STEEL AND INDUSTRIAL FORGINGS LIMITED (SIFL) An Organizational Study Training Report submitted in partial fulfillment of requirements for the degree of PGDM Submitted by ...
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Management Approaches - Principles of Management
MANAGEMENT APPROACHES – A PERSONAL REFLECTION SCIENTIFIC MANAGEMENT APPROACH In one word, scientific management deals with a single solution approach. Here Management is always concerned with productivity by increasing efficiency in production and by increasing wages for their employees. The main drawback of this approach is that workers are treated as if they are machines. In scientific approach, the Management is always concerned about developing employee skills, thereby bringing more profit to the company. MODERN MANAGEMENT THEORY APPROACH Henry Fayol is regarded as the father of the modern management theory. He identified 14 principles which are very much relevant in the today’s corporate world. Some of the important points are listed below. 1 .Authority – A leader should be authorized to issue orders in which he will be having complete responsibility. 2. Unity of command – There should be a separate leader for each work group. 3. Unity of direc...
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