Various Groups In Which Industrial Activities Can Be Divided Dmi St John The Baptist University Second Year First Semester Assignment

1787 words - 8 pages

DUE DATE :21st JULY, 2O17
Almost simultaneously with Taylor, Henry Fayol (1841 – 1925), a French industrialist and manager, developed his theory of management. He is regarded as the ‘Father of Modern Management Theory’, for he was the first to suggest the functions of management which are recognized as the essential part of a manager’s work by the modern authorities on management.
He was a mining engineer of a large coal mining company and subsequently became its managing director. When he joined the company, it was almost bankrupt. When he retired after 30 years, the company was among the most successful enterprises with a long history of handsome profits and dividends. During his successful career he searched for sound management principles. In 1916 he published his famous work, ‘General and Industrial Management. Fayol’s work is concerned with the higher level of the organization.
He identified the following six activities that had to be accomplished in all industrial undertakings.
The first is Technical where by it is related to production and manufacturing.
The second is commercial where it consists of buying, selling and exchange
The third is financial whereby there is search for capital and optimum use
Then fourth is security that protects property and persons
Fifth is accounting which involves record keeping, preparation of balance sheet, costing and statistics
Then finally managerial which involves functions of planning, organizing, commanding, coordinating, controlling etc.
The figure below shows division of the activities of industrial organizations;
The activities of the industry are technical, commercial, financial, security, accounting and management. Under management the following comes under it for good management of an organization or industry;
Planning where by a good plan of action should be flexible, continuous, relevant and accurate, as it unifies the organization by focusing on the nature, priorities and condition of the business, longer-term predictions for the industry and economy, the intuitions of key thinkers, and strategic sector analyses from specialist staff groups. For effective planning, managers should be skilled in the art of handling people, have considerable energy and a measure of moral courage, have some continuity of tenure, be competent in the specialised requirements of the business, have general business experience and the ability to generate creative ideas.
The second is organizing where by...

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