Modern Theory (3)
Characteristics of Modern Management Thought (1)
1. The Systems Approach: An organization as a system has five basic parts –
(i) Input
(ii) Process
(iii) Output
(iv) Feedback and
(v) Environment
It draws upon the environment for inputs to produce certain desirable outputs. The success of these outputs can be judged by means of feedback. If necessary, we have to modify out mix of inputs to produce as per changing demands.
