Why is management theory important?

Why is management theory important?
Management theory is important because it is the study of how tomake all the people in your organization more productive. If youare self-employed and have others working for you, or you outsourcecertain jobs you are unable to do, then you know how hard it is tofind qualified competent professionals to provide you a service orwork for you. You want to maximize labor productivity and learninghow to manage people is key.

The key to business management is to maximize productivity.However, while management theory does aim towards getting a groupof entities to achieve a certain goal, it does not necessarilyachieve in making people more productive towards this cause. Timesare shifting rapidly and the loss of key gurus, like Peter Drucker,in recent times, bears certain implications. The key contributionin having management theory lies in what has been achieved by thediffering schools of thought within our history. This may serve asa guide, but one must also bear in mind that management is not justa science, but also an art.

There are many benefits to knowing management theory. First of allmanagement theory doesn't just teach someone how inspire employeesto be more productive, it also shows managers how to be goodbosses. It is key for them to know how to deal with issues that mayexist in the workplace. Managers have to efficiently deal withthese issues and simultaneously maintain a stable or improvinglevel of productivity. With management, you have to balance amultitude of tasks daily and being familiar with management theorycan help greatly.