NCERT Books Class 12 Business studies Chapter 2- Principles of Management

The Chapter contains-

• The concept of Principles of Management
• Nature of Principles of Management
• Significane of Principles of Management
• Taylor's Scientific Management 
• Principles of Scientific Management
• Techniques of Scientific Management
• Fayol's Principles of Management
• Fayol Vs Taylor: A Comparison

Guiding Principles of Toyota Motor Corporation

Toyota follows certain well-defined business principles guiding its functioning. These are-

It is clear from the foregoing case that managerial pursuits at Toyota Motor Corporation are driven by principles that serve as broad guidelines for stating the vision as well as the ways to achieve it. Similarly, many other business enterprises have followed various principles in their working over a period of time. A number of management thinkers, and writers have also studied principles of management from time-to-time. In fact, there is a long history of management thought. Management principles have evolved and are in the continuous process of evolution. (see box.) 

You can see that the evolution of management thought has been very fascinating. In this chapter we will study the contributions of Fredrick Winslow Taylor and Henri Fayol who as you have read are associated with the classical management theory. Both of them contributed immensely towards the study of management as a discipline. Whereas F.W. Taylor was an American mechanical engineer, Henri Fayol was a French mining engineer. Taylor gave the concept of ‘Scientific Management’ whereas Fayol emphasised ‘Administrative Principles’.

But before we go into the details of their contributions let us study the meaning of the principles of management.