PRINCIPLES OF MANAGEMENT — OCM STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceOCMPRINCIPLES OF MANAGEMENT3 Marks
Question
Discuss about Peter F. Drucker’s contribution in management field.
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Answer
Contribution of Peter F. Drucker in the field of management:
Peter F. Drucker $(1909-2005)$ was a well-known management guru. He was also a famous writer, philosopher and an educator.
When globalization took place in the world, the business management changed drastically. It demanded development of new methods of management.
Peter F. Drucker gave more importance to humans as asset of a business unit.
He gave the concept of ‘Management by Objective $(MBO)’$ and principles of ‘Self-regulation’.
Under Management by Objective Peter says that there should be uniformity in aim of employees and managers for achieving the aims.
Management by Objective is highly effective for a large variety of business units having different formats. Drucker also contributed significantly in human resources management, marketing management and stress management.
Owing to several contributions to the modern day management, Peter F. Drucker is also called the Father of Modern Management.
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