Question

Explain the following points of importance of principles of management: (i) Scientific decisions (ii) Providing managers with useful insights into…

Accepted Answer

(i) Scientific decisions  Management principles help in thoughtful decision-making as they emphasise logic rather than blind faith.  Management decisions taken on the basis of principles are free from bias and prejudice as they are based on the objective assessment of the situation. (ii) Providing managers with useful insights into reality  Adherence to principles of management adds to the knowledge of managers, ability and understanding of managerial situations and circumstances.  They will also enable managers to learn from past mistakes and conserve time by solving recurring problems quickly and help to increase managerial efficiency. OR Q. (b) Explain the following techniques of Scientific Management: (i) Differential piece wage system (ii) Time study (i) Differential piece wage system Differential Piece Wage System is a technique which differentiates  between efficient and less efficient workers. It rewards the efficient workers and motivates the less efficient ones to improve their efficiency. In this plan, there are different rates of wage payment- higher for  those who performed standard output or more and lower for those who perform below the standard output. The difference in the wage (ii) payment motivates the inefficient workers to perform better. Time study Time study is a technique which determines standard time required to  perform a well-defined job. Time measuring devices are used for this. The objective of time study is to determine the number of workers to  be employed, frame suitable incentive schemes and determine labour costs.

Explain the following points of importance of principles of
management:
(i)
Scientific decisions
Providing managers with useful insights into reality

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More from Principles of Management

Explain the following points of importance of principles ofmanagement:(i)Scientific decisions(ii)OR(b)Providing managers with useful insights into realityExplain the following techniques of Scientific Management:(i)Differential piece wage system(ii)Time study

Marking-scheme solution

More from Principles of Management

Explain the following points of importance of principles of
management:
(i)
Scientific decisions
Providing managers with useful insights into reality