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A collection of the ideas which set forth general rules on how to the manage business and organization. Management theory addresses how to managers and supervisors relate their organizations in knowledge of its goals. The implementation of the effective means to get goals accomplished and how to the motivate employees perform to maximum standard.

Management Theory is the study of principles and practices of the business to attain its preferred organizational goals to conducting effective management. The Management Theory is a range of the approaches including principles of the accounting, public operations, relations, labor relations, investment time management, and corporate governance to improve the performance of the business in some measurable and otherwise provable way.

Definition of management theory:

Management theory in the business and organizations is the function that is coordinates the efforts of the people to accomplish goals and objectives using existing resources efficiently and effectively. Management theory comprises planning, staffing, organizing, leading and directing, or controlling an organization and initiative to the accomplish a goal.

 Resourcing encompasses the deployment and manipulation of the human resources, technological resources, financial resources, and the natural resources. Management theory is also an academic discipline, and the social science whose object of study is the social organization.

Element of management theory:

Management theory has the four main elements. It is

 (1)  Process comprised of the interrelated social and technical functions or activities

 (2) That accomplishes the organizational objectives,

 (3) Achieves these objectives and through use of the people and other resources,

 (4)Does so in formal organizational setting. In concert with the managers at various levels and senior management establishes the organizational objectives and all who work in organization strives to the get them.

Various types of management theory:

Management theories are the implemented to help increase organizational productivity and the service quality. They commonly use  the combination of  the number of theories.

*Contingency Theory: This theory is asserts that managers make decisions based on situation at hand rather than a one size fits all technique.

*Systems Theory: The Managers who understand the systems theory recognize how different systems affect worker and how a worker affects the systems around them.

*Chaos Theory: The Chaos theory recognizes that change is inevitable and is infrequently controlled. While the organizations complexity, grow, and the possibility for susceptible the events increase.

*Theory X and Theory Y: The Managers who believe on workers naturally lack ambition and need incentives to the increase productivity lean toward Theory X management style. And Theory Y believes that workers are naturally driven and take the responsibility.

Basic functions of the management theory:

Management operates during the five basic functions: planning, coordinating, organizing, commanding, and controlling.

1. Planning: Deciding what needs to happen in future and the generating plans for the act.

2. Organizing: Making sure human and nonhuman resources are put into the position

3. Coordinating: Creating the structure through which ran the organization goals can be accomplished.

4. Commanding: Determining what must be done in the situation and getting the people to do it.

5. Controlling: Checking the progress of against plans.

Basic roles of management theory:

1. Interpersonal: The roles that involve the coordination and interaction with the employees,

2. Informational: The roles that involve sharing, handling, and analyzing the information,

3. Decisional: The roles that require the decision-making.

Skills of management theory:

1. Political: used to the build a power base and establish the connections,

2. Conceptual: used to analyze the complex situations,

3. Interpersonal: used to the communicate, mentor, stimulate, and delegate,

4. Diagnostic: ability to the visualize most appropriate response to the situation,

5. Leadership: ability to lead the and provide guidance to the specific group,

6. Technical: Expertise in the one's particular functional of area.

Management Theory Role and the Importance:

Management theory is very important because it is study of how to make all people in our organization more dynamic. If you are self-employed and have others functioning for you, and you outsource certain jobs you are the unable to do, then you know how to hard it is to find athletic competent professionals to provide you the service and work for you. You want to maximize the labor productivity and learning how to manage the people is key. The key to the business management is to the maximize productivity.

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