MGMT 1136 James Khng (20946399) ASSIGNMENT 1 – ESSAY THEORETICAL MANAGEMENT AND ITS MODERN DAY APPLICABILITY
Question: Newton is quoted as saying in 1676; “If I have seen further, it is by standing on the shoulders of giants”. Discuss the ways how a modern day manager benefit from a study of the historical development of management thought. In doing this you need to specifically show how aspects of management theories from the past can be applied to contemporary management practice.
The ability and means by which an organisation is run, requires for strong managerial expertise and leadership. The ability to realistically plan, organise resources effectively and efficiently, co-ordinate and control resources in this every changing, complex, dynamic environment is at the forefront of quality managerial practices. Good management has demonstrated itself more important than ever, with the peak Global Financial crisis in 2008/2009 proving that the historical theory’s and innovations in managerial practices are absolutely paramount to thriving economic prosperity. It is through the functions, approaches included in the literature of Henri Fayol’s 1949 English translated General and Industrial Management, Henry Mintzberg’s studies into managerial roles and German sociologist and economist Max Weber’s concept of bureaucracy that acknowledge and promote guidelines, expectations and accountability from managers. The extent, to which modern day management upholds and applies all three of these historical studies/ theories into modern management practices will be basis for coherent, strong, fully functioning and ultimately successful