What is management philosophy? Using appropriate examples, discuss classical and contingency theories of management including advantages and disadvantages.

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Management Philosophy
Management philosophy includes particular values and rules that are utilized as guidance for making decisions. However, the rules and values are chosen based on the contextual demands of the management role. Through these rules and values, managers establish a sense of direction. They can easily relate their decisions with the objectives of the company. Moreover, an effective management philosophy makes a person feel more confident, make better and effective decisions, guide the team with clarity, and enhance productivity. It is also the basis for retaining talent within the company because of negative perceptions and decisions that demoralize workers are avoided. A good management philosophy requires deep and logical critical thinking to establish meaning for every aspect of the organization. Management philosophy defines the conduct and behaviors of the manager as a leader within the organization.
The classical management theory argues that workers have only physical and economic needs. Therefore, the concept disregards the social aspects and job satisfaction levels of workers to enhance the revenue of the company. The main advantage of the theory is that it establishes clear structures for management and enhances the efficiency and productivity of workers. Through a focus on the organization, better working conditions are established. The main advantages are that the theory creates much pressure for employees. It also fails to recognize teamwork and categorizes workers as efficient or inefficient.
An example of classical management theory is demonstrated by the perfect dividing of roles within...