The specialization in Financial Management is constructed on 3 primary pillars: Corporate Finance, Management/Economic Accounting and Financial Markets. The systems theory suggests to practicing manager to study/analyze a certain element by taking into consideration its interacting consequences with other elements. He gave all round concepts of common management and suggested the simple functions of management.
This suggests that management is a key issue in the operating of enterprise enterprises. In addition, the attitudes of workers and their relations with each other and with the management would play a role in forming their attitudes towards the total perform situation.
Management is a designated knowledge, increasingly professionalized and is most likely to progress to a extremely organised status. Management need to recognize that a standard group behavior can dominate or even supersede person propensities and preferences. Management is needed as these functions are performed through the management approach.
His concept of scientific management developed into a movement and dominated the industrial management for numerous decades soon after him. Contingency approach/theory is the most current addition to current management theories. Elton Mayo conducted a series of pioneering research at the Hawthorne plant they proved to be of significantly use in associating employees with the management for reaching organizational objectives.
Modem management is based on the solid foundations laid down by management thinkers from the early historical period. The systems theory/method fails to provide distinct tools and techniques for the practicing executives/managers. Exploitation of workers: Workers argue that they will be exploited under scientific management as they will have to share much more burden of work with out corresponding increase in the wage price.…