Principles of Management | Importance of Management | Six M's of Management (Management Video 1)

Principles of Management

Management is a process that helps to achieve organizational goals in a systemized and structured manner.

According to theorist Henry Foyal Principles of Management include forecasting, planning, organizing, commanding, coordinating, and controlling.

The importance of management in business includes
1. Achieving common organizational goals
2. Proper utilization of available resources
3. Adequate division of labour as it will lead to specialization of work
4. Increased output
5. Fulfilling social obligations
6. Survival and growth

Six M’s of the Principles of Management are
1. Manpower
2. Machines
3. Materials
4. Methods
5. Money
6. Markets

The manager plays
An interpersonal role where he is the leader, liaison and figurehead
An informational role where he monitors and transmits important information
A decisional role where acts as entrepreneur, negotiator and resource allocator

Management is an art
As it gets things done through people

Management is a profession
As it requires proper training and innovative ideas to handle every situation

Management is a science
As it takes the help of ability, skills, knowledge, experience and initiatives systematically to boost efficiency and performance

Management skills for three levels of management are
1. Technical skills - For Lower-Level Management
2. Human skills - For Middle Management
3. Conceptual skills - For Top Management
4. Design skills - For Top Management
An example of Apple Inc.’s Organizational Structure is provided to understand the concept.

This video is on Principles of Management and it has the following sub-topics.

Time Stamps
0:00 Introduction to Principles of Management
00:42 Importance of Management
01:30 Six M’s of Management
02:16 Role of a Manger
03:49 Management is an Art
04:33 Management is a profession
05:28 Management is a science
06:32 Management Skills
07:48 Top Management
08:21 Middle-Level of Management
08:50 Lower-Level Management
09:21 Apple Inc.’s Organizational Structure