Final answer:
The pursuit of organizational goals through the integration of work by planning, organizing, leading, and controlling is known as management. Management is critical to organizational efficiency and effectiveness, incorporating different theories such as Theory X and Theory Y, transformational leadership, and team-based structures.
Step-by-step explanation:
The pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization's resources is called management. This includes understanding different management theories such as Theory X and Theory Y, which consider different assumptions about employee motivations and behavior. Efficient management plays a critical role in economic efficiency, making use of resources to produce goods and services wanted by the people while also ensuring that the organizational structure, such as work teams, is conducive to achieving these goals.
In a rapidly changing workplace influenced by technology, globalization, and shifts in demographics, organizations are adjusting structures to be more team-based rather than individual-focused. Transformational leadership styles and a focus on relationship building and teamwork are also more prevalent today. Moreover, setting achievable and appropriate goals throughout one's career trajectory, particularly within the first year on the job, is essential for success and is commonly encouraged by good management practices.