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Summary of The Practice of Management Written by Peter Drucker

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After highlighting the problems, Drucker provided appropriate solutions that were implemented by the companies and worked extremely well. There is a detailed discussion about how and why the solutions worked for the company. This indeed gives the reader an exact picture of the problem that companies often come across and how they should be managed. In this part, Drucker has discussed the importance of the managers in a business. A company cannot be successful unless it is blessed with honest and hardworking managers. A manager can make or break the company.

He says that managers are not only expensive because they collect huge salaries from the company but even their single wrong decision can force the company to collapse (Byrne, 2005). He then talks about Henry Ford, owner of the Ford Motor Company and how he ran his business without any managers. According to Drucker, it is something very stupid to run a company without managers associated with it and it is even worse to see the companies like Ford to do the same. This part consists of three different analyses.

Firstly, the activities analyses in which the functions of a company are analyzed. Secondly, the decision analyses and it focuses on the decisions that are made by the managers to obtain the desired results for the company (Bedeian, 2001). The last one is called the relation analysis and it focuses on the internal relations between the managers within the workplace. According to Drucker this analysis should be kept as simple as possible and should not be neglected under any circumstances. In this part, Drucker mentions that human resource is the one least efficiently utilized and has the highest opportunity to be improved upon.

He adds that management of worker and work is one of the basic concepts of the management. A brief discussion has also been done on his IBM story in this section. In this chapter of the book, Drucker has mentioned the responsibilities of a manager. He says that the manager should have the ability to perform two tasks: to work as a team rather than depending on individual skills and to make a decision thinking about the present as well as the future (Krueger, 1994).

It is very important for the manager to think and make decisions on the long-term basis. There are some decisions that are fruitful for a certain period of time and could end up being a disaster in the future.  

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