Management Theory encompasses various frameworks and principles that guide how organizations are structured and managed. It includes classical theories such as Frederick Taylor's Scientific Management and Henri Fayol's Administrative Theory, which focus on efficiency and organizational structure.
In modern contexts, Management Theory has evolved to include approaches like Systems Theory and Contingency Theory, emphasizing adaptability and the importance of context in decision-making. These theories help managers understand how to effectively lead teams and optimize performance in a dynamic business environment.