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Building on Thomas Kuhn's concept of paradigm, it explores the hidden assumptions of social and organizational theory, offering a map-like representation of dozens of different schools of thought. The fundamental thesis is that different theories reflect very different implicit assumptions on the nature of social reality.
The need to manage business by balancing a variety of needs and goals, rather than subordinating an institution to a single value. [49] [50] This concept of management by objectives and self-control forms the keynote of his 1954 landmark The Practice of Management. [51] A company's primary responsibility is to serve its customers.
The managerial grid model or managerial grid theory (1964) is a model, developed by Robert R. Blake and Jane Mouton, of leadership styles. [ 1 ] This model originally identified five different leadership styles based on the concern for people and the concern for production .
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
Managerial finance is the branch of finance that concerns itself with the financial aspects of managerial decisions. [1] Finance addresses the ways in which organizations (and individuals) raise and allocate monetary resources over time, taking into account the risks entailed in their projects; Managerial finance, then, emphasizes the managerial application of these finance techniques and ...
Critical management studies (CMS) is a loose but extensive grouping of theoretically informed critiques of management, business and organisation, grounded originally in a critical theory perspective. Today it encompasses a wide range of perspectives that are critical of traditional theories of management and the business schools that generate ...
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The first comprehensive theories of management appeared around 1920. [citation needed] The Harvard Business School offered the first Master of Business Administration degree (MBA) in 1921. People like Henri Fayol (1841–1925) and Alexander Church (1866–1936) described the various branches of management and their inter-relationships.