The Contingency Management Theory And Management Theories

Within a fast-paced unpredictable economy, organizations must be able to keep up with demand and be capable of reacting quickly to change. Managers are at the forefront of the success or failure of a company’s fitness to effectively adjust to change. Therefore, it is extremely important for managers to study the history of management, understand different management theories and to apply them appropriately depending on the organization, the mission and the situation. Flexibility is one of the greatest traits a manager can possess in an extremely competitive market. One management theory that subscribes to flexibility is the contingency management theory. Adaptability is crucial in today’s business environment, especially for organizations trying to remain significant in global industries. All management theories offer ways to effectively run a company, but the contingency management theory is one of the most relevant in running a successful organization in the 21s t century. The contingency management theory centers on a manager’s ability to adapt to challenging conditions. Managers who subscribe to this theory will use their training, experience and gut checks to decide on the proper course of action based on the variable or situation they face (Plunkett, Allen Attner, 2013). They believe that the old adage of â€Å"one size fits all† does not apply in business like other management theories suggest. In fact, managers who follow the contingency management theory areShow MoreRelatedContingency Theories in Management1657 Words   |  7 Pageswhere the four popular management contingency variables of organisational size, routineness of task technology, environmental uncertainty and individual differences are reflected in the work of the manager that was interviewed. Using classical theories of Fayol, Mintzberg and Katz along practical examples from the managers’ day-to-day routine, this essay sets out to explain how these theories and functions impact upon how the manager applies the situational approach to management using the contemporaryRead MoreEssay on Contingency Management Theory614 Words   |  3 PagesContingency Theory Contingency Management Theory can be utilized in most business applications. Contingency Management Theory defined on the premise that there is no best way to lead an organization as there are too variables, both internal and external (McGlone, 2005). The manager must change his or her leadership technique, depending on the situation (Nair, 2009). Contingency Management is dependent on the manager’s flexibility and personal library of potential responses to fulfill the needsRead MoreThe Contingency Theory : The Importance Of Scientific Management1643 Words   |  7 PagesManagement is defined as the process of coordinating work activities so that they are completed efficiently and effectively, with and through people (Robbins et al, 2003). Yet, despite all organisations sharing a common goal of producing an output in the most efficient and effective way possible, there is not only one best way for them to manage their organisation to accomplish this objective. While the es tablishment of the Scientific Management discipline by Frederick Winslow Taylor proposed thatRead MoreContingency Theory: An Overview of Its Use In Management Essay690 Words   |  3 PagesContingency Theory: An Overview of Its Use in Management Contingency theory is one of the many theories that help to shape managerial practice, define the way that managers make decisions, and form solutions to problems. The intent of this paper will be to define what contingency theory is, identify the theorists that have helped shape the theory describe what areas of business and management it is used in. The paper will also set out to explain how contingency theory could be applied in realRead MoreClassical And Contingency Theories For Organizational Design1275 Words   |  6 PagesCritically Evaluate the Contributions and Limitations of Classical and Contingency Theories to Our Understanding of Contemporary Practices in the Area of Organizational Design  Table of Contents Introduction 3 Overview of Classical and Contingency Theories 3 Contributions of Classical and Contingency Theories 4 Limitations of Classical and Contingency Theories 5 Conclusion 6 References 7  Introduction Organisation is composed of individuals and groups who work together towards the accomplishmentRead MoreDisscuss the Contingency Approach to Management1313 Words   |  6 Pages | Definition of contingency(noun) by the Oxford Dictionary noun (plural contingencies) * a future event or circumstance which is possible but cannot be predicted with certainty * examples: a detailed contract which attempts to provide for all possible contingencies * a provision for a possible event or circumstance: stores were kept as a contingency against a blockade * an incidental expense: allow an extra fifteen per cent on the budget for contingencies * [mass noun] the absenceRead MoreThe Theory Of Frederick Winslow Taylor s Principle Of Scientific Management1387 Words   |  6 Pagesmanager’s role today along with the workforce diversity as it became a current main issue relating to management. Therefore, Taylor’s and Contingency theories are being critically analysed in this regard. First theory is Frederick Winslow Taylor’s Principle of Scientific Management that was published in 1911. It was part of the Classical Approach which refers to the first studies of management that occurred in the early 20 century that emphasised predominantly on rationality and efficiency. ItRead MoreThe Management Control System ( Mcs ) Essay1568 Words   |  7 Pagesresearches focussing on the management control system (MCS). Although, we have a far better understandings of management accounting practice now compared to the 1970s and 80s (Broomwich and Scarpens, 2016, p.4). There are many control systems developed, but it is rather unclear which one is the best method. Some believes with the use of contingency theory could help in achieving the best control methods, David Otley is one of the researchers that focussing on contingency approach towards MCS. Not toRead MoreDefine and Discuss the Different Theories of Management, Using Practical Examples from Your Experience or Knowledge. Compare Classical Management Theory to Any Contemporary Management Theory.691 Words   |  3 Pagesdifferent theories of management are classical management theory, behavioral management theory, quantitative management theory, systems management theory, contingency management theory, and quality management theory. The classical management theory focuses on finding the one best way to perform and manage task. The behavioral management theory recognizes employees as individuals with concrete human needs, as parts of work groups, and members of a larger society. The quantitative management theory usesRead MoreThe Contemporary School Of Management Thought1200 Words   |  5 PagesThe Contemporary School of Management Thought encompasses the complexity of an organization and the diversity of the individuals within the organization. Through different theories such as the systems theory, contingency theory and chaos theory, management can obtain a systematic and successful ap proach to dealing with the work force and situations that are embodied in such an environment. The rapid changing nature in today’s organizational environments can be interpreted and accounted for by the