SYNCHRONIZING MANAGEMENT THEORIES AND BUSINESS PRACTICES-CHALLENGES AHEAD

V.Kavaskar, M.B.A., M.Phil (Ph.D) Mobile: 9894533407 Assistant Professor/MBA Jayam College of engineering Dharmapuri-13

AUTHOR

ABSTRACT
Managing is the major part of everyones life. In organization management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplished selected items (koontz and weihrich 1990, p.4) The manager should be therefore, the dynamic and efficient in nature. The sole responsibility lies with every individual of business schools, more theories and ideas to be created to strengthen the management practices. In universe the management theories rooted in several forms of business. There is a body of opinion that says that management theory evolved during and after Second World War. While we attempted to study or teach, we have our own perception on management theories. This is because every management theory has its own strength and weakness. This is why some scholars have called this situation the management theory jungle (koontz 1961, pp.174-188; 188; 1962, p.24; 1980, pp.175-187) since the jungle has changed due to changes in olden approaches, with the intervention of new approaches In general management theories are based on the study of managerial experiences, which consider as a vehicle through which the practice of management can be described. All the theories do not help the students or learners so directly in business. Even those who never attended a business school have learned to think in these ways. One has to know the basic concept that, theories consider as a tool and the success or failure depends on how we are utilizing. Several scholars have recently voiced their concerns about the current state of management research and pedagogy. In the main, their arguments have focused on the lack of management research on management practices. But one who has learned many management theories from business schools can able overcome this issue. Very few management theories (utilitarian theory, theory of justice) concentrate on business ethics and corporate governance. It is due to the complex systems and cultures exist in every country across the world. The business practitioners have the sole responsibility but not a theory. The nature of management theory in universe right or wrong does not change the behaviors of those particles. Milton Friedman (1953) has provided a compelling counterargument: dont worry if the assumptions of our theories do not reflect reality; what matters is that these theories can accurately predict the outcomes.Kurt.Lewin argued that Nothing is as practical as a good theory (1945:129). The development of management theory involves the development of concepts, principles, and techniques. There are many theories about management; and each contributes something to our knowledge of what managers do. No doubt, a manager who makes serious attempts to translate theory into reality is bound to increase productivity more than a manager who chooses to use the fire brigade or trial and error approach. At the same time the managers have to follow corporate ethics, corporate governance issues to strengthen the management practices in right path. *****************************