Admin's other articles

4349 The World without Bankruptcy Laws

Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]

4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]

See More Article from Admin

It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout.

Visit Us

Our Partners

Search with tags

  • No tags available.

  1. Development of Science for each part of men’s job (replacement of rule of thumb)

    1. This principle suggests that work assigned to any employee should be observed, analyzed with respect to each and every element and part and time involved in it.
    2. This means replacement of odd rule of thumb by the use of method of enquiry, investigation, data collection, analysis and framing of rules.
    3. Under scientific management, decisions are made on the basis of facts and by the application of scientific decisions.
  2. Scientific Selection, Training & Development of Workers

    1. There should be scientifically designed procedure for the selection of workers.
    2. Physical, mental & other requirement should be specified for each and every job.
    3. Workers should be selected & trained to make them fit for the job.
    4. The management has to provide opportunities for development of workers having better capabilities.
    5. According to Taylor efforts should be made to develop each employee to his greatest level and efficiency & prosperity.
  3. Co-operation between Management & workers or Harmony not discord

    1. Taylor believed in co-operation and not individualism.
    2. It is only through co-operation that the goals of the enterprise can be achieved efficiently.
    3. There should be no conflict between managers & workers.
    4. Taylor believed that interest of employer & employees should be fully harmonized so as to secure mutually understanding relations between them.
  4. Division of Responsibility

    1. This principle determines the concrete nature of roles to be played by different level of managers & workers.
    2. The management should assume the responsibility of planning the work whereas workers should be concerned with execution of task.
    3. Thus planning is to be separated from execution.
  5. Mental Revolution

    1. The workers and managers should have a complete change of outlook towards their mutual relation and work effort.
    2. It requires that management should create suitable working condition and solve all problems scientifically.
    3. Similarly workers should attend their jobs with utmost attention, devotion and carefulness. They should not waste the resources of enterprise.
    4. Handsome remuneration should be provided to workers to boost up their moral.
    5. It will create a sense of belongingness among worker.
    6. They will be disciplined, loyal and sincere in fulfilling the task assigned to them.
    7. There will be more production and economical growth at a faster rate.
  6. Maximum Prosperity for Employer & Employees

    1. The aim of scientific management is to see maximum prosperity for employer and employees.
    2. It is important only when there is opportunity for each worker to attain his highest efficiency.
    3. Maximum output & optimum utilization of resources will bring higher profits for the employer & better wages for the workers.
    4. There should be maximum output in place of restricted output.
    5. Both managers & workers should be paid handsomely.

Article Written by

Admin

Leave a reply

Your email address will not be published. Required fields are marked *

Related Posts

Study of Fayol and Taylor

Admin

Techniques of Scientific Management

Admin

Scientific Management by Taylor

Admin