Management Theory's Role and Importance Management theory is important because it is the study of how to make all the people in your organization more productive. If you are self employed and have other working for you, or you outsource certain jobs you are unable to do, then you know how hard it is to find qualified competent professionals to provide you a service or work for you. You want to maximize labor productivity and learning how to manage people is the key.
My View: by Kayors
The key to business management is to maximize productivity. However, while management theory does aim towards getting a group of entities to achieve a certain goal, it does not necessarily achieve in making people more productive towards this cause.
Times are shifting rapidly and the loss of key gurus, like Peter Drucker, in recent times, bears certain implications.
I believe the key contribution in having management theory lies in what has been achieved by the differing schools of thought within our history. This may serve as a guide but one must also bear in mind management is not just a science, but also an art.
There are many benefits to knowing management theory. First of all management theory doesn't just teach someone how inspire employees to be more productive, it also shows managers how to be good bosses. It is key for them to know how to deal with issues that may happen in the workplace, they have to efficiently deal with these issues and simultaneously maintain a stable or improving level of productivity. With management you have to balance a multitude of tasks daily and being familiar with management theory can help greatly.