Final answer:
The most current and widely accepted school of management worldwide is Modern Management. This approach is adaptive to each organization's needs and promotes flexibility, incorporating elements from both the classical and human relations schools while focusing on the contingency aspect. Modern Management values employee contributions and seeks a balance between organizational efficiency and employee development.
Step-by-step explanation:
The school of management thought that is the most current and embraced worldwide by managers and organizations in every industry is d) Modern Management. Modern Management integrates various approaches and tailors management strategies to the specific needs and circumstances of each organization, frequently emphasizing flexibility and a contingency approach. It moves beyond the rigid frameworks of the classical and human relations schools and more effectively responds to the contemporary, fast-paced, and ever-evolving business environment.
Douglas McGregor's Theory X and Theory Y demonstrate a transition in management philosophies, presenting a more nuanced view of workforce motivation and management styles. Theory X corresponds with classical management philosophies, characterized by a top-down approach, which views employees as inherently lazy and in need of strict supervision. In contrast, Theory Y suggests that employees are intrinsically motivated and can be productive in a more supportive and empowering environment. This humanistic approach has influenced modern management thinking, which promotes a flexible, adaptive approach and values employee contributions.
In comparison, Frederick Taylor's scientific management, part of the classical school, sought efficiencies through time-motion studies and standardized work processes. However, today's management thought recognizes the importance of human factors and seeks to balance efficiency with employee satisfaction and development as part of a broader, more integrated approach to organizational success.