Total Quality Management- The evolution of management thinking

In response to advancement of science and technology, social values and belief, climate change, rise in income, world population explosion etc, the management theories had evolved constantly. The classical management theories are still relevant but contemporary management theories are best suited for present generations. The concept of strategy management, total quality management, learning organization, knowledge management etc. have evolved recently. The introduction of new management systems like total quality management system faces challenge on the ground that it is expensive and contradicts with the management philosophy of cost minimization. However, TQM is long term investment and enhances the value of firm in long run. The management thinking has evolved for good purpose. The recent concepts of TQM, knowledge management etc. promotes goodwill of firm and enhance their market share. The value and goodwill of firms are organizational wealth for future gain.