Basic components of scientific management are: (1) separation of planning from doing (2) functional foremanship (3) determining 'fair day's work' and one best way of doing it (4) differential piecework system of wage payment and (5) bilateral mental revolution.
Informal organisation refers to the network of personnel and social relationships which arise spontaneously when people working together interact on personal whims, likes and prejudices. Such relations are not created by the top management and they are not recognised formally.
Elton Mayo and Human Relations Approach to Management!
Elton Mayo (1880-1949) was originally a medical student but developed interest in psychology and philosophy. He was born in Adelaide (Australia) in 1980. An Australian by birth, he went to U.S.A. and joined the staff of Harvard University in 1926.
Some of the most important principles of management are:1. Principle of Planning, 2. Principle of Co-ordination, 3. Principle of Exception, 4. Principle of Span of Control, 5. Principle of Motivation, 6. Principle of Participation, 7. Principle of Objective!
Difference between Exchange Stability and Price Stability!
It is easy to see that the various objectives of monetary policy are interrelated. They also usually conflict with one another. Thus, the objective of price stability may conflict with the objective of exchange rate stability.