A PROJECT REPORT ON BUSINESS STUDIES-XII ON ‘PRINCIPLE OF MANAGEMENT’ Submitted to, Submitted by,Certificate This is to certify that ............... (Name of the student) of Class XII of saviavisisiesiwsieaaeaRTasTTaET (Name of the school) has completed his/her project file under my supervision. He/ She has taken proper care and shown utmost sincerity in completion of the project. | certify that this project is up to my expectations and as per the guidelines issued by CBSE.Introduction of Management Management is universally necessary in all organization. It is the force that holds everything in nation. Management is the mobilization of an organization’s resources to meet a goal. Management is virtually applied to every type of organization, whatever its size or purpose. For Example: - An auto plants, a state governor, a cricket team, a typing service, all requires management. When a group of people work together to accomplish some common goal, they can work efficiently only, when there is mutual co-operation and co-ordinate between them. Therefore, a Central directing and Controlling agency is required for guiding and integrating the efforts of the numbers of the group. This agency comprises the managers and the activities of managers are collectively called management. Anything minus management is nothing.Henri Fayol Born :29 July 1841, Istanbul, Turkey Died : 19 November 1925, Paris, France Profession: Mining Engineer and Management the unit (French National). Education: Graduated from the mining academy "Ecole Nationale Supérieure des Mines" in Saint-Etienne in 1860. Position Held: Founded the mining company “"Compagnie de Commentry-Fourchambault-Decazeville" and became its managing director in 1888. At that time the company was nearly bankrupt. By the time of his retirement after 30 years in 1918, the company grew into a large coal steel company with strong financial position and a long record of profit and dividends. Writings: Administration industries at generate Contributions: He classified all activities of an industrial undertaking into technical, commercial, financial, security, accounting and managerial. He suggested that qualities of a manager must possess should be physical, moral, education, experience etc. He was the first to identify four function of management: 1. Planning 3. Staffing 5. Controlling 2. Organizing 4. DirectingObjectives of Study The main objectives behind the preparation of this project was to collect knowledge of an organization. As | choose to make the project on Nathu’s, | come to know about many facts which were very useful to me. The meaning of the principle of fayol’s were theoretically clear out, preparation of such a wonderful project helped me a lot to clear them by practically experiencing their existence in Nathu’s Sweets.Application of Fayol’s Principle of Managemnt in Nathu’s Henri Fayol developed the following 14 principles of general management which provide guidelines for managerial decision making and action. 1.Division Of Work 2.Authority & Responsibilities 3.Discipline 4.Unity Of Command 5.Unity Of Direction 6.Subordination Of Individual Interests To The General Interests 7.Remuneration of Employees 8.Centralization & Decentralization 9.Scalar Chain 10. Order 11. Equity 12. Stability Of Personnel 13. Initiative 14. Espirit De Corpsese rei Scalar Chain CommandDivision Of Work Meaning: According to this principle, as far as possible the whole work should be investigated, should be divided into small parts and each individual should be assigned only one part of the work according to his ability and tested repeatedly, so that the benefits of specialization may be achieved. When employees are specialized, output can be increased because they become increasingly skilled and efficiency.Authority & Responsibilities Meaning: According of this principle, authority and responsibility should go hand in hand. Manager must have the authorities to give order, but they must also keep in mind that with authority comes responsibility.Discipline Meaning: According to this principle, the organizational rules of employment should be obeyed by both the superiors and subordinates, which are necessary for the successful working of the organization. Discipline must be upheld in the organization.Unity of Command Meaning: According to this principle, there should be one and only one boss for every individual employee. Employees should have only one direct supervision.Unity of Direction Meaning: According to this principle, teams with the same objective should be working under the direction of one manager, using one plan. This will ensure that action is properly co-ordinated.Subordination Of Individual Interest To General Interest Meaning: According to this principle, the interests of an organization should take priority over the interest of any one individual employee. The interest of an employee should not be allowed to become more important than interest of the organization.Remuneration of Employee Meaning: According to the principle the employee should be paid fair remuneration which gives them atleast a reasonable standard of living. Employees’ satisfaction depends on fair remuneration for everyone.Centralization & Decentralization Meaning: According to this principle, the superiors should adopt effective centralization instead of complete decentralization.Scalar Chain Meaning: According to this principle, one organization should have a chain of authority and communication that runs from top to bottom. It should be followed by the managers and the subordinates both. Employees should be aware of where they stand in the organization’s hierarchy on the chain of command.Order Meaning: According to this principle, a right person should be placed at the right job, right place, and time according to their skill. The work places facilities must be clean, tidy and safe for employees. Everything should have in its place.EQUITY Meaning: According to this principle, the managers should treat their subordination as family, as possible so that they develop a feeling of dedication for their work. Both maintaining discipline and acting with kindness.Stability Of Personnel Meaning: According to this principle, there should be a stability of tenure of the employees, so that work continues efficiently. Managers should strive to minimize employees’ transfers and frequent terminations.Initiative Meaning: According to this principle, employees in the organization must be given an opportunity in making and exciting plans.Espirit De Corps Meaning: According to this principle, organizations should strive to promote unity and controversy make efforts to develop to team spirit among the subordinates.