Acc 216 Compile Note by Impact Team.

You might also like

Download as docx, pdf, or txt
Download as docx, pdf, or txt
You are on page 1of 17

IMPACT " 24"

LECTURE NOTE COMPILED BY HONOURABLE OWODUNNI MOJEED OPEYEMI


HONOURABLE REPRESENTING ACCOUNTING CONSTITUENCY 2.
CONTACT INFO; 07047826528

PKA: THE BRAND OWNER OF HOLARMEELAKAN UNISEX FASHION DESIGNER.)


CONTACT INFO; 07047826528

COURSE TITLE ; MANAGEMENT THEORY AND PRACTICE


COURSE CODE: ACC 216

COURSE OUTLINE
1. DEFINITION OF THEORY AND LEVELS OF THEORY.
2. TYPES OF THEORIES
3. MANAGEMENT BY OBJECTIVES(MBO) AND EXEMPTION.
4. MANAGEMENT THEORIES AND MODELS
5. CONFLUENCE OF MANAGEMENT THEORY, MANAGEMENT PRACTICE AND
PHILOSOPHY OF MANAGEMENT
6. MANAGEMENT PRINCIPLES
7. THE LINK BETWEEN MANAGEMENT THEORY AND PRACTICE
8. THE NIGERIA EXPERIENCE OF THE MANAGEMENT PRACTICE.
9. Test questions and answers
10. Note the test questions is pivotal for you to know it.

Definition of management, theory and levels of theory.

Management can be defined as the process of planning, organizing, directing, and


controlling the resources (human, financial, physical, and informational) of an
organization to achieve its goals.
Theory;
A theory is a set of principles or ideas that explain a phenomenon or behavior. In
management, theories are used to understand and predict how organizations operate
and how managers can best achieve their objectives.

There are several levels of theory in management which are:

1. Descriptive theories: These theories explain how things work in organizations and
describe the behavior of individuals and groups within them.

2. Prescriptive theories: These theories provide recommendations or guidelines for how


managers should act in certain situations to achieve organizational goals.

3. Normative theories: These theories focus on what should be done in organizations


based on certain values or principles.

Types of management theories include:

1. Classical management theories: These theories focus on the principles of efficiency,


productivity, and rationality in organizations. Examples include scientific management
and administrative management.

2. Behavioral management theories: These theories focus on the behavior of individuals


and groups in organizations and how it affects performance. Examples include the
human relations approach and the behavioral science approach.

3. Contingency management theories: These theories suggest that there is no one best
way to manage an organization and that the most effective management approach
depends on the situation. Examples include contingency theory and situational
leadership theory.

Management by objectives (MBO)


is a management approach where goals are set collaboratively between employees and
their managers, with the overall objective of improving organizational performance.
Exemption, on the other hand, refers to the process of exempting certain individuals or
departments from certain organizational rules or guidelines in order to achieve specific
objectives.

One of the main advantages of management by objectives is that it promotes clarity and
alignment within the organization. By setting clear and measurable goals, employees
have a better understanding of what is expected of them and how their individual goals
contribute to the overall success of the organization. This alignment helps to improve
organizational performance and employee engagement.

Another advantage of management by objectives is that it encourages accountability and


performance management. By setting specific goals and deadlines, employees are more
likely to take ownership of their work and strive to achieve the desired outcomes. This
can lead to improved productivity and motivation among employees.

Exemption, on the other hand, can be advantageous in certain situations where flexibility
is needed to achieve specific objectives. By exempting certain individuals or
departments from organizational rules or guidelines, organizations can better adapt to
changing circumstances and leverage the expertise of key personnel to achieve desired
results. This can help organizations to be more agile and responsive in a constantly
evolving business environment.

Overall, management by objectives and exemption can be powerful tools for


organizations looking to improve performance and achieve strategic goals. By setting
clear goals, promoting accountability, and leveraging flexibility when needed,
organizations can create a more cohesive and effective work environment that drives
success.

Management theories and models.


There are numerous management theories and models that have been developed over
the years to help guide organizations in their decision-making and strategic planning.
Some of the key management theories and models include:

1. Scientific Management Theory: Developed by Frederick Taylor, this theory focuses on


using scientific methods to optimize work processes and improve efficiency.
2. Classical Management Theory: Developed by Henri Fayol, this theory emphasizes the
importance of management functions such as planning, organizing, commanding,
coordinating, and controlling.

3. Human Relations Theory: Developed by Elton Mayo, this theory focuses on the
importance of employee satisfaction and motivation in achieving organizational goals.

4. Systems Theory: This theory views organizations as complex systems with


interconnected parts that influence each other and the organization as a whole.

5. Contingency Theory: This theory states that there is no one best way to manage an
organization, and that the most effective management approach depends on the specific
circumstances.

6. Total Quality Management (TQM): This model emphasizes continuous improvement,


customer satisfaction, and employee involvement in the decision-making process.

7. Six Sigma: This model is focused on reducing defects and improving quality by using
statistical methods and rigorous problem-solving techniques.

8. Theory X and Theory Y: Developed by Douglas McGregor, these theories contrast two
different views of employee motivation and management styles. Theory X assumes
employees are lazy and require strict supervision, while Theory Y assumes employees
are self-motivated and can be trusted to work independently.

These are just a few examples of the many management theories and models that exist.
Each theory and model offer unique insights and strategies for effective management,
and organizations may choose to adopt one or more of these depending on their specific
needs and goals.

Confluence of management theory, management practices and philosophy of


management.
The confluence of management theory, management practices and philosophy of
management refers to the interconnectedness and interaction between these three
components in the field of management.

Management theory provides the theoretical framework and models for understanding
and analyzing the principles of management. It encompasses various perspectives and
schools of thought, such as scientific management, systems theory, contingency theory,
and human relations theory. These theories help managers make informed decisions and
develop strategic plans based on sound principles and concepts.

Management practices, on the other hand, involve the practical application of


management theory in real-world organizational settings. It includes the implementation
of strategies, processes, and systems to achieve organizational goals and objectives.
Management practices are informed by management theory and are constantly evolving
based on changing business environments, technological advancements, and market
trends.

Philosophy of management, on the other hand, focuses on the underlying beliefs, values,
and principles that guide managerial decision-making and behavior. It addresses
questions about the nature of leadership, ethics, organizational culture, and social
responsibility. Philosophy of management provides a moral and ethical framework for
managers to make ethical decisions and build a positive organizational culture.

The confluence of management theory, management practices, and philosophy of


management is essential for creating effective and sustainable organizations. By
integrating these three components, managers can develop a comprehensive
understanding of management principles, implement best practices, and make ethical
decisions that benefit both the organization and its stakeholders. This holistic approach
to management helps organizations adapt to change, innovate, and thrive in today's
dynamic and complex business environment.

Management thoughts
Management thought refers to the theory that guides management of people in the
organization. Initially management theories were developed out of the practical
experience of the managers in the industrial organization.The following shows the set of
thoughts managers exhibit in an organization.
1. Effective communication is key in any management role. Clear, consistent
communication helps to create a strong team that is aligned and working towards the
same goals.

2. A successful manager is someone who can delegate tasks effectively, trust their team
to deliver results, and provide support and guidance when needed.

3. It's important for managers to lead by example and demonstrate the behavior and work
ethic they expect from their team. This helps to build trust and respect among team
members.

4. Continuous learning and adaptation are crucial in management. The business


landscape is constantly changing, so managers need to stay current with industry
trends, technologies, and best practices to remain effective in their roles.

5. Building a positive work culture is essential for team morale and productivity.
Managers should focus on creating a supportive, inclusive environment where
employees feel valued and motivated to perform at their best.
6. It's important for managers to recognize and reward employees for their hard work and
contributions. This not only boosts morale but also reinforces desired behaviors and
encourages continued performance excellence.

7. Conflict resolution skills are essential for effective management. Managers should be
able to address and resolve conflicts in a fair and timely manner, fostering a healthy and
productive work environment.

8. Strategic planning and goal setting are integral to successful management. Managers
should have a clear vision for their team and set SMART (Specific, Measurable,
Achievable, Relevant, Time-bound) goals to track progress and drive success.

9. Empowerment is key in management. Managers should empower their team members


to make decisions, take ownership of their work, and contribute their unique skills and
perspectives to the team.

10. A successful manager is someone who values feedback and is open to continuous
improvement and development. Seeking feedback from team members, peers, and
superiors can help managers identify areas for growth and refine their management
skills.

Management principles
There are various management principles that guide the overall functions and operations
of an organization. Some of the key management principles include:

1. Planning: This involves setting goals, objectives, and strategies for the organization to
achieve its mission. It involves deciding in advance what needs to be done, how it will be
done, and who will do it.

2. Organizing: This principle involves arranging resources and tasks in a structured


manner to ensure efficiency and effectiveness in achieving organizational goals.

3. Staffing: Staffing involves recruiting, selecting, training, and developing employees to


ensure that the organization has the right people in the right roles.

4. Directing: This principle involves guiding and motivating employees to achieve


organizational goals by providing clear instructions, supervision, and leadership.

5. Controlling: Controlling involves monitoring performance, comparing it to standards,


and implementing corrective actions when necessary to ensure that organizational goals
are achieved.

6. Coordinating: Coordinating involves integrating the activities of different departments


and individuals to ensure that they work together towards achieving common goals.
7. Decentralization: Decentralization involves delegating decision-making authority to
lower levels of the organization to promote autonomy and flexibility.

8. Unity of command: This principle states that each employee should have only one
direct supervisor to avoid confusion and conflicts in instructions.

These management principles provide a framework for effective management practices


and help organizations achieve their goals efficiently and effectively.
There are a few key individuals who are considered to be the propounders of
management principles, some of the most notable include:

1. Frederick Taylor: Known as the "father of scientific management," Taylor was an


American engineer who developed the theory of scientific management. He focused on
improving productivity and efficiency by analyzing and optimizing work processes.

2. Henri Fayol: A French mining engineer, Fayol is often considered the founder of
modern management theory. He introduced the idea of management functions, such as
planning, organizing, commanding, coordinating, and controlling, which are still widely
used in management today.

3. Max Weber: A German sociologist, Weber is known for his work on bureaucratic
management. He emphasized the importance of clear roles, hierarchy, and rules in
organizations.

4. Elton Mayo: An Australian psychologist, Mayo is known for his Hawthorne


experiments, which demonstrated the importance of human factors in the workplace. His
work helped shift management focus from purely technical factors to considering the
social and psychological aspects of work.

5. Peter Drucker: Often called the "father of modern management," Drucker was an
Austrian-American management consultant and writer. He introduced the concept of
management by objectives and emphasized the importance of leadership, innovation,
and employee empowerment in organizations.

The link between management theory and practice


Management theory and practice are inherently linked and interdependent. Management
theory provides the framework and concepts for understanding and analyzing different
aspects of management, while management practice involves the application of these
theories in real-world settings.

Management theory is developed through research, experimentation, and observation of


management practices in various organizations. These theories provide managers with a
set of guidelines, principles, and tools to effectively manage resources, make decisions,
and achieve organizational goals. For example, theories such as contingency theory,
systems theory, and behavioral theory provide different perspectives on how
organizations operate and how managers can effectively lead and motivate employees.

On the other hand, management practice involves the application of these theories in
day-to-day operations within organizations. Managers use various management
techniques, tools, and strategies to plan, organize, coordinate, and control resources to
achieve specific objectives. By applying management theory in practice, managers can
identify problems, make informed decisions, and implement strategies to improve
organizational performance.

The link between management theory and practice is essential for the continuous
evolution and improvement of management practices. As new challenges emerge and
organizations evolve, managers need to adapt their practices based on the latest
theories and research findings. This iterative process of testing, refining, and applying
management theories in practice helps organizations stay competitive, innovate, and
achieve sustainable growth.

In conclusion, the link between management theory and practice is crucial for the
effective functioning of organizations. By combining theoretical knowledge with practical
experience, managers can make informed decisions, solve complex problems, and drive
organizational success. It is essential for managers to stay updated on the latest
management theories and concepts to effectively navigate the dynamic and ever-
changing business landscape.

The Nigeria experience of the management practices.


In Nigeria, management practices vary significantly depending on the sector and
company size. However, there are some common themes that can be identified in the
Nigerian business landscape.

One key aspect of management in Nigeria is the importance of hierarchy and respect for
authority. Managers are typically seen as figures of authority and are expected to be
decisive and take charge of situations. This hierarchical structure can sometimes lead to
challenges in communication and decision-making processes, as subordinates may be
hesitant to voice their opinions or challenge their superiors.

Another important aspect of management in Nigeria is the emphasis on relationships and


networking. Building strong relationships with clients, suppliers, and government
officials is often seen as crucial for business success. This emphasis on relationships
can sometimes lead to nepotism and favoritism, as managers may prioritize their
personal connections over merit-based decision-making.

Additionally, the Nigerian business environment is known for its bureaucracy and red
tape, which can make it challenging for companies to operate efficiently. Managers must
navigate complex regulatory requirements and bureaucratic processes, which can
sometimes slow down decision-making and hinder business growth.

Despite these challenges, Nigerian managers are known for their resilience and
resourcefulness. Many managers in Nigeria have a strong entrepreneurial spirit and are
adept at finding creative solutions to problems. This adaptability is essential in a country
with a rapidly changing business environment and often volatile economic conditions.

Overall, management practices in Nigeria are shaped by a unique blend of hierarchy,


relationships, bureaucracy, and entrepreneurial spirit. While there are challenges to
navigate, Nigerian managers are known for their ability to adapt and thrive in a dynamic
and competitive business environment.

Question1

1)is there difference between management school of thought and management thoughts
if yes , give reasons and explain those schools of thought in management.

Answer.
Yes, there is a difference between management school of thought and management
thoughts.

Management school of thought refers to the specific theories or frameworks that have
influenced the field of management over time, while management thoughts are individual
ideas, beliefs, or concepts related to management that may or may not be part of a
broader school of thought.

Some common management schools of thought include:

1. Scientific Management: This school of thought, popularized by Frederick Taylor,


focused on improving efficiency by scientifically studying work processes and
implementing standardized procedures.

2. Administrative Management: Developed by Henri Fayol, this school of thought


emphasized the role of managers in coordinating and directing organizational activities.

3. Human Relations Management: This school of thought, popularized by researchers


such as Elton Mayo, focused on the social and psychological aspects of work and
emphasized the importance of employee satisfaction and motivation.

4. Systems Theory: This school of thought views organizations as interconnected


systems and emphasizes the importance of considering the holistic nature of
organizations and how various components interact.
5. Contingency Theory: This school of thought suggests that there is no one best way to
manage organizations and that management practices should be contingent on various
external and internal factors.

Each of these management schools of thought has influenced the development of


management theory and practice and offers unique perspectives on how organizations
can be effectively managed.

Acc 216 test questions and answers


1 Curiously discuss the Nexus between Management theories and practice. Using vivid
real life illustration.
2a. What are the criticism of theory X &Y
2b. Who promulgated the hertzerg and in what year
2c. State the major contribution of the contingency theory
3 Compare and contract the Maslow's theory with Taylor's

Answer
1 Curiously discuss the Nexus between Management theories and practice. Using vivid
real life illustration.

Management theories serve as the foundation for guiding and understanding the best
practices in managing a team or organization. These theories are developed based on
research and analysis of various management practices and principles. However, the real
challenge lies in implementing these theories in practice and adapting them to fit the
unique needs and dynamics of each organization.

One vivid real-life illustration of the nexus between management theories and practice
can be seen in the case of Google. Google is known for its innovative and
unconventional management practices, which have been heavily influenced by
management theories such as the contingency theory and the theory of organizational
culture. Google's management philosophy focuses on employee empowerment, fostering
a supportive and collaborative work environment, and embracing a culture of
experimentation and creativity.

One key example of Google's innovative management practices is its policy of allowing
employees to spend 20% of their work time on personal projects. This policy, known as
"20% time," is inspired by the management theory of employee empowerment and
autonomy. By giving employees the freedom to work on projects of their choosing,
Google has successfully fostered a culture of creativity and innovation, leading to the
development of successful products such as Gmail and Google Maps.

Another example of Google's application of management theories in practice is its


emphasis on building a strong organizational culture. Google places a high value on
cultural fit when hiring new employees, and it actively works to promote a sense of
community and collaboration among its workforce. This emphasis on culture is rooted in
management theories that suggest a strong organizational culture can enhance
employee engagement, productivity, and overall performance.

In conclusion, the nexus between management theories and practice is essential for
organizations to thrive and succeed in today's competitive business environment. By
understanding and applying management theories effectively, organizations can create a
strong foundation for successful management practices that drive innovation, employee
engagement, and organizational success. Google's innovative management practices
serve as a compelling illustration of how theory and practice can work together to create
a dynamic and high-performing organizational culture.
In order way round;
The nexus between management theories and practice is essential in ensuring that
organizations are able to effectively apply theoretical concepts to real-world situations.
For example, a company may adopt a management theory that emphasizes
empowerment and employee involvement, such as Theory Y. By putting this theory into
practice, the company may see improved employee morale, higher productivity levels,
and better overall performance. This illustrates how the application of management
theories can lead to tangible results in the workplace.

2)what are the criticism of theory X and y


1. Oversimplification: Critics argue that Theory X and Theory Y oversimplify human
behavior by categorizing individuals into two distinct and rigid categories, which may not
accurately capture the complexity and variability of human motivation.

2. Lack of empirical support: Some critics argue that there is limited empirical evidence
to support the assumptions of Theory X and Theory Y, leading to concerns about the
validity and reliability of these theories in predicting and explaining human behavior in
organizational settings.

3. Bias towards Theory Y: Critics suggest that Theory X is often perceived more
negatively compared to Theory Y, leading to a bias towards emphasizing the positive
aspects of Theory Y and neglecting the potential benefits of Theory X in certain
situations.

4. Ignoring situational factors: Critics argue that Theory X and Theory Y fail to consider
the role of situational factors in influencing employee behavior, such as organizational
culture, leadership style, and external factors, which may impact the applicability and
effectiveness of these theories in practice.

5. Potential for manipulation: Some critics have raised concerns about the potential for
Theory X and Theory Y to be used as tools for manipulation and control by managers,
particularly if they are implemented in a rigid and authoritarian manner that disregards
employee autonomy and empowerment.
3 Compare and contract the Maslow's theory with Taylor's theory
1. Maslow's theory focuses on psychological needs and the hierarchy of human needs,
whereas Taylor's theory focuses on improving efficiency and productivity in the
workplace.

2. Maslow's theory emphasizes self-actualization and personal growth as the ultimate


goal for individuals, while Taylor's theory emphasizes standardization, specialization,
and division of labor to achieve organizational efficiency.

3. Maslow's theory emphasizes the importance of fulfilling higher-level needs, such as


self-esteem and self-actualization, in order to motivate individuals, while Taylor's theory
focuses on task specialization and monetary incentives to motivate employees.

4. Maslow's theory is more focused on individual growth and self-fulfillment, while


Taylor's theory is more focused on maximizing productivity and achieving organizational
goals.

Overall, Maslow's theory is more concerned with understanding human behavior and
motivation, while Taylor's theory is more concerned with improving workplace efficiency
and productivity.

I'd like to introduce you to Holarmeelakan, a bold and innovative fashion brand that
creates unisex designs for fashion-forward consumers. The brand's mission is to create
beautiful and unique pieces that push the boundaries of traditional fashion. With its
cutting-edge designs, Holarmeelakan is redefining the way people think about fashion."...
The brand also specialized on the sales of vintage fabrics in different designs and
pattern.
Kindly patronize us…… your satisfaction is our concerns.
Contact info; https://wa.me/message/OTN664CEEEF2I1
INSTAGRAM @holarmeelakan471
Contact info; 07047826528.
Whatsapp contact; 09037878208.

Sponsored by ;impact team" 24"

You might also like