Fayol’s Principles of Management
According to Fayol, the functions of management are to plan, to organize, to command, to coordinate and to control. The activities of an industrial undertaking could be divided into; Technical; Commercial; Financial; Security; Accounting and Managerial.
He also suggested that managers should have the following qualities- Physical; Moral; Education; Knowledge; and Experience.
They are drawn up by means of observations and analyses of events that managers encounter in practice. Henri Fayol was able to synthesize 14 principles of management after years of study.
Fayol listed 14 principles of management — Division of work; Authority and responsibility; Discipline; Unity of command; Unity of direction; Subordination of individual interest to general interest; Remuneration of Personnel; Centralisation and decentralisation; Scalar Chain; Order; Equity; Stability in the tenure of Personnel; Initiative; and Espirit De corps.
Fayol’s “14 Principles” was one of the earliest theories of management to be created, and remains one of the most comprehensive.