...DEPARTMENT OF ACCOUNTING ADP/1/12/H/0460 HENRY FAYOLS PRINCIPLES OF MANAGEMENT BY: AJIBODU OLAYEMI INTRODUCTION: In this (presentation) I shall be discussing Henry Fayols 14 principles of Management. To this end, I will like to take a look at the general definitions of Management from various proponents as well as look at the meaning of principles; especially in the context of Management. Before going into the work proper, the analysis of Henry Fayols Principles of Management theory, I will render some criticism against the theory as well as some appraisals before drawing a conclusion of the significant of the theory in the modern day business environment. Definitions: the term Management is used to a large extent in the business. It describes to the fullest the “is” and “ought” of efficient and effective running business organization. Accordingly various schools have offered definitions to the concept of management such as George R. Teny; “Management is a distinct process consisting of planning, organising, actuating and controlling performed to determine and accomplish stated objectives by the use of Human beings and other resources” Peter Drucker; “Management is a multipurpose organ that manages business, manages managers, manages workers and work” Harold Koontz; “Management is the art of getting things done through and with people in formally organizes groups” The description of the varying definitions as quoted above presupposes a process...
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...بسم الله الرحمن الرحيم Sudan Academy of Science MBA Program Principles of Management Assay about: Positive contribution of Henry Fayol & Max Weber on the Management thought Prepared by: Nuha Mohamed Saeed - Batch 15 Henri Fayol: the Administrative Theory: Henri Fayol developed the Administrative Theory. While Weber emphasized the principles of an ideal bureaucratic organization, Fayol concentrated on the management layer. He focused on the personal duties of a manager at a much finer level than Weber did. Fayol stated that management had five principle roles: * Planning, meant anticipating the future and acting towards it * Organizing, meant the development of resources, both capital and human * Commanding, meant keeping the processes of the business running. * Coordinating, meant syncing the group’s efforts in the best possible way. * Controlling, meant that all the above activities were done according to appropriate rules and procedures. Fayol created 14 principles of administration to go along with these five goals. 1. Division of work: work is divided according to skill and technical expertise; each item of work be given to the employee most qualified for it 2. Authority and responsibility: Fayol defined authority as 'the right to give orders and the power to exact obedience.' He emphasized the importance of linking authority to responsibility. 3. Discipline: obedience and behavior of respect. 4. Unity of command: an employee should receive orders...
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...Henry Fayol, a French industrialist, developed the theory of management. According to him, managerial excellence is a technical ability and can be acquired. He developed theories and principles of management which are universally accepted and make him universalistic. He was pioneer of the formal education in management. Fayol's principles of management meet the requirements of modern management. Henry Fayol, offered fourteen principles of management for the first time in 1916. During the period of 1920-40 in the U.S. many authors did hard work in developing and testing various principles of management. Today, there is a very lengthy list of management principles and it is not possible to give an exhaustive lot of these management principles. Here, we are giving some important principles of management. Henry Fayol's Principle of Management Followings are the 14 principles of management developed by the Henry Fayol: 1. Division of Work: According to Henry Fayol under division of work, "The worker always on the same post, the manager always concerned with the same matters, acquire an ability, sureness and accuracy which increases their output. In other words, division of work means specialization. According to this principle, a person is not capable of doing all types of work. Each job and work should be assigned to the specialist of his job. Division of work promotes efficiency because it permits an organizational member to work in a limited area reducing the scope of his...
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...Henri Fayol (Istanbul, 29 July 1841 – Paris, 19 November 1925) was a French mining engineer, mining official, creator and chief of mines who created general hypothesis of business organization that is frequently called Fayolism. He and his associates built up this hypothesis freely of logical administration however generally contemporaneously. Fayol was conceived in 1841 in a suburb of Istanbul. His dad (an architect) was in the military at the time and was selected administrator of attempts to manufacture Galata Bridge, which spanned the Golden Horn. The family come back to France in 1847, where Fayol moved on from the mining institute "École Nationale Supérieure des Mines" in Saint-Étienne in 1860. In 1860 at nineteen years old Fayol began...
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...The company I currently work at is called Airserv Corporation. It is a service based company that provides JFK Airport and other airports worldwide, wheelchair services, food services, check-in services, and a multitude of others based on the contracts signed by airlines. One of the communication concepts that I have seen since working here has been that they are very prone to the administrative approach in this organization (Hynes, 2010). The organization I work for is managed very administratively with a chain of command and a great deal of organization but it lacks the communication and employee relationship that is necessary to maintain good business and communication. The managers are very focused on a couple of Fayol's principles. Let me go into depth here on exactly what I'm referring too to give you a better understanding. There is a division of work at my company, as defined by Fayol's principles. Workers are assigned locations and are limited to these "zones" where they are to stay during the duration of their shifts. The authority principle is also evident (Hynes, 2010). My managers tend to go after the authoritative stance on many issues we have faced at Airserv. They are quick order things that are necessary to keep the day "running smooth" and they have gained a greater deal of authority based on their skills and experience in the field of work that their employees are needed in. Another principle of Fayol's that my company has exhibited is how subordinate individual...
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...Administrative Principles The fourth major theory of management thought is called administrative principles. This is the third and final subset of the classical perspective. Henri Fayol, a French mining engineer was a major contributor to this theory of being “focused on the total organization” (Daft & Marcic, 2015). In a scholarly article, called Henri Fayol's Centre for Administrative Studies, it talks about Fayol’s belief in management being a part of every aspect in your life, from the home to work and even a part of government (Breeze, 1995). Some of the principles of management introduced by Fayol include the unity of command, division of work, unity of direction, and the scalar chain (Daft & Marcic, 2015). These principles have been...
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...that people should not underestimate themselves for human beings are adaptable and resilient. When you think about it, management has come a long way since the ancient era. From the time of Aristotle, who had laid the foundation for many management concepts, to medieval European guilds that functioned as modern-day quality control to ensure fine craftsmanship- the act of planning, organizing, and motivating resources was modified and adapted into what we know as management today. With the help of many modern management contributors like Frederick Winslow Taylor (founded Taylorism) whose theory of management that analyzes and synthesizes work flows. Taylor’s research is still heavily revered to this day. Another important figure is Henri Fayol, the father of the school of Systematic Management, who introduced to the world his 14 basic principles of management which is one of the earliest theories of management...
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...commercial opportunities from models that were designed with the local market in mind. So, although Ford escaped the bankruptcy and restructuring that befell its American rivals General Motors and Chrysler in 2009, the automaker still found itself needing to change its business model to remain solvent and to respond to changing customer tastes. Therefore, Ford’s business plan included bringing additional models to North America, such as its B-Max crossover, along with developing global engine and transmission technologies. Today, Ford continues to offer a large portfolio of reliable, affordable automobiles at reasonably competitive prices and remains as one of the industry leaders. Background The Ford Motor Company was started in 1903 by Henry Ford in Dearborn, Michigan and made its first sale, a Model A, on July 15, 1903. Some major milestones experienced by the Ford Motor Company happened in 1922 when Edsel Ford urged his father to purchase Lincoln®, helping make Lincoln® a lasting symbol of elegance and style. From 1942 to 1945, Ford Motor Company completely shut down civilian vehicle production to dedicate all its resources to the Allied war efforts as a leader in the "arsenal of democracy.” In recent years, Ford Motor Company expanded into other technologies when it partnered with NASA to put a man on the moon by...
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...Financial Analysis of Wells Fargo Bank Analyze the company’s mission and vision statements against the performance of the organization. Then, evaluate how well the company lives out its mission and vision statement. Provide support from the organization’s performance in your evaluation. The mission statement of Wells Fargo, like most other banks, centers around getting as much money and financial obligation from each individual as possible. “We want to satisfy all our customers’ financial needs and help them succeed financially.” To further clarify that mission Wells Fargo says, “We believe our customer can save more time and money if--- after carefully shopping around and comparing choices --- they bring all their financial services to one trust provider.” Wells Fargo has lived up to its mission statement by becoming the nation’s largest financial institutions, serving one in three U.S. households and employing over in 500 working Americans. Regardless of the growing size, scope and reach, Wells Fargo common visions and distinct values form the fabric that holds the company together. As a team member of Wells Fargo, I can say it doesn’t matter what my responsibility is, or my titles, the business of the company is what I work for. Wells Fargo is one of the few American companies doing business for longer than 150 years under its founding name and in its original line of business: banking. Banking has changed in many ways through the years...
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...Henry Mai GSC 3600 Kevin Ketels Fall 2013 Ford Rouge Plant Visit Located in Dearborn, Michigan, the Ford Rouge Plant was a mile-and-a-half wide and more than a mile long. The multiplex of 93 buildings totaled 15,767,708 square feet of floor area crisscrossed by 120 miles of conveyors. Henry Ford’s ultimate goal was to achieve total self-sufficiency by owning, operating and coordinating all the resources needed to produce complete automobiles. Eventually, the Rouge produced virtually every Model T component, but assembly of the Model T remained at Highland Park. According to Henry Ford: The principles of assembly are these: (1) Place the tools and the men in the sequence of the operation so that each component part shall travel the least possible distance while in the process of finishing. (2) Use work slides or some other form of carrier so that when a workman completes his operation, he drops the part always in the same place—which place must always be the most convenient place to his hand—and if possible have gravity carry the part to the next workman for his operation. (3) Use sliding assembling lines by which the parts to be assembled are delivered at convenient distances. Also, what did I found most interesting about my visit was back in the 1930s, more than 100,000 people worked at the Rouge. To accommodate them required a multi-station fire department, a modern police force, a fully staffed hospital and a maintenance crew 5,000 strong. One new car rolled...
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...When company satisfy public needs The marketing system of all companies all over the world has been accused of adding to several “evils” in all societies at large, unlike other business functions like accounting or finance, people in marketing interact directly with the public even studies show that marketer and salesperson rank poorly in ratings of the most trusted professions. Critics have charged that the marketing system urges too much in material possessions. People are judged by what they own rather than who they are, phrases such as “greed is good”, “shop till you drop” seemed to characterize this time and this world where the false wants and the excessive materialism dominate. The critics do not view this interest in material things as a natural state of mind but rather as a matter of false wants created by marketing. Businesses hire advertisement’s means to stimulate people’s desires for goods, without forgetting the role of advertisement which uses the mass media to create materialistic models of a good life. People work harder to earn the necessary to make money with them, their purchases increase the output of the multinational or even the national industry, and industry in turn uses the advertisement to stimulate more desire for the industrial output. So when businesses will conversely react and try to establish and improve social goods? Corporate social responsibility has been defined broadly as involving a firm taking “actions that appear to further some...
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...Extreme year-on-year U.S. natural gas demand growth necessary to diminish infrastructure constraints and curtail producer shut-ins as storage continues to approach operational capacity Access BENTEK's Market Alert, Gas Tank Full: Henry Hub Will Re-Test Price Floor - including an interactive Analytical Storyboard click-through. BENTEK's Market Alert, Gas Tank Full: Henry Hub Will Re-Test Price Floor, reports strong weather-adjusted demand from power will have to continue if the current U.S. natural gas market is to avoid severe production shut-ins by the end of summer. Even in a scenario where production remains flat for the entire injection season, total demand will need to average 6.3 Bcf/d stronger than the five-year summer average in order to avoid infrastructure constraints. In addition, gas production will need to be curtailed 0.9 Bcf/d in non-Northeast basins. BENTEK's Market Alert projects that these fundamental factors will lead to weak natural gas spot prices this summer, with Henry Hub cash prices dropping below $2.00 this fall as temperatures drop and demand declines. BENTEK's Gas Tank Full: Henry Hub Will Re-Test Price Floor provides essential fundamental analysis on the factors influencing the 2012 U.S. storage surplus, including injection rates, power demand and production curtailments. Key takeaways from BENTEK's Gas Tank Full Market Alert: • The April-ending 0.9-Tcf storage surplus will force the U.S. natural gas market to test operational...
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...important advance of the second industrial revolution is Henry Ford’s development of mass production. Before Ford, cars were luxury items, and most of his early competitors continued to view them that way, manufacturing and marketing their vehicles for the wealthy. Ford's great stroke of genius was recognizing that with the right techniques, cars could be made affordable for the general public (“Ford”). theright technique for Ford was the assembly line. The concept of this was that employees would have one job, in one stationary position, and move the part through employees creating a Model-T. His method of making cars was efficient, while still cutting costs, enabling Ford to sell his cars cheaper than competitors. Once everyone realized mass production, and assembly lines worked so well for Ford, other factories began adopting Ford’s technique. Other car manufacturers could not compete with their luxury cars intended for the rich. In order to survive as a company, they had to follow suite. “Assembly Lines became the standard in nearly every American factory. (622)” Henry Ford’s rise to success brought any of his material suppliers with him. “The mass production of cars required huge quantities of steel; entire new rolling mills had to be built to supply sheet steel for car bodies. Rubber factories boomed with the need for tires, along with paint and glass factories. (624)” To supply the huge mass of car Henry Ford was mass producing, he needed a huge supply of materials...
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...Andrew Jackson’s effect in the American politics Andrew Jackson, the seventh president, is one of the most important and significant presidents in the history of the United States. As a vice-president and president (1824 to 1832) he reshaped and redirected the course of American expansion and democracy. Jackson believed the president is the direct representative of the people. He was the man of action and shrewd politician. He knew how to manipulate men and could be affable or abusive or abusive as the occasion demanded.(nation of nations, 2005 ) Andrew Jackson came to personify the new democratic culture. Through his forceful leadership he significantly expanded the powers of the presidency. Jackson threatened to use force against South Carolina when it tried to nullify the federal tariff using john c. Calhoun’s theory of nullification that is that a state convention could nullify a federal law. He vetoed a bill to recharter the second bank of the United States and destroyed the bank by removing its federal deposits. He called for legislation to remove native peoples west to of the Mississippi voiding treaties found legitimate by the Supreme Court during the winter months of 1835-36 to ensure the greatest suffering to these peoples. One quarter of the tribal people died in transit to Oklahoma during this move. Jacksonian era went through the deep and rapid changes. The revolution in markets brought both economic expansion and periodic depressions as its citizens competed...
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...Shortly after dropping out of the Trotskyist movement in 1978, I embarked on a systematic reading project of the world?s greatest novels. Since I had made the decision to begin writing fiction myself, I wanted to learn the craft from the masters. Additionally, I wanted a change of pace from the hard-core Marxist literature I had been reading for 11 years. (Within two years, however, I had returned to radical politics, largely under the impetus of the Central American revolution.) I soon discovered that some of these masterpieces left me cold, including those written by Henry James, Joseph Conrad and especially Jane Austen. Although I would never deny that they were great writers, their words did not resonate with me. After reading 50 or so pages of ?Pride and Prejudice,? I found myself wondering what all the hype was about. I was left cold by an endless round of country balls, dinner parties and arch dialogue that always sounded self-conscious and somewhat artificial. To illustrate: Elizabeth Bennett, the major character who is based on Jane Austen herself, is in one of her frequent 'cutting' exercises with Fitzwilliam D?Arcy--reminiscent of an old Katherine Hepburn and Spencer Tracy movie. Like Hepburn and Tracy, these two spend most of their time hating each other until they finally discover that they really are in love. (I myself had a different take on the matter. In my experience, people generally start off in love and then discover that they really hate each other...
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