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Question
Explain the following principles of management:
Science, not rule-of-thumb.
Solution
Science, not a rule of thumb: According to Taylor, instead of a rule of thumb, scientific management practices should be followed. Under the rule of thumb, a trial and error method is used wherein each manager handles a situation in his own manner as and when it arises. According to Taylor, scientific management practices should be used. The best method of doing a task which would maximise efficiency should be developed. It would then replace the rule of thumb method. This would help in reducing the cost and improving efficiency.
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| Group ‘A’ | Group ‘B’ | ||
| (a) | Henry Fayol | (1) | It is the process of instructing, guiding, communicating and motivating |
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| (d) | Digital cash | (4) | To earn profit |
| (e) | Monopoly | (5) | Respecting rules and regulations |
| (6) | Exist only in cyber space | ||
| (7) | Exist everywhere | ||
| (8) | Single buyer | ||
| (9) | Modern management theory | ||
| (10) | Single seller |
