Utilizing Affiliate Marketers in Your Business
As a merchant, using affiliate marketers is your business is a difficult task. This is because affiliate marketers are themselves individual businesses. They need to be motivated and rewarded. It is the duty of the merchant or of the affiliate network to ensure that the affiliates are well paid. In this article, we will discuss […]
Accounts Receivable Turnover Ratio
Accounts receivable are a very important part of the current assets of any business. Like inventory, accounts receivable are considered a necessary evil to do business. Large companies hardly conduct any transactions on cash basis with their wholesalers and distributors. The transactions are largely conducted on credit and therefore lead to the existence of accounts […]
Performance Appraisal Biases
Managers commit mistakes while evaluating employees and their performance. Biases and judgment errors of various kinds may spoil the performance appraisal process. Bias here refers to inaccurate distortion of a measurement. These are: First Impression (primacy effect): Raters form an overall impression about the ratee on the basis of some particluar characteristics of the ratee […]
Choosing the Right Counterparty in Real Estate
The average person assumes that buying real estate from an individual is about the same thing as buying it from a developer. However, that is not the case. Even though the property under consideration is the same, the motives and capabilities of the buyer vary vastly. As a result, the deals made will be very […]
Different Types of Data Sampling Techniques
The method which is adopted to collect the sample obviously has large implications on the conclusions drawn from that sample. Mentioned below are the techniques which can be used for sampling populations as well as processes. A brief detail has been given so that you can understand the pros, cons and correct usages of each […]
Science is a systematic body of knowledge pertaining to a specific field of study that contains general facts which explains a phenomenon. It establishes cause and effect relationship between two or more variables and underlines the principles governing their relationship. These principles are developed through scientific method of observation and verification through testing.
Science is characterized by following main features:
Management also contains some fundamental principles which can be applied universally like the Principle of Unity of Command i.e. one man, one boss. This principle is applicable to all type of organization - business or non business.
Management principles are also based on scientific enquiry & observation and not only on the opinion of Henry Fayol. They have been developed through experiments & practical experiences of large no. of managers. E.g. it is observed that fair remuneration to personal helps in creating a satisfied work force.
The same is true for management, therefore it also establishes cause and effect relationship. E.g. lack of parity (balance) between authority & responsibility will lead to ineffectiveness. If you know the cause i.e. lack of balance, the effect can be ascertained easily i.e. in effectiveness. Similarly if workers are given bonuses, fair wages they will work hard but when not treated in fair and just manner, reduces productivity of organization.
Principles of management can also be tested for validity. E.g. principle of unity of command can be tested by comparing two persons - one having single boss and one having 2 bosses. The performance of 1st person will be better than 2nd.
It cannot be denied that management has a systematic body of knowledge but it is not as exact as that of other physical sciences like biology, physics, and chemistry etc. The main reason for the inexactness of science of management is that it deals with human beings and it is very difficult to predict their behavior accurately.
Since it is a social process, therefore it falls in the area of social sciences. It is a flexible science & that is why its theories and principles may produce different results at different times and therefore it is a behavior science. Ernest Dale has called it as a Soft Science.
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