elements of business principles project

of Business Studies Project (Elements of Business Principles): Class XII

Smart Skills Sanskriti School

OPTION 2: ELEMENTS OF BUSINESS PRINCIPLES

BUSINESS STUDIES:

NAME OF PROJECT:

NAME:

SCHOOL:

YEAR:

ROLL NO:



Certificate of Authenticity

This is to certify that_________________________________________________

bearing Roll Number_______________________________ is a student of

Class XII of Sanskriti School.

She/he has successfully completed her/his project under my

guidance and supervision towards the fulfillment of the

practical examination in Business Studies conducted by the

Central Board of Secondary Education for the academic year

2014-15.

Date of Submission: Friday, 12th

of December, 2014

Name of Subject Teacher:

Teachers Signature:

School Stamp:



PREFACE &

INDEX:



1. Name of Project:

________________________________-:

2. Problem Statement / Objective of Project:

The objective of the project is to __________________



INDEX:

S.NO PARTICULARS PAGE NO

1. Acknowledgements

2. Preface

3. Introduction

4. Planning And Activities Done During The Project(If Any)

5. Observations And Findings

6. Conclusions

7. Learning From The Project

8. Appendix

9. Teachers Observations



Acknowledgements



Acknowledge the following:

your school,

Your subject teacher,

Any person or institution that helped you,

Any places visited and the persons who have helped

Suggested Acknowledgement:

I , ______________________, do hereby declare that this project is my original work and I would

like to thank Ms _______________________, my Business Studies teacher, for her wholehearted

support and guidance for making it possible to complete this project on time. I would also like

to thank CBSE for giving us an opportunity to widen our knowledge base by introducing this

topic of study and my school for giving us this subject option.

I would also like to thank my friends and family members for their kind support and guidance

without which this project could not have been completed.



Introduction

o Introduce the topic studied.

Give the theory of Project as given in the following page.

Give an introduction of Management Principles.

Give the and Fayol and Taylor

Give details about the organization you have studied.

After giving the above choose between the following and give details about the topic you have chosen:

14 principles given by Fayol and its application OR

Principles and techniques given by Taylor and their application in your organization



PROJECT METHOD:

HISTORY AND ADVANTAGES OF USING THE PROJECT METHOD

According to traditional historiography, the project idea is a genuine product of the American Progressive education movement. The idea was thought to have originally been introduced in 1908 as a new method of teaching agriculture, but educator William H. Kilpatrick elaborated the concept and popularized it worldwide in his famous article, "The Project Method" (1918). More recently, Michael Knoll has traced the project method to architectural education in sixteenth-century Italy and to engineering education in eighteenth-century France. This illustrates that the project of the architectlike the experiment of the scientist, the sandbox exercise of the staff officer, and the case study of the juristoriginated in the professionalization of an occupation.



The project method was first introduced into colleges and schools when graduating students had to apply on their own the skills and knowledge they had learned in the course of their studies to problems they had to solve as practicians of their trade.

There are two basic approaches for implementing the project method. According to the historically older approach, the students take two steps: initially, they are taught in a systematic course of study certain skills and facts, then they apply these skills and knowledge, creatively and self-directed to suitable projects. According to the second approach, the instruction by the teacher does not precede the project but is integrated in it. In other words the students first choose the project, then they discuss what they need to know for solving the problem and learn the required techniques and concepts. Finally they execute the chosen project by themselves. In both approaches, time for reflection should be provided during all phases of project learning, giving students the opportunity to evaluate their progress. Many teachersespecially vocational and industrial arts educatorsuse a series of small-scale projects to help students develop continuously increasing competence in practical problem solving.

The development of the term "project," within its broader conceptual and historical contexts, extends its customary interpretation. As a result, traditional historiography should be modified in the following three respects:

1. The "project" is a concept dating from the 17th and 18th centuries, belonging in the same category as the "experiment" of the natural scientist, the "case study" of the jurist, and the "sand-table exercise" of the staff officer. Like the experiment, the case study, and the sand-table exercise, the project method has its origin in the professionalization of an occupation. It was introduced in the curriculum so that students could learn at school to work independently and combine theory with practice. In contrast to experiment, case study, and sand-table exercises, the project method is not a matter of empirical, hermeneutical, or strategic studies, but of "construction" (i.e., designing a house, building a playground, or producing a machine).

2. The two basic models of the project method still used today were already developed in the 19th century. According to the older model (e.g., Woodward), students first learn, in a course of instruction, the skills and knowledge that they then apply independently and creatively in the practical project. According to the more recent model (e.g., Richards), the project is moved from the end of the unit to the center of teaching, in accordance with the fundamental idea of the new psychology that "natural wholes" must be the subject of learning if valuable interests and insights are to be developed. Here, the course of instruction does not precede the project, but is integrated into it.



3. At the beginning of the 20th century, a movement arose among American progressive educators (e.g., Kilpatrick) that attempted to replace (a) the traditional narrow definition of the project with a new, broad one, and (b) "constructive" activity with "purposeful" action as the crucial feature of the project method. This new definition was unable to gain ascendancy in the United States, but in other countries it was accepted as an innovation and a truly democratic achievement, with the paradoxical result that in Europe today the broad "American" concept predominates, while in America the narrow "European" approach plays the leading role.

The project method is generally considered a means by which students can (a) develop independence and responsibility, and (b) practice social and democratic modes of behavior. It is an educational enterprise in which children solve a practical problem over a period of several days or weeks. It may involve building a rocket, designing a playground, or publishing a class newspaper. The projects may be suggested by the teacher, but they are planned and executed as far as possible by the students themselves, individually or in groups. Project work focuses on applying, not imparting,

specific knowledge or skills, and on improving student involvement and motivation in order to foster independent thinking, self-confidence, and social responsibility.

AN INTRODUCTION OF THE FIRM UNDER STUDY

Give details w.r.t

Product/service provided by the firm

Scale of operation

Number of employees and organization structure

Layout of factory/store

Any other details

MANAGEMENT PRINCIPLES



Management in business and organizations is the function that coordinates the efforts of people to accomplish goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization or initiative to accomplish a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources.

Since organizations can be viewed as systems, management can also be defined as human action, including design, to facilitate the production of useful outcomes from a system. This view opens the opportunity to 'manage' oneself, a prerequisite to attempting to manage others.

Principle A principle is a fundamental statement of truth that provides guidance to thought and action.

Principles of Management

Principles of management are broad and general guidelines for managerial decision making and behavior (i.e. they guide the practice of management). Fayol and Taylor

F. W.TAYLOR (1856-1915) Fredrick Winslow Taylor (March 20, 1856 March 21, 1915) was an American mechanical engineer, who sought to improve industrial efficiency, by reshaping the factory system of production. His career profile and his achievements:

Started his career as a apprentice mechanist at the factory level in 1874.

Rose to the position of chief engineer, at the Midwale steel company.

Joined Bethlehem Steel company to introduce piece rate system, to provide incentives to work. The company achieved a three fold increase in productivity by application of his scientific management principles.

Became president of the American society of mechanical engineers. He was a professor at Tuck School of Business at Dartmouth College founded in

1900.

Major contributions of Taylor

Introduced scientific methods in management, as opposed to the rule of thumb.

Emphasised on scientifically analysis of work and proposed to find, one best way to do work, by conducting time, motion and method studies.

Sought to increase the efficiency of workers by eliminating wastage of all types.

Emphasised on the need to have mental revolution a complete change in the outlook for both workers and management.

Wrote a book on shop floor and an article, on principles of Scientific Management, based on his findings and experiments.

Taylor coined the term Scientific Management.and gave a new thinking to management. For his contributions ,he came to be known as The Father of Scientific Management.



Scientific management According to Taylor, Scientific Management is knowing exactly what you want your men to do and seeing that they do it in the best and the cheapest way. It includes finding the most efficient methods of production, scientific selection and training of workers, proper allotment of duties and work and achieving cooperation between workers and management.

HENRY FAYOL(1841-1925) In the development of the classical school of management thought, Fayols

administrative theory provides an important link. His career profile and his achievements:

Started working as an engineer in coal mining company in France in 1860

Became the managing director of the company in 1888.

At that time the company was at the verge of insolvency. Fayol accepted the challenge and succeeded in bringing back the company out of that crisis.

When Fayol retired after 30 years, that company was one of the leading coal-steel companies with a strong financial background.

Major contributions of Fayol

Fayol was the first one to identify four functions of management: Planning, Organizing, Directing and Controlling. Although his version was a bit different: Plan, Organise, Comand, Co-ordinate and Control.

He divided all the activities of an industrial undertaking into : Technical, Commercial, Financial, Security, Accounting and Managerial and made a clear distinction between technical and managerial skill.

He also suggested that the qualities that a manager must possess should be- physical, moral, education, knowledge and experience.

Based on his own experience, Fayol developed his concept of administration and propounded 14 principles of management, which act as guidelines for managers to perform managerial activities.

These he discussed in his book, General and Industrial management. It was

published in 1949 and is widely considered a foundational work in Classical management theory. For his contributions in the field of management, he is known as the Father of General Management.

Taylor Vs. Fayol

Points of Taylor Fayol



distinction 1.Concern Task, workers and supervisors. Concerned more with efficiency of

administration or managers.

2.Level/ perspective

Shop floor level of a factory . Started from the lowest level in the organization and then he moved upwards, while formulating principles of scientific management.

Started his studies and approach from the top level and then proceeded downward with emphasis on unity of command, unity of direction and co-ordination.

3.Emphasis On standardization of work and tools. His principles were more applicable at the shop level.

He laid emphasis on principles of general management and functions of managers.

4.Focus Improve productivity of workers and eliminate all kinds of wastes.

Develop principles to ensure better management overall.

5.Major contribution

Development of scientific techniques and principles to enhance production at the shop(factory ) level.

Development of 14 principles. They can be applied in all functional areas like purchase, personnel, marketing. Etc.

Points of distinction

Taylor Fayol

6.Personality,

Basis of formation and Expression

That of a scientist because his results are based on scientific observation and measurement. He was called Father of

Scientific Management.

That of a researcher and practitioner because his results are based on his personal experiences. He was called The Father of General Management.

7. Applicability Applicable to specialized situations. Universally applicable

8.Unity of command

Functional foremanship, which contradicts Unity of command.

Strong supporter of Unity of command.

9.Stress on human element

Taylor focused more on increasing productivity rather than human resources.

Fayol showed more regard for human element by advocating principles such as stability of tenure, initiative etc.

Expression General Theory of Administration Scientific Management

Fayol was a French industrialist who rose from the position of an engineer to that of a Managing Director. He developed The General Theory of management. Taylor,



was an American machinist who rose to the position of chief Engineer. He developed Scientific Management.

If we compare their works and personality, we see that both:

Were practicing executives in the Industry.

Realized that problem of personnel and its management is the key to industrial progress.

Sought to develop rational and systematic basis of management.

Developed their ideas through practical experience and experiments and expressed them through their books.

Emphasized on training and development of personnel in management principles and techniques.

Conclusion

Thus we see that Taylor and Fayol belonged to different schools of thought, but their approaches are mutually complementary. That Taylor worked primarily at the operative level, from bottom of Industrial hierarchy upwards, while Fayol concentrated on managing and worked downwards, was merely a reflection of their different careers.

Thus works of Taylor and Fayol are important and complement each other since no organization can function effectively without mutual help and co-operation of managers and employees.



Planning and

Activities Done

During the

Project

o You need to give details here about what were the activities that you undertook to do your project. Such as

How you decided on the firm

Did you take interviews etc

How the analysis was done.



o Give them in a sequence.



Observations &

Findings

o If you have selected Fayols principles then for every principle given by Fayol give :

The definition

Advantages of following the principle

Disadvantage of not following the principle

Examples of its implementation

Then state whether the given principle was being followed in the organization that you studied or not.

You also need to give the basis of your conclusion i.e. did you reach the conclusion on the basis of your



observation, customer feedback, employee interview, documents of the firm etc.

OR

o If you have selected Taylors Principles and Techniques, then

for every principle an technique given by Taylor, give :

The definition

Diagram, if any

Examples of its implementation

Then state whether the given principle or technique was being followed in the organization that you studied or not.

You also need to give the basis of your conclusion i.e. did you reach the conclusion on the basis of your observation, customer feedback, employee interview, documents of the firm etc.

If you have taken interviews or administered questionnaires, attach a copy of the interview and questionnaires.



Learning from

the Project

Can be given as:

How you have been able to relate the theory in your syllabus to its practical application.

Anything else that you feel you have learnt about the real functioning of an organisation.

Any other skills developed such as such as skills of team work, problem solving, time management, information collection, processing, analyzing and synthesizing relevant information to derive meaningful conclusions etc



Also, answer the following: o How did you initially decide on the firm

o Did you take advice from anyone or refer to any publication? Why?

o Did you feel you needed to rework your strategies?

o If you were to do this activity again, what would you do differently?

of Business Studies Project (Financial Markets I): Class XII


Appendix



1. Persons/Firms Consulted

2. Books Referred To, Including your Text Book

3. Websites Referred to



Teachers Observation



Financial Markets Project Evaluation Performa

Students Name : _________________________________________________

Roll No: : _________________________________________________

Class and section : XII Section ____________________

Teachers Assessment:

Marks Obtained Maximum Marks

: 10 Marks

Overall Remarks:

..

. .... Internal Teachers External Teachers Date

Signature Signature

elements of business principles project

Documents

business studies teacher

herhis project

theory of project

school stamp

following page

particulars page

student of class

teachers observations