Henry Fayol And Management Theory(Part1of2)

September 14th, 2008 Comments off
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Henry Fayol is described as the father of modern management theory. He emphasized that management skills are universal. In fact, a number of current ideas and practises in management can be directly attributed to him.

Henry Fayol is the managing director of a large French coal mining firm where he developed a blueprint of a cohesive doctrine of management. He originated the symbol of formal organization, the organization chart which remains the chief instrument of modern business management.

Append below, he proposed all operations in a business organization can be classified as follows:

Classification of Operations In A Business Organization

  • Technical:- Producing manufacturing products
  • Commercial:- Buying raw materials and selling products
  • Financial:– Acquiring and employing capital
  • Accounting: Recording and taking stock of costs- Profit and Losses
  • Security: Protecting employees and property
  • Managerial: Administering the activities of an organization by performing certain basic functions based on principles

Part 2 deals with the fourteen(14) principles advocated by Henry Fayol

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Financial Accounting

 
 

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