Abstract:
The process of overseeing the creation, maintenance, and allocation of resources to achieve organisational goals is known as management. The persons in charge of designing and implementing this management process are the managers. There are several theories that guide the actions and inactions of the manager and the responsibility to choose which management style to use lies in the hands of the manager. Amongst all other relevant theories, the contingency theory gives a realistic picture of management and organisation. It rejects the universality of principles by stating that managers are meant to be situational and not stereotypical. We examined Fiedler's Contingency Theory in this study, which claims that effective leadership is reliant not only on the leader's style, but also on the degree of control he or she has over the situation. According to situational leadership theory, leadership styles consist of four behaviours: telling, selling, participating, and delegating, the Path-Goal Theory, on the other hand, revealed to be a combination of two popular theories: goal-setting and anticipation. It supports the idea that excellent leaders help those under their leadership achieve their goals. Finally, we examined decision-making theory, which outlines how rational individuals should behave in the face of risk and uncertainty. Decision-making, according to the concept, comprises the adoption and use of rational choice for the successful management of a private, corporate, or governmental organisation. Finally, it is critical to emphasise that the contingency theory did, in fact, reject the one-best-way approach. Given the advantages of the contingency theory, it is no surprise that business leaders all around the world constantly embrace it.
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