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What is Chaos Theory and how does it apply to Management? Please cite sample scenarios where it is best applied to. Cite references when possible
Explanation & Answer
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CHAOS THEORY AND ITS APPLICATION TO MANAGEMENT
Chaos theory deals with changing relationship between order and disorder in the traits of natural
and social systems. Chaos theory is the scientific study of complex, nonlinear, dynamic systems.
Its fundamentally different from other previous understanding of social and natural dynamics, as
processing of knowledge and ideas is essentially required. Some of the major elements of the
current exemplar includes; Qualitative transformation to new dynamical states, the nonlinearity
but self- similarity of systems dynamics are some of the main members of the new paradigm of
chaos theory.
Chaos theory is hugely applied in management and so many sc...
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