14 principles of management

The Administrative Theory was proposed by Henry Fayol, who studied the organizational problems from the manager’s viewpoint and found organization’s activities can be classified as Technical, Financial, Commercial, Security, Accounting and managerial. Henri Fayol’s 14 principles of management are remembered even today for their simplicity and genius. The thing is, whenever you are managing something or running a business, you cannot pinpoint what is going wrong. The principles of management suggested 14 such steps which you can compare to your business, and find out where you are missing out in proper implementation of the principles.

Business administration depends on factors such as the structure of the organization and the proposed system of supervising, coordinating and allocating tasks. Some organizations choose a hierarchical structure where the board of directors, managers, stockholders and an executive committee work together as business administrators to achieve the desired goals. Depending on the structure of an organization, these business administrators work together towards a common goal by applying business principles such as management, finance, marketing and accounting. The roles of business administrators in an organization are many, and some of them include the following.

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