The Philosophy And Practice Of Management By Objectives
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A classic since its publication in 1954, The Practice of Management was the first book to look at management as a whole and being a manager as a separate responsibility. The Practice of Management created the discipline of modern management practices. Readable, fundamental, and basic, it remains an essential book for students, aspiring managers, and seasoned professionals.
The late Peter F. Drucker is the most influential management thinker of the 20th Century. This book was first published in 1955 and consists of five parts plus a proper introduction and conclusion. Drucker, in the Preface, explains that the first aim of this book "is to narrow the gap between what can be done and what is being done, between the leaders in management and the average".
The Introduction - The Nature of Management - consists of three chapters. Within the first chapter Drucker explains that "the manager is the dynamic, life-giving element in every business" and that management "is the organ of society specifically charged with making resources productive, that is, with the responsibility for organized economic advance." In the second chapter Drucker explains that "management is the least known and the least understood of our institutions" and discusses the three functions of management: managing a business, managing managers, and to manage workers and work. The... read more
What can I say about Peter Drucker that hasn't already been said.
Written in 1954 it is as relevant to today's world (perhaps even more so) as it was back then. Fundamentally what strikes me about the Practice of Management is that it advocates a profoundly ethical view of management and the responsibilities of management.
If you walk away with a just a few of the ideas he presents, you will be a better manager:
1) Management by objectives
2) The imporance of having the right "spirit" in an organisation.
3) The need for managers to feel empowered and have all the authority they need to carry out their job.
4) Appropriate rewards for strong performance and the need for censure when performance is weak.
5) Creating an open culture where mistakes are expected and form a basis for future knowledge.
I could go on.
As a final note, Peter Drucker foresaw one of the most remarkable changes... read more
Peter Drucker wrote this book at the height of the mis-application of statistics and "science" in areas such as management and economics. Drucker, who had the benefit of experience, saw the flaws decades before the rest of us. I suspect that the reason Drucker was so ahead of his time is that he was able to tap the experience of the great industrialists who probably were unwilling to share the trade secrets of their management knowledge with the general public. It wasn't until the 1980s when the masses began to learn these things.The book is a classic and is just as valid today as it was in the mid 20th century (why wouldn't it be?).Drucker explains within the book the reason for the word "practice" rather than "theory" of managment.
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