Principles of management means the rules and regulation based on which decisions regarding the attainment of goals are taken in any organisation. 

Principles of Management Given by Fayol : 

Henry Fayol is recognised as the Father of modern theory of management. He has formulated a set of 14 principles which are universally accepted and applicate. 

They are as fallows :

• Division of Work or Specialisation :
• It states that the entire work should be sub-divided into small, compact jobs and each job should be given to that worker who specialises in that job.
• Authority and Responsibility :
• Authority, refers,to the right/power to take decisions and get them implemented, where as responsibility refers to the obligation on the part of the subordinate for doing the assigned work. According to Fayol, there should be perfect balance between authority and responsibility.
• Discipline :
• According to fayol, discipline in an organisation is a must for ensuring smooth functioning of of garnisational activities.
• Unity of Command :
• It states that each subordinate should receive orders from Only one boss or superior. When an employee gets orders and instructions from more than one boss, confusion and conflicts tend to arise.
• Unity of Direction :
• It states that there should be one head and one plan for the activities having the same objectives. In other words, the activities that have the same objective should be directed by one manager, under one plan.
• Subordination of Individual Interest to General Interest :
• It states that the interest of organisation should always supercede the interest of any individual.
• Remuneration : 
• The remuneration or compensation for work done should be fair to both employees and the organisation. It must be adequate enough to lead a reasonable standard of life for the employees and within the paying capacity of the employer.
• Centralisation : 
• There is a need to balance subordinate involvement through de-centralisation with manager’s retention of final authority through centralisation. Fayol, believed that the top manager should retain final responsibility.
• Scalar Chain or Hierarchy of Authority :
• Scalar chain refers to chain of, communication and command (authority), wherein, a manager has to communicate with his immediate subordinate/superior in a normal situation.
• Order :
• The principle of order states that there should be a place for everything and for every person. At the same time, everything and every person should be at their right place.
• Equity : 
• Principle of equity implies that the employees should be dealt in a kind, just and fair manner. It refers to play fair along with justice friendliness.
• Stability of Personnel :
• It states that management must ensure that employees should be kept at their position for a reasonable time period. Management should not shift employees from one job to another frequently.
• Initiative :
• Workers should be encouraged to develop and carry out their plan for improvements. This freedom may encourage and inspire subordinates to initiate new things.
• Espirit-de-Corps :
• It states that managers should promote spirit of team work and cooperation and a sense of unity among the employees.