Management And Management Challenges For 21st Century Essay

When it comes to managing organisations, there are plenty of theories available for companies to use. Among the most popular is the model of Management by Objectives. In this guide, we’ll explore the concept and the basic principles guiding the objective-focused approach to management. We’ll explore the key features and outline the strengths and weaknesses of the approach. The guide will also explain the steps an organisation needs to take in order to implement the approach as well as examine a few examples of companies using the approach. 1 What is Management by Objectives about? Management by Objectives (MBO) as a concept first appeared in a 1954 book The Practice of Management. The author, Peter Drucker, has since become known as one of the world’s most influential business experts. Aside from developing the ideas around MBO, Drucker has revolutionised the corporate world with his views and theories on essential things such as leadership. His other famous books include The Effective Executive and Management Challenges for 21st Century. In The Practice of Management, Drucker examined the different schools of management, from the classical to the human relations theories. He felt the problem of these theories was how effectiveness was assumed a natural and expected outcome of management. He saw effectiveness to be more important than efficiency, creating the foundation for organisations to operate and therefore an integral part of focus for organisations. Due to theShow MoreRelatedManagement Challenges in the 21st Century1189 Words   |  5 PagesIntroduction Management is defined as the process of administering and coordinating resources effectively and efficiently in an effort to achiever the goals of the organization. Managers plan, lead, organize and control. Managing in the 21st century can pose many challenges. Some of these challenges are telecommuting, globalization and diversity, and a changing legal climate. 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