Basics of management

The primary objective of management in banking is to achieve organizational goals efficiently and effectively by coordinating human, financial, and physical resources while ensuring regulatory compliance and stakeholder value creation.

Efficiency is doing things right; effectiveness is doing right things.

Frederick Winslow Taylor is associated with Scientific Management, which emphasized systematic analysis of workflows, time-and-motion studies, and standardization of tasks to improve productivity.

Each employee should receive orders from only one superior.

Unity of Command is a key principle stating that each employee should receive orders from only one superior, which is critical in banking to maintain clear accountability and avoid conflicting instructions.

Scientific management through time and motion studies for efficiency.

The four classical functions are Planning, Organizing, Leading (Directing), and Controlling — often remembered by the acronym POLC — which together form the management process in any organization including banks.

Grouping jobs and activities into departments based on function or product.