Discuss How the Manager of a Business Can Make Use of the Above Elasticity Concepts to Increase Revenue of the Business.
Management usually entails four main activities namely planning, organising, leading and controlling. Management theories and principles, have emerged through a gradual evolutionary process which took place over the past two centuries. In fact the first business and management programmes were offered by the Wharton School at the University of Pennsylvania in 1881 (Bateman et al.,1990).
It must be noted, though that many management techniques have been prevalent ever since ancient and medieval times. However attempts to develop formal management theories are more recent and were spurred on by the industrial revolution in the United States from the early 18th Century.
The different phases in the evolution of management can be classified as follows:
1. Classical management approaches
2. Behavioural management approaches
3. Quantitative management approaches
4. Contemporary management approaches
CLASSICAL MANAGEMENT APPROACHES
The classical management movement began around the 1870s and this school of thought refers to three main management styles which are:
1. Scientific Management
2. Bureaucratic Management
3. Administrative Management
Scientific Management
The concept of scientific management was originally put forward by Frederick Winslow Taylor. As a matter of fact, Taylor's contribution to this management viewpoint has been so significant that he has been unanimously accepted as "the father of scientific management". Many authors also refer to scientific management as "Taylorism". Hired by the Midvale Steel Co. in 1878 as an engineer, Taylor made two crucial observations on management and workers’ attitudes towards their responsibilities.
According to Taylor the workers were involved in soldiering for three specific reasons:
1. they felt if only some workers worked at full capacity, others who did not do so would lose their jobs. So a feeling of solidarity towards their co-workers handicapped their obligation to work at a faster
It must be noted, though that many management techniques have been prevalent ever since ancient and medieval times. However attempts to develop formal management theories are more recent and were spurred on by the industrial revolution in the United States from the early 18th Century.
The different phases in the evolution of management can be classified as follows:
1. Classical management approaches
2. Behavioural management approaches
3. Quantitative management approaches
4. Contemporary management approaches
CLASSICAL MANAGEMENT APPROACHES
The classical management movement began around the 1870s and this school of thought refers to three main management styles which are:
1. Scientific Management
2. Bureaucratic Management
3. Administrative Management
Scientific Management
The concept of scientific management was originally put forward by Frederick Winslow Taylor. As a matter of fact, Taylor's contribution to this management viewpoint has been so significant that he has been unanimously accepted as "the father of scientific management". Many authors also refer to scientific management as "Taylorism". Hired by the Midvale Steel Co. in 1878 as an engineer, Taylor made two crucial observations on management and workers’ attitudes towards their responsibilities.
According to Taylor the workers were involved in soldiering for three specific reasons:
1. they felt if only some workers worked at full capacity, others who did not do so would lose their jobs. So a feeling of solidarity towards their co-workers handicapped their obligation to work at a faster