Henri Fayol and Frederick Taylor made significant contributions to the development of management theory. Fayol identified key management functions including planning, organizing, commanding, coordinating and controlling. He also outlined 14 principles of management. Taylor introduced scientific management, focusing on improving productivity through work standardization and specialization. Though they had different perspectives, with Fayol focusing on overall administration and Taylor on shop floor operations, their work complemented each other and helped establish the foundations of modern management practice and theory.