to enterprise objectives. A business is efficient if it’s structured to aid the accomplishment of enterprise objectives with a minimum of unsought implications or costs.