Henri Fayol classified all business activities into 6 categories,viz. Technical, Commercial, Financial, Security, Accounting, Managerial. According to him the first groups of activities are quite well known and, threfore, he concentrated his attention on the analysis of the sixth group,i.e., managerial activities. According to Fayol, to manage is to forecast, and plan, to organise, to command, to coordinate and to control. Thus, Fayol classified managerial activities or functions into Planning, Organising, Commanding, Controlling and Coordinating. Fayol also suggested the following 14 principles of management in order to make the job of managing more effective: Division of work. Authority and Responsibility. Discipline. Unity of Command. Unity of Direction. Suordination of individual interest to general interest. Remunaration of personnel. Centralisation. Scalar chail. Order. Equity. Stability of tenure. Initiative. Esprit de corps.