Henri Fayol: “Management is conduct of affairs of business, moving towards its objective through a continuous process of improvement and optimization of resources” Discuss any five (5) principles of management by Henry Fayol
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- The five basic functions of management discussed in this chapter are derived from the basic principles of business management. Review two sources of publications that describe the role and functions of management, one from a journal of business management and one from a journal of engineering management. Compare the business perspective of management to the engineering perspective of management.Discuss FIVE (5) general management functions in the context of how they can minimise the risk of a business failure.Explain the importance of planning, organization, staffing, directng and controlling for effective business management.
- Explain the process of evaluating a business model as outlined by Osterwalder.Give the importance of the following in a business plan a) Management b)nature of business c) CompetitionHenry Fayol is a French industrialist whose contributions are termed as operational management or administrative management. With relevant examples, enunciate his contributions to the modern management practice?