Identify contemporary management theoriesSolutionContemporar

Identify contemporary management theories

Solution

Contemporary Theories of Management

Contingency Theory

As per contingency theory, when a decision is taken by the manager, then it is their responsibility of taking into account of different aspects of the present situation and they must respond and act on those dimensions which are most likely to be the situation at hand. It can be seen as an approach that “it depends.”

Systems Theory

There is a very significant impact of systems theory on the management science and understanding the organization. A system can be seen as a collection of different elements which is combined to fulfill a certain objective. The nature of the system will be altered if any one of the element is changed or removed. The system has some inputs, processes, outputs, and results. Systems share feedback among each of these four aspects of the systems. Thus this theory examples that each aspect of the organization must work in a coordinated manner to fulfill the desired goal.

Chaos Theory

Similar to the external world, the organizations are also characterized as chaotic but still for many years, managers acted as if the system or the organization is something which can be controlled quite easily. As per Chaos theory, the systems are rarely controllable. While explaining this theory, many experts use the biological systems, as per their opinion systems naturally go to more complexity, and as they do so, these systems become more volatile and thus in order to maintain that complexity, more energy is required.