Explain the recent developments, taking place in the field of IM (Industrial Management)?
Recent Developments have taken place in the Field of IM:
Several forces are significantly shaping management practices today, including the pace of change, technology, globalization, diversity, and social expectations. To address all these challenges management has responded in two ways:
Management has become more specific with the formation of different disciplines. Managers now focus on specific aspects of organizational management: operations management, financial management, marketing management, human resource management, etc. By limiting the number of factors and issues they must deal with, managers can develop practices that address the specific issues they face in their discipline.
Management has also become more general. Managers are not provided with an instructional manual that tells them how to manage. Instead, they are given a toolbox of different theories and practices. Effective managers need to circumstances.