Understanding Managerial Ethics Managerial ethics is the standard of social norms and values, truth, and justice that is accepted by the manager in the decision-making process. It is the moral principles and rules of conduct that are applied in the business. Where ethics is the set of moral principles and rules guiding an individual’s behavior. …
Recent Trends in Management Due to the rapid development of science and technology, globalization in business, transportation, and communication system, increase the new pace of economic development emerge various new perspectives in management that a manager has to applied in today’s obstacles. Some of the recent trends in management are as follows: 10 Recent Trends …
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Definition of Contingency Approach of Management Contingency approach/theory is also called situational approach or practical approach. This approach suggests that there is probably no best way to solving management problems in all organizations, problems vary as the situation changes thus the way of handling problems should change in accordance with situation changes. Paul Lawrence, Jay …
Definition of System Approach/Theory of Management The system approach is new thinking in the management literature. A system is a set of interrelated and interdependent parts arranged in a manner that produces a unified whole. A system is a combination of sub-systems. For example, a business firm is a system that may be its sub-systems …