Henry Fayol divided administrative principles of Industrial Unit in six parts for ease and clarification :

• Technical activities,
• Commercial activities,
• Financial activities,
• Safety activities,
• Accounting activities and
• Management activity.

Henry Fayol presented fourteen important principles of management based on his experience and knowledge; which have proved to be very useful in the field of management. The principles are as under:

• Principle of Division of Work
• Principle of Authority and Responsibility
• Principle of Discipline
• Principle of Unity of Command
• Principle of Unity of Direction,
• Sub-ordination of Individual interest to General interest
• Principle of Proper Remuneration to Personnel
• Principle of Centralization,
• Principle of Scalar Chain of Power,
• Principle of Order
• Principle of Equality,
• Principle of Stability of Personnel Tenure,
• Principle of Initiative
• ‘Espirit de Corps’ (Feeling of oneness).

Contribution of Peter F. Drucker in the Field of Management: Peter F. Drucker give special importance to Human Asset in business unit. In his main contribution ‘Management by Objective’ and ‘Principle of Self-regulation’ are main. He contributed mainly for Human Resource Management, Market Management and Stress Management. Hence, he is called Father of Modern Management.