What is the management concept? What is the overarching theory that governs all levels of management? Who established management principles? What exactly is Fayol's theory? Many management concepts were defined by Henry Fayol, known as the "Father of Modern Management Theory." His foresight and keen observation paved the way for the 14 principles that are still followed and applied by and in management today. He redefined managerial efficiency and provided a new perspective on the concept of management. To learn more, read Henry Fayol's 14 Principles of Management.

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