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According to the National Education Policy 2020, Savitribai Phule Pune University has changed the Second-year undergraduate course of all disciplines from the academic year 2025-2026. According to the National Education...

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Principles and Functions of Management
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According to the National Education Policy 2020, Savitribai Phule Pune University has changed the Second-year undergraduate course of all disciplines from the academic year 2025-2026. According to the National Education Policy 2020, all students enrolled in the Second year will have to take one subject (O.E) from other disciplines except their faculty for two credits under open elective subject. Students of Faculty of Humanities as well as Faculty of science and technology will be able to take up the subject Principles and Function of Management -IV of the faculty of commerce and management. The broader interest of professors, researchers and students teaching this subject has been taken into consideration while writing the book. The students and scholars of the Faculty Humanities and science and technology should get a better understanding of this subject and develop the skills of this subject. As it has been written using as many concepts as possible related to the subject, simple and understandable language. Not only will it benefit students of the subject, but it will also benefit research students and research mentors and professors. It also includes questions designed to prepare students for competitive exams.

1. Introduction, Process and Functions of Management........7
1.1 Introduction
1.1.1 Management Definition,
1.1.2 Nature of management
1.1.3 Management features
1.1.4 Five M’s of Management
1.2 Difference between management and administration
1.3 Management is an art,Science and profession
1.4 Levels of management,
1.4.1 Management skills
1.5 Management process and its components
1.6 Functions of Management and Universality of Management

2. Historical Development of Management.......................29
2.1 Pre-scientific Management Era
2.2 Modern Management Thoughts:
2.2.1 Classical Theories: a) Max Weber’s Bureaucracy Theory, b) F. W. Taylor’s Scientific Management Theory, and c) Henri Fayol’s Administrative Management Theory
2.2.2 Neo-classical Theories: a) Human Relations Approach, and b) Behavioural Science Approach
2.2.3 Modern Theories: a) Quantitative Approach, b) Systems Approach, and c) Contingency Approach

3. Functions of Management.....................................................77
3.1 Planning: Concept, characteristics, advantages, limitations, principles, types, and steps in the planning process 3.2 Forecasting: Concept, characteristics, importance, limitations, forecasting process, and forecasting techniques 3.3 Decision-Making: Concept, characteristics, process, principles, decision-making techniques, types of managerial decisions, and rationality in decision-making or behavioral models of decision-making.

References.....................................................................................95

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