Theories of Management
A management theory provides insight and guidance into the principles and practices of effective management. In order to make informed decisions and improve their leadership abilities, managers need to understand these management theories in detail. They have evolved over time and offer different perspectives on managing people, resources, and organizations.
The following management theories are explained in detail:
A) Scientific Management:
Developed by Frederick Taylor, Scientific Management optimizes efficiency and productivity through scientific analysis and standardization of work processes. Key points of this theory include:
Time and Motion Studies: Taylor conducted studies to break down tasks into smaller, more efficient parts. The goal of his study was to identify the best way to perform tasks so that unnecessary movements would be eliminated and productivity would increase.
Division of Labor: The division of labor principle advocates assigning specialized tasks to workers based on their skills and abilities. The division of work can increase specialization and knowledge in organizations.
Standardization: Standardization of work methods, tools, and procedures helps achieve consistency and efficiency. By establishing standard procedures, organizations reduce variability and enhance efficiency.
Incentives: Scientific Management recommends providing financial rewards or incentives to motivate workers towards meeting productivity targets. Taylor believed that employees would be motivated by a fair and consistent rewards system.