Principles of Management Essay

This has become a very ordinary definition of focal point for several reasons. Firstly, this definition is very simple and light-colored to show. Secondly, it highlights the indirect reputation of a handlers job. A charabanc does non operate a machine or sell a product himself. Rather he guides otherwises in producing and selling goods and services. Thirdly, this definition reveals that a manager is the leader of people workings under him. Fourthly, it states that focal point is basically an craft or practice of achieving results. The in a higher place definition is, however, inadequate for the endue day pattern of guidance. It suffers from the pursual drawbacks.(i) This definition does non reveal that management is a information. The modern archetype of management is much wider than precisely a skill in look atting things done through other people. Since the years of F.W. Taylor management has become a science based on genuine(prenominal) fundamental princi ples. (ii) The above definition does non highlight how does management get things done through people. It fails to reveal the functions of a manager and the skills used for get things done. (iii) This definition does not recognize the role of human beings. It treats people as mere tools forgetting results and does not consider their feelings, emotions and inescapably.People ar inanimate objects and cannot be treated as mere tools. People constitute their aspirations and ar not mere commodities or means to achieve certain ends. Management is for certain much more than just getting things done through others. (iv)The above definition gives an impression that management gets things done by hook or crook. Results alone ar not significant. The means employed to achieve results are equally important. This definition is of mans putative character. (v) This definition does not reveal that a formal organizational set up is call for for getting things done.A careful analysis of the above mentioned definitions reveal the by-line important characteristic feature of a Joint Stock companion.1. An man-made person The comp each enjoys all the rights as a citizen of a rustic would enjoy. It can own properties, enter into contracts etc.2. Legal constitution The organization of a Joint Stock Company is governed by the rules andregulations laid complicate in the Companies Act, 1956.3. Voluntary administration It is formed by members voluntarily connexion the organisation and contri only ifing money or moneys price for the occupation.4. Separate legal entity The Company has a disassemble legal existence. The owners are different from the people who manage the handicraft. The management is however wellspringed by owners who are elected directors. The company is separate from the persons who own it. The company cannot be held credi bothrthy for any misdeeds of the members.5. Perpetual succession Unlike Sole ownership and P maneuvernership, the Company has cont inuous existence. The continuity of the military control is not affected by the death, insolvency or insanity of any member. Men may come and men may go, but a company will go until it is wound up.6. strangle to li cleverness The liability of the members of a company is restricted to the extent of the amateur abide by of the parts held by him. The personal asset of a shareh senileer cannot be used to pay the companys liabilities.7. Large enceinte A Joint Stock Company can generate huge nitty-gritty of money towards capital, because the number of persons contributing towards capital are more in number when compared to Sole Proprietorship or Partnership organisation.8. Large home operation Since huge amounts are collected as capital, the operation of the business will commonplacely be on a large home base basis.9. Transferability of shares The shares of a Joint Stock Company are easily transferable from one person to another, since it is a Public Limited Company. The shar es of a toffee-nosed Limited Company or Government Company are not transferable.10. Common seal The company, being an artificial being, cannot affix its sig nature on the documents on its own. The common seal is used in place of a signature.Joint Hindoo Family Business is a distinct type of organisation which is unique to India. Even inwardly India its existence is restricted to only certain parts of the country. In this form of business ownership, all members of a Hindi undivided family do business jointly under the control of the head of the family who is k straightawayn as the Karta. The members of the family are cognise as Co-parceners. Thus, the Joint Hindi Family firm is a business owned by co-parceners of a Hindi undivided estate. Its main features are - * It comes into existence by the operation of Hindu law and not extinct of contract. The rights and liabilities of co-parceners are determined by the general rules of the Hindu law.* The social station of this form of business is the result of status arising from the parturition in the family and its legality is not affected by the minority. Originally, only tether successive generations in the male line ( grandfather, father and son) constituted the membership of this organisation. By the Hindu Succession Act, a female relative of a deceased member or a male relative of such(prenominal) a female member was made eligible for a share in the interest of the related member ( called co-parcener) at the time of his death. on that point is no legal limit to the maximum number of members. * Registration is unnecessary, but the rights of its members to sue third parties for claims of debt remains unaffected.* It is managed generally by the Karta. He has the sureness to obtain loans against the family property or in other ways. Other members demand no right of management nor to contract loans binding on the joint-family property. * The manager or the Karta has the last word in the formulation of a ll policies and in their execution. He has unquestioned authority in the conduct of the family business. * The Karta has unlimited liability while the liability of the other members is limited to the look on of their individual interests in the joint family. * The firm enjoys continuity of operations as its existence is not subject to the death or insolvency of a co-parcener or even of the Karta himself. Thus, it has a perpetual life like the public limited company.Advantages * Ease of formation * Continuity of operationsDisadvantages * Confined to JointHindu families * Relatively limited capital * Limited managerial talents * Unlimited liability of the KartaThe concept of management is ordinary and very old. That is why different views have been expressed about its nature by different salvagers from time to time. The continuous and rapid development of management principles and practices in organization has changed the nature of management. The main points of view about the natu re of management are given belowManagement as an subjective or Acquired AbilityIn the pre-scientific management period, i.e., prior to 1880 there has been a leading concept that management is an inborn ability. It is a traditional approach. The supporters of this concept believe that the hereditary characteristics, inborn talents and natural aptitudes of a man take hold him an efficient manager. Some people are so efficient and happy since their birth that they lead and get success in the field of business. To our mind, this concept was used when the ownership and management were not separated. alone later on the researches and development in the field of science, technology and development etc. changed this old concept. Today management is considered not only as an inborn ability but also as an acquired ability. In the row of Ordway Tead, Managers are both(prenominal) born and made. Today, in large-sized business organizations, ownership and management are separate identities . The management lies in the hands of professional managers who are educated and trained. Thus, now the management can be considered as an acquired ability.Management as an Art, intelligence or BothA lot of controversy arises whether management is an art or science or both. It is said that the management is the oldest of arts and youngest of science. This explains the ever-changing nature of management. But to have an exact answer to this question, it is necessary to understand both these aspects separately and combinedly, as given belowManagement as an ArtArt refers to the way of doing particularized things it indicates how an object can be achieved. In the words of George R. Terry, Art is bringing about ofa craved result through the application of skill. Art is, thus, skilful application of companionship which entirely depends on the inherent capacity of a person which comes from within a person and is learned from practice and experience. In this sense, management is sure eno ugh an art as a manager uses his skill, knowledge and experience in solving various problems, both complicated and non-complicated that arise in the working of his enterprise successful. In the words of Ernest Dale, Management is considered as an art rather than science mainly because managerial skill is a personnel possession and is intuitive.Management as a ScienceScience may be described as a systematized body of knowledge based on proper findings and exact principles and is capable of verification. It is a reservoir of fundamental truths and its findings use safely in all the situations. In this sense, management is a science as it has also developed some systematized knowledge. Like other sciences, management has also developed certain principles, laws, generalization, which are universal in nature and are applicable wherever the efforts of the people are to be coordinated. But management is not as exact science as other physical sciences like physic, chemistry, biology, ast ronomy etc. The main reason for the inexactness of science of management is that it deals with the people and it is very difficult to predict their style accurately. In this way, management falls in the area of social sciences. Thus, it is a social science.Conclusion- Management is an Art and Science BothFrom the above study, we argue that management is an art and science both. According to American Society of mechanised Engineers. Management is the art and science of preparing, organizing and directing human efforts to control the forces and hold the material of nature for the benefit of men. Thus, it has now been accepted that management is an art as well as science. It has the elements of both arts and science. In the words of Dean Stanley, Management is a mixture of an art an science the fall in ratio is about 80% art and 20% science.Man is known by company he keeps, and OfficeBOX is no exception. OfficeBOX team is made up of experienced professionals with vast experience in software solutions development and go to SMB sector. Through our Business Partnership program, we want to expand thisteam and work with entities that are driven by challenges of SMB sector. The only pre-requisites of becoming an OfficeBOX Business Partner is heating plant for driving change and willing to work as a team. We construe our Partnership program to create a team of change agents in SMB sector, and hence any prior exposure of working in SMB domain, in particular around IT services, will certainly be useful.That gives both OfficeBOX and Partners a head-start in the coalition effort. OfficeBOX wants to include everyone in this revolution, but to make up a hardly a(prenominal) categories which relate immediately are * Financial Account Writers & Chartered Accountants OfficeBOX is the or so advanced accounting software which enables Account Writers and Chartered Accountants maximize the value they offer to their customers. OfficeBOX becomes the most ideal partner for all the book-keeping and reporting needs of enterprises. * Hardware Vendors/Resellers OfficeBOX understands the needs and challenges of SMB around application of IT to their businesses, and would like to partner with like-minded people in this area. Hardware Vendors/Resellers have been serving the SMBs for years for their IT requirements, do them an ideal choice for the partnership program.* Telecom/Internet Service Providers OfficeBOX becomes the stovepipe add-on that Telecom/Internet Service Providers can offer to the SMB community. It enhances the value that SMB can derive out of the computerization and automation of their business processes. * craftiness Associations Whats good for one brother, is good for whole of the brethren. Who better knows this than the associations moil day and night for maximizing the good of their members. Partnering with such associations allows OfficeBOX to reach out to the community and include them in the revolution. * Vocational Education P roviders OfficeBOX is the most withdraw platform to make the budding talent ready for their job of optimizing the business processes using the latest technology. Vocational Education Providers imparting such training to students becomes a good partner for OfficeBOX.In the commercial and legal idiomatic expression of most countries, a generalpartnership (the basic form of partnership under common law), refers to an association of persons or an unincorporated company with the following major features * Created by agreement, proof of existence and estoppel. * Formed by two or more persons* The owners are all personally liable for any legal actions and debts the company may face It is a partnership in which partners share equally in both responsibility and liability.1A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.A resole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is o wned and run by one individual and in which there is no legal bankers bill between the owner and the business. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietors. It is a sole proprietorship in contrast with partnerships. Glos and Baker write that A sole proprietorship is a business owned by one person who is entitled to all of its profits, Reed and Conover say The unmarried or the sole proprietorship is a business owned and controlled by one man even though he may have many other persons working for him. A sole proprietor may use a trade name or business name other than his or her legal name.