What is the definition of contemporary management?

.The four contemporary approaches to management are: systems theory, organizational behavior, quantitative management and sociotechnical systems. Each contemporary approach is influenced by an environment factor. These impacts are macro-environment, competitive environment and internal environment.

Contemporary Management Issues examines the way of thinking that is needed to address issues as they emerge. Contemporary issues have arisen as a result of past, and current, thinking and practices. Similarly, future issues will emerge as a result of current thinking and practices.

Contemporary Approaches to Management provides a framework of management practices based on more recent trends, such as globalization, theory Z concepts, McKinsey’s 7-S approach, excellence models, productivity and quality issues, etc.

They are: DIVISION OF WORK. Specialization increases output by making employees more efficient. AUTHORITY. Managers must give orders. DISCIPLINE. Employees must obey and respect the rules that govern the organization. UNITY OF COMMAND. UNITY OF DIRECTION. SUBORDINATION OF INDIVIDUAL INTERESTS TO THE GENERAL INTEREST. REMUNERATION. CENTRALIZATION. SCALAR CHAIN. ORDER.