The Practice of Management by Peter Drucker

The Practice of Management, written by Peter Drucker, is a seminal work in business management. Published in 1954, it was one of the first books of its kind to present a comprehensive view of managing a business enterprise. The book provides a framework for business success and acts as a guide for the management of people, resources and goals. Drucker’s work has been highly influential in developing modern management theory and practices.

In The Practice of Management, Drucker defines management as “the development of people and not the direction of things.” He argues that the purpose of management is to “make productive the resources of a business and to manage those resources to make them more valuable”. He goes on to explain that “management is the organ of an enterprise, the function which enables it to achieve its purpose and objectives”.

Drucker’s view of management sets it apart from the traditional concept of “ownership”, whereby executives or owners dictate the affairs of the business. Instead, Drucker argues that the process of management entails working with people instead of merely making decisions. Successful management requires that individuals and teams be given the opportunity to be innovative and to take responsibility for their decisions.

The Practice of Management emphasizes that effective management starts with the selection of people who have the right skills, motivation and work ethic. Drucker explains the importance of creating an environment that allows and encourages people to be their most productive selves. In order to do this, the manager must understand the specific roles and needs of each team member, the company goals and objectives, and the ways in which team members’ abilities can be best utilized.

Additionally, Drucker suggests that in order to effectively manage, a manager must establish “feedback loops” with their team. This can include soliciting feedback and suggestions for improvement, providing feedback about job performance, and encouraging collaboration between team members.

The Practice of Management is one of the most important works of business management ever written. Drucker’s thoughtful and insightful approach to managing people and resources has been highly influential in the development of modern business practices. Through his emphasis on the importance of working with people, Drucker has helped to create a workplace environment that emphasizes collaboration and encourages employees to take initiative and responsibility for their decisions. The Practice of Management is a must-read for anyone interested in the field of business management.