NAME OF STUDENT ROLL NO

MAYUR JADAVE 16
CHIRAG BHARAT JAIN 17
NIMISHA LALIT JAIN 18
PRIYANKA KRISHNA KADAM 19
PRIYANKA PRAKASH KADAM 20

CLASS : F.Y FM

SUBJECT : PRINCIPLE OF BUSINESS MANAGEMENT

 INDEX
SR NO TITTLE REMARK
1) INTRODUCTION
2) MEANING OF
MANAGEMENT
3) DEFINATION OF
MANAGEMENT
4) PLANNING
5) ORGANISATION
6) STAFFING
7) DIRECTING
8) CO-ORDINATION
INTRODUCTION
Management is important in very work of
life.management is not doing the work but getting work
done truth afford of other.
Management included six important M
M- Money
M- Market
M-Machinary
M-Materail
M-Men
M-Method
MEANING OF MANAGEMENT
Management means to manage tacfully & techniqually.It
is an art of getting the work done through other people.
Success,survival and growth of any organisation depend
upon effective and efficient management . Some
organisations make progress not only during good times
but also in bad times. This only because of effective and
efficient management.
In every organisation different people work at different
Ievels to achieve thre goals of organisation .Therefore, its
is necessary to havecentral authority to control and co-
ordinate the efforts of differents of different people to
achieve goals of organisation .Sucha central authority
managing managerial activities is known as mangement
DEFINATION OF MANAGEMENT
According to “HENRY FAYOL”
“To manage is to forecast, to plan, to organise, to
command, to co-ordinate, and to control”
According to “HOROLD KOONTZ”
“Mangement is a art of getting things donethrough and
with people in formally organised group”
PLANNING IS FUNCTION OF MANAGEMENT
MEANING
Planning means deciding in advance (a)what to do?
(b)When to do? (c)how to do? (d) How to do it? (e) What
is the cost ?
Planning feels the gap from were we are to were we
want to go

DEFINATION
According to Koontz & O’Donell,

Planning is deciding in advance what to do, how to do and

who is to do it. Planning bridges the gap between where
we are to, where we want to go. It makes possible things
to occur which would not otherwise occur”.
According to Urwick,
Planning is a mental predisposition to do things in orderly
way, to think before acting and to act in the light of facts
rather than guesses”. Planning is deciding best alternative
among others to perform different managerial functions in
order to achieve predetermined goals.
Planning means looking ahead and chalking out future courses
of action to be followed. It is a preparatory step. It is a
systematic activity which determines when, how and who is
going to Planning means looking ahead and chalking out future
courses of action to be followed. It is a preparatory step. It is a
systematic activity which determines when, how and who is
going to pecific job. Planning is a detailed programme regarding
future courses of action. It is rightly said “Well plan is half
done”. Therefore planning takes into consideration available &
prospective human and physical resources of the organization so
as to get effective co-ordination, contribution & perfect
adjustment. It is the basic management function which includes
formulation of one or more detailed plans to achieve optimum
balance of needs or demands with the available resources.
ncludes formulation of one or more detailed plans to achieve
optimum balance of needs or demands with the available
resources.
Planning helps in forecasting the future, makes the future
visible to some extent. It bridges between where we are and
where we want to go. Planning is looking ahead. Planning is not
done off hand. It is prepared after careful and extensive
research. For a comprehensive business plan, management has
to: Clearly define the target/goal in writing. It should be set by a
person having authority. The goal should be realistic.It should
be specific. Acceptability Easily measurable Identify all the main
issues which need to be addressed. Review past performance.
Decide budgetary requirement. Focus on matters of strategic
importance.
Steps in Planning Function

Planning function of management involves following

steps:-
Establishment of objectives
a. Planning requires a systematic approach.
b. Planning starts with the setting of goals and
objectives to be achieved.
c. Objectives provide a rationale for undertaking various
activities as well as indicate direction of efforts.
d. Moreover objectives focus the attention of managers
on the end results to be achieved.
e. As a matter of fact, objectives provide nucleus to the
planning process. Therefore, objectives should be
stated in a clear, precise and unambiguous language.
Otherwise the activities undertaken are bound to be
ineffective.
f. As far as possible, objectives should be stated in
quantitative terms. For example, Number of men
working, wages given, units produced, etc. But such
an objective cannot be stated in quantitative terms
like performance of quality control manager,
effectiveness of personnel manager.
g. Such goals should be specified in qualitative terms.
ORGANISING IS FUNCTION OF
MANAGEMENT
MEANING
Oranising means arranging for the execution of business
planning it involved assigning the data andresponsibilty
to subordinate in order to a achieve a task.

DEFINATION
According to “GEORGE FERRY”
“The establishing of effexctive authority relationship
among selected work, person, work place in order for the
group to work together effectively”
Organizing is the function of management which follows
planning. It is a function in which the synchronization and
combination of human, physical and financial resources
takes place. All the three resources are important to get
results. Therefore, organizational function helps in
achievement of results which in fact is important for the
functioning of a concern “Organizing is a function by
which the concern is able to define the role positions, the
jobs related and the co- ordination between authority
and responsibility. Hence, a manager always has to
organize in order to get results. Organizing is a frame
work /structure with in which people work together in
order to achieve certain will define goal. Each individual
is made aware of his authority and he/she knows whom
they have to take orders from and to whom they are
accountable and to whom they have to report. A clear
organizational structure is drawn and all the employees
are made aware of it.
A manager performs organizing function with the help of following
steps:-
Identification of activities - All the activities which have to be
performed in a concern have to be identified first. For example,
preparation of accounts, making sales, record keeping, quality
control, inventory control, etc. All these activities have to be
grouped and classified into units.
Departmentally organizing the activities - In this step, the
manager tries to combine and group similar and related activities
into units or departments. This organization of dividing the whole
concern into independent units and departments is called
departmentation.
Classifying the authority - Once the departments are made, the
manager likes to classify the powers and its extent to the managers.
This activity of giving a rank in order to the managerial positions is
called hierarchy. The top management is into formulation of
policies, the middle level management into departmental
supervision and lower level management into supervision of
foremen. The clarification of authority help in bringing efficiency in
the running of a concern. This helps in achieving efficiency in the
running of a concern. This helps in avoiding wastage of time,
money, effort, in avoidance of duplication or overlapping of efforts
and this helps in bringing smoothness in a concern’s working.
Co-ordination between authority and responsibility -
Relationships are established among various groups to enable
smooth interaction toward the achievment of the organizational
goal.
STAFFING IS FUNCTION OF MANAGEMENT
MEANING
Staffing is a process of selecting and appointing right
person at the right position and at the riht time in the
organization . In other words it is the process of
recruiting employing remunerating and maintaining
satisfied workforce

DEFINATION
According to Theo Haimann,
Staffing pertains to recruitment, selection, development
and compensation of subordinates.
According to K.H.KNOONTZ
Staffing as filling and keeping filled position in the
organization structure
Staffing is that part of the process of management which
is concerned with acquiring, developing, employing,
appraising, renumerating and retaining people so that
right type of people are available at right positions and at
right time in the organisation. In the simplest terms,
staffing is ‘putting people to jobs
The managerial function of staffing involves manning the
organization structure through proper and effective
selection, appraisal and development of the personnels
to fill the roles assigned to the employers/workforce. The
very first step in staffing is to plan the manpower
inventory required by a concern in order to match them
with the job requirements and demands. Therefore, it
involves forecasting and determining the future
manpower needs of the concern. Staffing management is
the process of recruiting, evaluating, and selecting
salaried, hourly, and contingent employees, following up
and assessing their performance, and letting go those
who are no longer needed or who do not meet your
company's performance standards.
Nature of Staffing Function

Staffing is an important managerial function- Staffing function

is the most important mangerial act along with planning,
organizing, directing and controlling. The operations of these
four functions depend upon the manpower which is available
through staffing function.

Staffing is a pervasive activity- As staffing function is carried

out by all mangers and in all types of concerns where business
activities are carried out.

Staffing is a continuous activity- This is because staffing

function continues throughout the life of an organization due to
the transfers and promotions that take place.

The basis of staffing function is efficient management of

personnels- Human resources can be efficiently managed by a
system or proper procedure, that is, recruitment, selection,
placement, training and development, providing remuneration,
etc.
Staffing helps in placing right men at the right job. It can be
done effectively through proper recruitment procedures and
then finally selecting the most suitable candidate as per the job
requirements.

Staffing is performed by all managers depending upon the

nature of business, size of the company, qualifications and skills

DIRECTING IS FUNCTION OF MANAGEMENT

MEANING
Directing is a process of guiding ,structing and inspiring
people in the organization to achieve the desired goals. It
involves leading the employee in effective
manner,motivating the employees & maintaining
discipline in the organization& communction

DEFINATION
According to “J.L . MASSIE”
“Directing concern the total manner in which amanager
influence the action of subordinate .It is a final action of
manager in getting other toact after all preparation have
been completed.”

DIRECTING is said to be a process in which the managers

instruct, guide and oversee the performance of the workers to
achieve predetermined goals. Directing is said to be the heart of
management process. Planning, organizing, staffing have got no
importance if direction function does not take place.
Directing initiates action and it is from here actual work starts.
Direction is said to be consisting of human factors. In simple
words, it can be described as providing guidance to workers is
doing work. In field of management, direction is said to be all
those activities which are designed to encourage the
subordinates to work effectively and efficiently. According to
Human, “Directing consists of process or technique by which
instruction can be issued and operations can be carried out as
originally planned” Therefore, Directing is the function of
guiding, inspiring, overseeing and instructing people towards
accomplishment of organizational goals.
Directing means giving instructions, guiding, counselling,
motivating and leading the staff in an organisation in doing work
to achieve Organisational goals. Directing is a key managerial
function to be performed by the manager along with planning,
organising, staffing and controlling. From top executive to
supervisor performs the function of directing and it takes place
accordingly wherever superior – subordinate relations exist.
Directing is a continuous process initiated at top level and flows
to the bottom through organisational hierarchy

Direction has got following characteristics:

Pervasive Function - Directing is required at all levels of
organization. Every manager provides guidance and inspiration
to his subordinates.
Continuous Activity - Direction is a continuous activity as it
continuous throughout the life of organization.
Human Factor - Directing function is related to subordinates
and therefore it is related to human factor. Since human factor is
complex and behaviour is unpredictable, direction function
becomes important.
Creative Activity - Direction function helps in converting plans
into performance. Without this function, people become inactive
and physical resources are meaningless.
Executive Function - Direction function is carried out by all
managers and executives at all levels throughout the working of
an enterprise, a subordinate receives instructions from his
superior only.
Delegate Function - Direction is supposed to be a function
dealing with human beings. Human behaviour is unpredictable
by nature and conditioning the people’s behaviour towards the
goals of the enterprise is what the executive does in this
function. Therefore, it is termed as having delicacy in it to tackle
human behaviour.

CO-ODINATION IS FUNCTION OF MANAGEMENT

MEANING
Co-ordinating refers to the work of integrating the
activities of various units of an organization to achieve
the organization. Itensures that the goals of units and
sub-units are in harmony with each other keeping in
mind the goals of organization as a whole.

DEFINATION
According to “HENRY FAYOL”
To co-ordinate means unite and co-relate all activity
Co-ordination is the unification, integration,
synchronization of the efforts of group members so as to
provide unity of action in the pursuit of common goals. It
is a hidden force which binds all the other functions of
management.
Management seeks to achieve co-ordination through its
basic functions of planning, organizing, staffing, directing
and controlling. That is why, co-ordination is not a
separate function of management because achieving of
harmony between individuals efforts towards
achievement of group goals is a key to success of
management. Co-ordination is the essence of
management and is implicit and inherent in all functions
of management. Coordination is the process of
synchronizing activities of various persons in the
organization in order to achieve goals. It is undertaken at
every level of management. It deals with the task of
blending efforts in order to ensure successful attainment
of an objective. It is accomplished by means of planning,
organizing and controlling. It is a part of all phases of
administration and that is not a separate and distinct
activity
A manager can be compared to an orchestra conductor since
both of them have to create rhythm and unity in the activities of
group members. Co-ordination is an integral element or
ingredient of all the managerial functions as discussed below: -
Co-ordination through Planning - Planning facilitates co-
ordination by integrating the various plans through mutual
discussion, exchange of ideas. e.g. - co-ordination between
finance budget and purchases budget.
Co-ordination through Organizing - Mooney considers co-
ordination as the very essence of organizing. In fact when a
manager groups and assigns various activities to subordinates,
and when he creates department's co-ordination uppermost in his
mind.
Co-ordination through Staffing - A manager should bear in
mind that the right no. of personnel in various positions with
right type of education and skills are taken which will ensure
right men on the right job.
Co-ordination through Directing - The purpose of giving
orders, instructions & guidance to the subordinates is served
only when there is a harmony between superiors & subordinates.
Co-ordination through Controlling - Manager ensures that
there should be co-ordination between actual performance &
standard performance to achieve organizational goals.