Management Definition Theory And Practice Commerce
Management is no doubt a way of life as resources either natural or artificial need to be organised and fully utilised in other to achieve a particular task. Everything has a beginning, just like the world had a beginning which was created by God and well managed by Him. In turn, He created humans as His tool to be in charge and manage these resources on earth. Since the beginning of civilization, several schools of thought in management have been propagated, each contributing a unique perspective to the art of managing and achieving organisational objectives.
The different types of model theory includes the Scientific Approach by Fredrick Winslow Taylor, Classical approach by Henri Fayol, Human Relation and Social Psychological School by Elton Mayo, May Parker Follett, Maslow's hierarchy of needs, McGregor, System and Contingency approach by Lawrence and Lorsch, Burns and Stalker, Joan Woodward Modern approach, contingency approaches to management to mention but a few (Cole and Phil, 2011).
In the 21st Century, every country constituted Professional Institutes for Management such as Chartered Management Institute (CMI) of the United Kingdom, Nigeria Institute of Management (NIM), Management Institute of Canada (MIC), American Institute of Management (AIM) etc to refine the ideology of these model theories and make organisation more functional and flexible even as we advance in technology. It is important to note that Management is the highest functional discipline in any business or professionally focused organisations in the world. In the world today, certain economy and social policies will have a ripple effect on the management decisions or planning pattern. An example of such management decision that affected millions of people in the world was the massive blow of the recession in 2007 as a result of a failure of financial management in some of the biggest banks in America. (RoseIndia.net, 2012).
This study tends to critically analysis the Classical School of Management Thought amongst other Management theoriest which was developed by Henri Fayol and view his theory to Management practice.2.0
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