The development of thought on management dates back to the days when people attempted first time to achieve goals by working together in groups. The modern management concepts emerged in early Twentieth Century.
Management is a universal requirement for making a decision, co-ordination of activities, handling of people and evaluation of performance with achievement of goals.
Management may be defined as “the process of designing and maintaining an environment in which individuals, working together in groups, accomplish efficiently selected aims.
Among the various contributors in the field of management development, FAYOL is the most popular one and is named as “Father of Modern Operational Management Theory”.
According to FAYOL, activities of an industrial undertaking could be divided into six groups:
- Technical Production
- Commercial Buying, Selling and Exchange.
- Financial Search for and optimal use of capital.
- Security Protection of property and persons.
- Accounting Statistics.
- Managerial Planning, Organizing, Command, Co-ordination and Control.
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