Management Theories and Their Impact on Business Practices

This report provides an overview of the management theories and business practices, including the impact of digital transformation, the rise of the digital world, and the changes in supply chains. The report also explores the different types of management theories and their relevance in the modern business. It also discusses how the management theories are used in the business. The report also provides a detailed overview of the future trends in the management field and how they are going to affect the business operations and management practices. The report gives an overview of the future trends in management that are expected to reshape the business environment and the implications of these trends for businesses. The report also explores the importance of using time management in the workplace. The report also highlights the importance of the human factor in the management field. The report is a good source of information for the students and management professionals.

Evolution of management theory
and practice

TABLE OF CONTENT
 Introduction
 Current management practices
 Future changes in the operating environment of business
 Conclusion
 References

INTRODUCTION
 Management theories may be defined as the
collection of the different types of ideas which
recommends the various rules that assist in
managing the organisation or business. These
theories assist in implementing the strategies which
are made by the company management not only in
implementing the goals but also in motivating the
employees (Shaturaev, 2021)

Current management practices
 Management practice may be defied as the set of different
types of organisational resources that are designed to
perform the work in proper manner and attain the
objectives. The main motive of these management
practices is to improve the discipline within the workplace
and motivate the employees to work hard and attain the
company goals in productive manner.
 Utilization of technology
 Diversity:

MANAGEMENT THEORIES
The neoclassical theory of the management is discussed which is the
extended version of classical theory. Classical theory defines the human
beings as the appendage to the machine. It is the theory where the
experimented which the humans will be able to work in the more
productive manner than the machines. It was analysed that human being
pressure was decreased and was introducing to machinery work in
organisation.
This the another theory called as the humanist theory where the
history is defined as outlook or system of the thought which focuses on
the humans than the supernatural and divine insights and stresses on the
humans are more and are basic needs for organisations and it is very
significant for having familiar which the human behaviour in the
effective way. .

Bureaucracy and Time management theory
Introduced by the Max Webber the
theory states that for management of
the business organization it is
important for having a clear line of
authority with the proper process, rules
and regulations for controlling the
every business operation. This theory
helps the proper management in the
modern times by clearly stating the
roles and responsibilities.
In modern management era where
time is everything if the management
itself takes more time than usual then
they will have to pay in terms of
efficiency, so for avoiding it time
management theory is used in the
organizations as by effectively
managing the time operations of the
business

Future changes in the operating
environment of business
 Digital first replaces the brick and mortar
 Digital solutions not for millennials only
 Working virtually and healthier
 The rise of on -demand supply chains
 Industrial change course

Conclusion
 It can be concluded from the above presentation that proper management is very
essential for managing the operations of the business. It helps in achieving the
goals of the organisation as a whole. There are various changes which keeps in
happening in the environment of the business.

REFERECES
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 Johnson, P., 2018. Fundamentals of collection development and management.
American Library Association.
 Konovalova, E.E., and et, al., , 2018. Forming approaches to strategic management
and development of tourism and hospitality industry in the regions. Journal of
Environmental Management & Tourism, 9(2 (26)), pp.241-247.