Many management theorists and their contributions

When studying or implementing these theories, it's important to know the pros and cons of each and how those might apply to your business, even if you aren't directly using a certain style. Contingency Theory Contingency Theory was developed by sociologist Joan Woodward after she examined why some companies performed better than others.

Weber's ideal business uses standard rules and procedures to organize itself. Remuneration Pay should be fair to both the employee and the firm 8.

It cannot be stated strongly enough that the Weber theory has the advantage of being used as a 'gold standard' on which to compare and develop other modern theories. It's almost impossible to keep emotions out of business decisions, and sometimes emotions are needed. Centralization — There should be a balance between decision-making power.

There should be a middle ground for implementing this theory.

Various approaches to management

Coordinating Controlling Some people combine forecasting and planning into one function, simplifying the theory down to five functions. Managers deal with human beings whose behavior cannot be reduced to formulas. Therefore, it is helpful to gain an understanding of management theories and their applications. Common Concepts in Management Theories Management theories all revolve around similar concepts. Management theories have been developed and used since management first became a standard part of business practices. This authority must be agreed upon. Fayol also gave much of the basic terminology and concepts, which would be elaborated upon by future researchers, such as division of labour, scalar chain, unity of command and centralisation. Thus employees could be trained to be 'first class' within their job. We take a lot of this for granted in the UK today. Unity of direction — Teams should be striving for common goals. In particular, features such as scalar chain, specialisation, authority and the definition of jobs which were so essential to successful management as described by Fayol, are typical of bureaucracy. Management theories help to clarify these types of goals for managers and inform on how best to realize those goals.

Equity A combination of kindliness and justice towards the employees For example, a company's board of directors should have a say, but the midlevel managers shouldn't be overpowered.

Managers have been an integral factor for business success since the Industrial Revolution. Managers deal with human beings whose behavior cannot be reduced to formulas.

They have evolved considerably over time from traditional top-down authoritarian paradigms to more human-centered contemporary adaptations. If a business's sales team is struggling, it can hurt the whole operation.

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Management Theories & Concepts at the Workplace