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Or
4. It consists of owners who invest capital It is a group of managerial personnel who use
in and receive profits from an their specialized knowledge to fulfil the
enterprise objectives of an enterprise
5. Its decisions are influenced by public Its decisions are influenced by the values,
opinion, government policies, social, opinions, and beliefs of the managers.
and religious factors.
6. Planning and organizing functions are Motivating and controlling functions are
involved in it. involved in it.
• It is universal.
• It is holistic.
• It is continuous & on going process.
• It is goal oriented.
• It is social & human nature.
• It is dynamic.
• It is creative or innovative.
PRINCIPLES OF ADMINISTRATION
1. Division of work.
2. Authority, responsibility & accountability.
3. Discipline.
4. Unity of command.
5. Unity of direction.
6. Subordination of individual interest to
organizational interest.
7. Remuneration of personnel.
8. Centralization.
9. Scalar chain of command.
10. Order.
11. Equity.
12. Stability of tenure of personnel.
13. Initiative.
14. Esprit de corps.
ELEMENTS OF ADMINISTRATION:-
“POSDCORB”
1. Planning.
2. Organizing.
3. Staffing.
4. Directing.
5. Co-ordinating.
6. Reporting.
7. Budgeting.