Henry Fayol (1841-1925) – Biography:
Fayol, the French industrialist, was responsible for the development of modern management. Starting his career as a coal mine engineer, he successfully developed his company. His book on ‘General and Industrial Management’ (1916) was a monument work on management.
Fayol’s contributions are:
1) Grouping of business activities into six branches.
2) Five functions of management
3) Formulation of principles of management.
Grouping of Business Activities:
He grouped the business activities as: (1) Technical (Production), (2) Commercial (buying, selling and exchange), (3) Financial (search for optimum use of capital), (4) Security (Protection of property and persons), (5) Accounting (including statistics) and (6) Managerial (planning, organizing, command, coordination and control). Of these, entire managerial group attached his attention most.