Management Notes
MODERN MANAGEMENT THEORIES
INTRODUCTION
Management is one or the other form has existed in every nook and corner of the world since the dawn of civilization. Modern Management has grown with the growth of social-economics and scientific institution. Modern view consists that a worker does not work for only money. They work for their satisfaction and happiness with good living style. Here Non- financial award is most important factor.
Modern management theories started after 1950s. Modern management theory focuses the development of each factor of workers and organization. Modern management theory refers to emphasizing the use of systematic mathematical techniques in the system with analyzing and understanding the inter-relationship of management and workers in all aspect.
It has following three Streams - Quantitative Approach, System Approach and Contingency Approach.
QUANTITATIVE APPROACH
Quantitative approach also called Operation Research. Quantitative approach is a scientific method. It emphasizes the use of statistical model and systematic mathematical techniques to solving complex management problems. Its helps the management to making decisions in operations. It can only suggest the alternatives based on statistical data. It cannot take final decision.
Characteristics of Quantitative Approach: * Decision-making focus - The primary focus of the quantitative approach is on problems or situations that require some direct action, or decision, on the part of management. * Measurable criteria - The decision-making process requires that the decision maker select some alternative course of action. The alternatives must be compared on the basis of some measurable criteria. * Quantitative model - To assess the likely impact of each alternative on the stated criteria, a quantitative model of the decision situation must be formulated. * Computers - Computers are quite useful in the problem-solving process.
USES: * It helps the
INTRODUCTION
Management is one or the other form has existed in every nook and corner of the world since the dawn of civilization. Modern Management has grown with the growth of social-economics and scientific institution. Modern view consists that a worker does not work for only money. They work for their satisfaction and happiness with good living style. Here Non- financial award is most important factor.
Modern management theories started after 1950s. Modern management theory focuses the development of each factor of workers and organization. Modern management theory refers to emphasizing the use of systematic mathematical techniques in the system with analyzing and understanding the inter-relationship of management and workers in all aspect.
It has following three Streams - Quantitative Approach, System Approach and Contingency Approach.
QUANTITATIVE APPROACH
Quantitative approach also called Operation Research. Quantitative approach is a scientific method. It emphasizes the use of statistical model and systematic mathematical techniques to solving complex management problems. Its helps the management to making decisions in operations. It can only suggest the alternatives based on statistical data. It cannot take final decision.
Characteristics of Quantitative Approach: * Decision-making focus - The primary focus of the quantitative approach is on problems or situations that require some direct action, or decision, on the part of management. * Measurable criteria - The decision-making process requires that the decision maker select some alternative course of action. The alternatives must be compared on the basis of some measurable criteria. * Quantitative model - To assess the likely impact of each alternative on the stated criteria, a quantitative model of the decision situation must be formulated. * Computers - Computers are quite useful in the problem-solving process.
USES: * It helps the