The correct answer is C. Contingency approach.
The contingency approach is a theory of management that states that there is no one best way to manage a business. Instead, the best way to manage a business depends on the specific circumstances of the business, such as its size, industry, and environment.
The contingency approach was developed in the 1960s and 1970s, in response to the limitations of the classical and human relations approaches to management. The classical approach, which emphasizes efficiency and control, is not always effective in complex and changing environments. The human relations approach, which emphasizes employee satisfaction and motivation, is not always effective in achieving organizational goals.
The contingency approach argues that the best way to manage a business depends on the specific circumstances of the business. For example, a small business may need to be more flexible and responsive to changes in the market than a large business. A business in a rapidly changing industry may need to be more innovative than a business in a stable industry.
The contingency approach is a more complex and nuanced approach to management than the classical or human relations approaches. However, it is also a more realistic approach, as it recognizes that there is no one best way to manage a business.
The other options are incorrect because they do not reflect the idea that there is no single best method to find solutions to managerial problems.
A. System approach is a theory of management that views an organization as a system of interrelated parts. The system approach emphasizes the importance of coordination and integration among the different parts of an organization.
B. Empirical approach is a theory of management that emphasizes the importance of experience and observation in decision-making. The empirical approach argues that managers should learn from their own experiences and from the experiences of others.
D. Operational approach is a theory of management that emphasizes the importance of efficiency and effectiveness in operations. The operational approach argues that managers should focus on improving the efficiency and effectiveness of the organization’s operations.