Management Overview - Concepedia

Principles

Definition

Management is the academic field and applied discipline concerned with the processes of planning, organizing, leading, and controlling resources and activities within organizations or systems to achieve defined objectives effectively and efficiently. This domain investigates organizational structures, behaviors, strategic decision-making, and resource allocation methodologies, integrating interdisciplinary perspectives to understand how entities function, adapt, and pursue sustainability and value creation in dynamic environments.

Ontological type

Core Functions

Theoretical Frameworks

Strategic Decision-Making

Key developments

Key Figures

Managerial Governance Formation era

Michael C. Jensen[1] was a leading figure in managerial governance during this era, with affiliations at Harvard University[3] and the University of Rochester[4]. His work on the theory of the firm, developed with the paper 'Theory of the firm: Managerial behavior, agency costs and ownership structure'[6], highlighted how managerial incentives and ownership considerations drive governance choices and organizational design, which was pivotal for the era. William H. Meckling[2] likewise stands out in this period, with affiliations at Washington University in St. Louis[5] and the University of Rochester[4]. His joint formulation with Jensen in the paper 'Theory of the firm: Managerial behavior, agency costs and ownership structure'[6] introduced agency costs and the nexus of ownership and control as core governance concerns, providing an analytical foundation for managerial governance evolution in this era.

Dynamic Capabilities and Knowledge era

Jay B. Barney [1] is a prominent strategy scholar associated with the University of California, Los Angeles [3] and Fudan University [4] during the Dynamic Capabilities and Knowledge era. His key contributions in this era include the Firm Resources and Sustained Competitive Advantage [7], and the Organizational Culture: Can It Be a Source of Sustained Competitive Advantage? [8], which advanced understanding of internal capabilities and cultural assets as drivers of firm performance in the knowledge-intensive, ambidextrous era. David J. Teece [2] is affiliated with Harvard University [5] and Massachusetts Institute of Technology [6] in this era. His 1997 paper Dynamic capabilities and strategic management [9] articulated the dynamic capabilities framework, emphasizing sensing, seizing, and reconfiguring as central routines and providing a bridge between RBV and knowledge-based strategy in this era.

Sustainable Digital Orchestration era

Michael L. Tushman [1] is associated with Harvard University [3] and the University of Massachusetts Lowell [4]. His contributions include Organizational Ambidexterity: Past, Present, and Future [7] and Exploration and Exploitation Within and Across Organizations [8], which illuminate how exploration and exploitation balance to fuel organizational adaptation in changing environments. Jeffrey S. Harrison [2] is associated with the University of Utah [5] and the University of Virginia [6]. His contributions include Stakeholder Theory [9] and How Applying Instrumental Stakeholder Theory Can Provide Sustainable Competitive Advantage [10], which articulate how stakeholder alignment can drive sustainable performance in governance and digital platforms.