Wednesday, December 11, 2019

Management Theory and Practice Modern Management

Question: Describe about the Management Theory and Practice for Modern Management. Answer: 1: Henry Fayol is considered as father of modern management. He laid down the foundation on developing management as a distinct and specialized body of knowledge. He recommended that there were five principal purposes of management and fourteen principles. Below mentioned are the six principal objectives of a management: Planning: This function of management aims to chalk out future course of actions and determining the most suitable course of action to achieve the desired goals. Organizing: This function aims to bring together various available resources together and develop a correlation among them to achieve the goal. Staffing: The main purpose of function is to serve the requirement of choosing the right person for the right job. It includes manpower planning, training and development, performance appraisal etc. Directing: This function aims at influencing, supervising, guiding and motivating the employees to achieve organizational goals. Controlling: The function aims to check whether everything is falling in its in the process of achieving organizational goal (OConnor 2015). Fayol also gave fourteen principles that are applied in todays business which are division labor to increase productivity, authority and responsibility to create feeling of belongingness, obey disciplines that govern the organization, unity of command emphasized on the fact that each employee should receive orders from one superior, unity of direction explained that all employees should focus on same objective, subordination, remuneration emphasized on fair remuneration to each employee, centralization of decision making, scalar chain, order, equity, permanence of term of employees, initiatives and Espirit the corps which aims at promoting team spirit and build harmony and unity within the organization (Peaucelle and Guthrie 2015). 4: Peter. F. Drucker is considered as the leader among various other contemporary management thinkers. He had knowledge in various areas as law, psychology, journalism, sociology. Throughout his life, Drucker devised solutions to various managerial problems. His assistance covered various aspects of management. Following are the major contributions made by Drucker management functions, nature of management, organization structure, management by objectives, federalism, and organizational changes. Management by objectives (MBO) is considered as one of the most vital contributions made by Drucker. The term management by objectives (MBO) was coined by Drucker in 1954. It refers to the practice of setting goals for the workforce to ensure employees should know what they are supposed to do at the workplace. In the words of Drucker, its rather a philosophy than a management technique (Drucker 2013). Following are the needs of Management by Objectives (MBO): It helps the employees to understand their duties at workplace. Key result areas (KRAs) are defined for the employees based on their educational qualifications and experience. It leads employees towards satisfaction. It shuns the probability of job mismatch followed by unwanted confusions. Limitations of Management by Objectives (MBO): It does not emphasize on the facts such as existing working conditions and work culture in the organization. It mainly emphasizes on the goals and objectives of the organization. It merely expects its employees to achieve the pre-determined target of the organizations without considering the facts such workplace conditions. This process sometimes treats human being as mere machines (Turriago Thoene and Arjoon 2016). References Drucker, P., 2013.People and performance. Routledge. OConnor, E.S., 2015, October. Henri Fayol and the managerial point of view. InAnnales des Mines-Grer et comprendre(No. 3, pp. 93-95). FFE. Peaucelle, J.L. and Guthrie, C., 2015. Henri Fayol. Turriago-Hoyos, A., Thoene, U. and Arjoon, S., 2016. Knowledge Workers and Virtues in Peter Druckers Management Theory.SAGE Open,6(1), p.2158244016639631.

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