Discuss the classical theory of management in detail.

Classical management theory is based on the belief that workers only have physical and economic needs. It does not take into account social needs or job satisfaction, but instead advocates a specialization of labor, centralized leadership and decision-making, and profit maximization.

Designed solely to streamline operations, increase productivity and enhance the bottom line, this idea arose in the late 19th century and gained prominence through the first half of the 20th century. While not widely subscribed to in modern times, this theory offers some principles that remain valid, to an extent, in small business settings in regards to manufacturing.

The theory outlines an ideal workplace as one that rests on three main concepts:

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