Development of Management Thought Submitted byHarpreet Singh M.Com 1st Semester Submitted toDr. A. K. Sharma Lect. In Commerce Dept.
Introduction Development of management thought is basically theory of Management. Theory is known as body of principles. As in Mathematic they are known as theorem. Theory is concerned with generation derived from data and establishing significant relationship.
The Classical Theory of Management It includes :- Bureaucratic Model by Max Webber in 1990 Scientific Management by F.W. Taylor in 1910 III. Functional or Administration or Process Management by Henry Fayal in 1910
Standardization of instruments, tools and work condition.
Books published on Scientific management1. 1903, Shop management2. Principle and method of scientific management3. 1913 Scientific managementPaper Established1. 1895, A piece rate system2. 1905, On the art of cutting metals
III. Functional management theoryContribution of Henry Fayal:-Planning, Organization, Command, Co-ordination, ControlOther Contribution Under Functional Theory(i) Henry L. Gantt:- Gantt is regarded as one of the greatest contributor of Scientific Management era.(ii) Gantt Chart:- He developed a daily balance sheet chart called Gantt chart.
Neo Classical Theories It includes:- 1. Elton Mayo’s Human Relation Management (1927-1932) 2. Douglas Mc-Gregar’s contribution in X and Y theory 3. Abraham Maslow's contribution
Modern Management Theories It includes:- 1. Quantative or Mathematical approach to management 2. System approach to management 3. Contingency approach to management
Importance of Development of Management Thought 1. It increases the efficiency of workers2. Making good relation3. It helps in decision making4. It helps in coordination