Question

Describe 14 principles of management introduced by Henry Fayol.

Answer 1

Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. [4] Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics.[5] Strategic management is not static in nature; the models often[quantify] include a feedback loop to monitor execution and to inform the next round of planning.