Principles of management are the statements of basic truths about some phenomena that provide a broad and general guidelines to the managers for decision making and actions.Įxplain any four characteristics (or features or nature) of principles of management. Give the meaning of Principles of Management. → Decentralization of authority: It refers to the transfer of authority to take decisions to the lower levels of organization.Karnataka 2nd PUC Business Studies Question Bank Chapter 2 Principles of Management → Centralization of Authority: It refers to the concentration of authority of decision making by top level managers is called centralization. → Importance of delegation: Delegation of authority is necessary for the smooth functioning of a business. → Accountability: It means being answerable for the final results. → Responsibility: It is the obligation of a subordinate to perform the assigned duty. → Authority: It is the power to command employees and instruct them to perform a job. → Elements of delegation: Authority, Responsibility, & Accountability. → Delegation: Delegation is the process of transferring authority from a superior to his subordinate.
→ Informal Organization: Informal organization refers to the relationship between the people in the organization based on the personal attitude, prejudices, likes & dislikes etc. → Formal Organization: Formal organization is one which has a system of well defined Positions, Authority, responsibility, Policies, Principles etc. → Divisional Structure: Grouping the activities on the basis of product is known as divisional Structure. Functional structure: Grouping the jobs based on similar nature and organizing them different departments is known as functional structure. → Types of organizational structure: Functional structure & Divisional Structure. → Organization Structure: It is system which defines the frame work with in which the managerial and operating functions are performed in an enterprise.
Establishment of reporting relationship.→ Organising Process: It involves 4 stages → Importance: Effective administration, Optimum Utilization of resources Clarity in work relationship, Benefit of Specialization, Expansion & Growth, Development of personals, Adoption to the change. → Definition: To organize a business is to provide it with everything useful to its functioning – raw materials, machines, tools, capital and personnel. → Meaning: Organizing is the process of identifying, grouping the work to be performed, delegating authority & responsibility, establishing a relationship & purpose for the people to work most efficiently together to achieve the objectives.
Karnataka 2nd PUC Business Studies Notes Chapter 5 Organising
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