Explanation:

Louis A. Allen. Management and organization, McGraw-Hill, 1958.

Far-reaching changes have been taking place in the economy over the past twenty years. Growth and diversification mark the long-term character of the business climate. Technological improvements have been occurring with startling rapidity. New materials, new products and processes present a host of challenging opportunities to the individuals and the firms ready to exploit them. At the same time, however, short-ages in skilled manpower are prevalent, the costs of doing business have increased sharply, and there is keen competition in every aspect of enterprise.