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Contemporary management theory is not a single theory. By its very nature, management is a complex process and a multidisciplinary field of study. Contemporary management is a synthesis of the classical, behavioural, quantitative and modern management movements. One of the keys to successful management is the ability to understand and apply modern management principles and techniques effectively. Studying fundamental concepts provides a foundation that effective managers of the future need in terms of understanding techniques, organizational cultures and theories. Awareness and willingness of management to incorporate a variety of management theories and tools as the organization constantly changes are keys to gaining and maintaining competitive advantage over others.