Shortcuts & Tricks to Remember Principles of Management
Class 12 Commerce | OCM Chapter 1 notes online with shortcuts & tricks for quick revision and easy learning.
Management Principles: Visual Notes
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Key Terms and Difficult Words
- Principles: Fundamental truths or basic rules that act as a guide for thinking and action.
- Management: The process of planning, organizing, leading, and controlling resources (like people and money) to achieve specific goals.
- Universal Application: The idea that management principles can be applied in all types of organizations, regardless of their size, location, or purpose.
- Flexibility: The ability of management principles to be modified or adapted by a manager to fit a specific situation.
- Behavioural: Related to human actions and conduct. Management principles are behavioural as they aim to influence the actions of employees.
- Contingent: Dependent on the situation. The application of a management principle may change depending on the circumstances at that time.
- Optimum Utilization: Making the best possible use of available resources (like time, money, materials) with minimum wastage.
- Coordination: The process of integrating the activities of different units of an organization to achieve its goals smoothly.
- Subordination: Placing something in a lower rank or position. The "Principle of Subordination of Individual Interest to General Interest" means the company's goals are more important than any single employee's personal goals.
- Remuneration: The payment or salary given to employees for their work. Fair remuneration is a key principle for motivating staff.
- Initiative: The power or opportunity to act or take charge before others do. Encouraging employees to take initiative means allowing them to propose and carry out new ideas.
- Esprit De Corps: A French term meaning "team spirit." It refers to a feeling of pride, fellowship, and common loyalty shared by the members of a group, which promotes unity and harmony.
