Tuesday, May 12, 2020

The Science of Management Throughout History Essay

Management Thought Management - is one of the areas of modern economics, aimed at the creation, planning and implementation of development plan for businesses, organizations, and firms in order to maximize the potential profit of the company, creating a sustainable enterprise management system (Drucker, 1993). Management helps companies to achieve a certain goal step-by-step. In order to achieve targets companies demand managers. â€Å"A Manager is the person responsible for planning and directing the work of a group of individuals, monitoring their work, and taking corrective action when necessary† (Reh). The origins of management roots back to the time of ancient Egypt, where they started build the pyramids. Obviously, they needed to have†¦show more content†¦Labor productivity grows, increasing both gross and net product. According to Smith, the nations economy can grow only with the growth of its capital, and its capital can grow only to the extent that it gradually makes its income from savings. In other words, capital limits economy. Thus, the â€Å"capital - the true essence of economic life. As soon as it grows or diminishes, or opens it work all the way, or impose its veto on any improvement. According to Smith, government should not regulate or try to involve into businesses and trades, they have to support the free market. One of the other figures, who developed the science of management is Frederick W. Taylor. Frederick Taylor (1856 – 1915) called the father of scientific management and the ancestor of the entire system of scientific organization of production, and more than a hundred years, the whole modern theory and practice in the field of scientific labor organization uses â€Å"Taylor â€Å"heritage. And it is no coincidence that the theory was based management engineer, thoroughly knowledgeable technology industrial enterprise and their own experience to know all the features of the relationship between workers and managers. â€Å"The goal of scientific management was to use systematic study to find the one best way of doing each task† (Williams, p. 24) ThereShow MoreRelatedWhy Is Majoring A Business? Essay764 Words   |  4 Pagesdegree do I need to earn what I actually want? What am I good at? For sure the decision is complicated. Throughout this essay, we have compiled the three most popular fields of study chosen by college students. The first most popular field is business. Within the field of business, you have endless opportunities when selecting a particular major. You can choose between finance, marketing, management, entrepreneurship, and much more. 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