In this chapter I want to consider the role of management. In chapter 3 I discuss how the practice of management alters throughout the corporate lifespan, and in chapter 4 how the psychology of managers changes as economic conditions deteriorate and the stability of their company is jeopardised.
The late Peter Drucker [5 ] has been called the most influential management thinker of modern times. His 1954 book entitled The Practice of Management was a seminal work which described what has become known as management theory.
According to Drucker it is the application of management that makes resources productive. Not capital. Not labour. But management.
He also said that the management function embraces ...