Question

Pick any of the Five Forces in principles of management and describe its key attributes. Provide an example of when this force was particularly strong in a given situation Is the force you selected stronger or weaker in highly dynamic markets? Why? What effect can government regulation have on each of these forces in your own country? (250 words)

Answer 1

Principles of management refers to essential factors which should be there in any organisation for successful management of the company. Let us discuss few of the principles of management and their attributes

1) Division of work : Proper division of work to the person who specialises in the particular field leads to increase in productivity. It leads to simplication of work and motivates the workforce with more accuracy and speed.

2) Authority and responsibility : The authority and responsibility should go hand in hand, there should be proper balance between the two. If a person has been given some authority , the responsibility should also be passed to the person. As without responsibility there is possibilty of mis-utilising the authority. This would create issues in the organisation and hence there should be proper balance in the two

3) Discipline : Every organisation should have proper discipline to be followed by its people. Every organisation should have its own rules, regulation and policies and the organisation should make sure that these policies are being followed by its staff. As without these guidelines there is possibility everybody following its own way which create havoc for the orgainsation.

4) Unity of command : Unity of command refers to that all team members of one department should report to one single manager. In case of multiple managers there is lot of confusion within the organisation and among the workforce as different directions are provided by different managers.

5) Remuneration : The employees should be paid fair as per the cost of living, general market conditions, experience and skills. Giving fair remuneration to the employees keeps them motivated to do work for the organisation and which can make them more efficient, innovative, creative and loyal.

Principles of management are necessary for proper growth and development of the organisation. The employees, customers, the management, rules and regulations all are important to run an organisation. In case of highly dynamic markets it is important that early steps has been taken and sensitive analysis is done for all changes in market changes and change in government regulation. All these are internal factors and hence proper step needs to be taken internally for change in external factors.