Management basically refers to the set of activities such as decision making, organization, planning and leading with the objective of accomplishing the set goals of an organization in a manner that is effective as well as efficient. Over time, there have been theories that explain management as a practice and this paper seeks to provide insight into modern day theories of management. These are a set of ideologies, which provide general rules as to how businesses and organizations can be managed (Ssali, 2016) . Contemporary management theories however vary with traditional ones in that they have a tendency to account for as well as make interpretation of the fast changing state of the organizational environment that exist today.
Contingency theory is one of the present day management theories that are being adopted today. It has the assertion that once a manager makes a certain decision, they have to take into account all the conditions surrounding the present situation of their organization in terms of both internally and externally (Donaldson, 2005) . They then act on the specific conditions that are important to the prevailing situation that is at hand. This is generally a strategy that states “It depends”. It addresses vital contingencies for organizations which include technology, government, distributors and suppliers, customers and distributors, and unions.
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Chaos theory is also another example of present day management theories. Despite the random and chaotic nature of the events that occur today, they are reflective of what happens in organizations as well. This is in contrary to the fact that managers have for the longest time operated on the notion that organizational events should always proceed in a control manner. This rather new theory posits that events are in fact seldom controlled as opposed to what managers seek to attain. Supporters of this theory draw conclusions from biological systems in a bid to explain what it actually entails and means (Davies, 2003) . They suggest that as systems naturally become more intricate, they are bound to be even more susceptible or prone to cataclysmic scenarios and therefore they have to utilize more energy to sustain this intricacy. Using more energy consequently requires that they get more structure in order to retain their stability. This process continues to a point when the particular system raptures , integrates with another intricate system or even completely shatters.
Systems theory is credited for the elaborate impact it has had on the science of management and getting a better understanding of organizations. A system is a set of parts that are unified to achieve a similar goal. With one part of the system removed, the entire process is altered. A system therefore has input, output, processes and outcomes. These four aspects are the basis upon which systems give feedback (Langton, 2005) . In the perspective of an organization, the first aspect which is input can be likened to resources like manpower, funds, technology or raw materials. These then go through the second aspect, a process, in which they are organized, controlled and agitated until they achieve the goals of the organization. Output can be in terms of things like productivity. The feedback comes from the information obtained from customers about the products or from a department such as the HR which handles the customers. Societal impact, government intervention and technology also constitute feedback that may be derived from the broader environment (Sheldrake, 2002) . This entire system model is connotative of any system that makes up an organization.
Team building theory of management is based on the concept using a team to get things done more efficiently. It focuses on how powerful it is to make a connection in a group of people who are working for the same ultimate goal. It however does not dispute the possibility of how daunting a task this can be given the magnitude of such an objective as well as the challenges of handling a number of people who react differently based on factors such as their personality, desire to achieve the set goals and ability to work with others. The theory is an organized manner of understanding various processes, situations and behaviors. It is not a single theory but rather a calumniation of several sub-theories that are centered on teamwork as their area of focus. They include Bruce Tuckman’s model of team stages, hierarchy of needs theory, Leadership theory by John Adair, Theory of team roles by Belbin, Color theory by Carl Jung and X and Y theory by Douglas McGregor (Ssali, 2016) . These are not the only theories on teamwork that fall under the broader category of team building theory of management but rather a select sample. Technically speaking, any theory that talks on team building warrants to be categorized under this theory.
The effects of these theories on today’s companies and business decisions is a lot. They impact the management of companies and organizations by making other professionals such as writers and consultants assist managers in looking at the organizations they run from a wider perspective. Such new perspectives help managers in interpreting events and patterns that occur in these organizations (Langton, 2005) . The managers are able to recognize the components of their businesses and how they interact. Prior to the existence of these theories, managers tended to look at just one component and focus on it leaving all the others unattended hence they underperformed. This is especially the importance of the systems theory.
The theories also act as complements to management practices. Business owners therefore are able to mix what they practice with what is recommended by these theories to come up with business models. This is the product of two components which result in a well structured model. For instance, the owner of a business will usually study and adopt strategies of management because flexibility is essential in sustaining such a business model, which as aforementioned is the product of the practice and the theories (Ssali, 2016) . Moving on, the owner will need to include some of the components of management theory because the business will be growing. This is done in order to formalize decision making in the business in the long run and the leadership qualities of the business management. This is how management theories can influence both companies and business decisions simultaneously. This is not to imply that the two have to happen together but rather, the theories can impact either or even both as indicated in this unique case.
On a more specific front, these theories help in achieving overall efficiency with regard to management. Taking the team building theory of management for instance, managers are supposed to understand that good practices in managing either as a result of their own personal research or from education crates a business model that is capable of increasing the productivity of their employees. It can even reduce the rate of employee turnover or rather improve retention rates. Such knowledge can be obtained from team building theory of management since it highlights the best ways to create a team that is effective and will not find a reason to want to leave a give business or organization (Langton, 2005) . This affects the decisions that such a manager would make relative to his/her business.
Management theories have continued to prove that they are beneficial to organizations and businesses in present day. They are a guide to the individuals tasked with the mandate of leading such entities as the managers. More managers are turning to management theories in a bid to succinctly understand what management fully entails. In an era that is marked with aggressive competition in the business world, turning to such alternatives in order to capitalize on what they have to offer is important. Theories on management are important and provide much needed guidance on how to manage businesses especially in this day and time.
References
Davies, B. (2003). Exploring Chaos: Theory And Experiment. Westview Press.
Donaldson, L. (2005). Contingency Theory (History of Management Thought). Dartmouth Pub Co.
Langton, G. J. (2005). Essentials of Contemporary Management. McGraw-Hill Ryerson Higher Education.
Sheldrake, J. (2002). Management Theory. Cengage Learning EMEA.
Ssali, D. F. (2016). Contemporary Management Theories: Organizational Trends with influence on Global Management and Markets. Tate Publishing.
