Principles of Management

(Mr Samant) Suggestions Made: 1. 2. 3. Invite alumni for guest lectures. (Mr Patil for corporate governance) Convention to be organised after MMS convention in End Jan/early Feb every year by evening batch. Papers to be presented by 3-4 batches of 5-8 students to be evaluated by a panel of Corporate bigwigs. Starting of consultancy cell by alumni of JBIMS with active participation of students. Philosophy of Management Why there are so many management institutes opening in the country? Why were Greek pyramids built? Why was Tajmahal built? Answer lies in the mans desire to perpetuate his/his loved ones memory long after them. And there lies the genesis of so many management schools in the name so many personalities as Jains, Jamnalal Bajaj, Nirma etc. History of Management Studies. First book on accounts is believed to have been written in sixteenth century. The book was on cost accounting. Single side entry book keeping is practised by Marwaries till date . It still gives cash profit by the day. BOM Bill of Material First Model Input Dw Apprentice Output

Market Dw Domestic Worker worked at home and provided with all the inputs. He was observed on work for 7 years before being given a promotion and permission to venture out of the house. The product manufactured by him was marketed in the open market by the employer who was called the FACTOR.

After 7 years he was allowed to go out of home and was promoted to Journey Man. He was allowed to travel and learn further. He was observed in this state for another 7 years after which he was to appear for an exam which was conducted by a body called GUILD. Result was barely 5-10 % as is the case for CAs today. On passing this exam he was promoted to MASTER rank. He was then free to open his own factory. Fence Factory

The custom in the olden days was to travel with cattle and families to the work site called factory early in the morning. The work day began at 0800 Hrs and finished at 2000 Hrs. Often able bodied family members were also emplyed in the work. The cattle were allowed to graze inside the fence of the factory. The area which was fenced around the factory often use to be illegal encroachment and was an excuse for land grabbing. Thus these people also came to be called land lords. Such anarchy and uncontrolled exploitation of the workers led to Workers Revolution in 1756-57. Two schools of thoughts emerged from the revolution: 1. Capitalists (Right Wingers) 2. Leftists/Socialists (Left Wingers) PPF Production Possibility Factor C H O I C E 1 Choice 2 (INC) PPF Curve