Peter Ferdinand Drucker held many titles in his lifetime, including an educator, author, and a management consultant, and he changed the corporate world for the better with his invention of the ‘management by objectives’ concept. His famous quote is, “Management by objective works - if you know the objectives. Ninety percent of the time you don't.”
This concept, which was popularized by Peter Ferdinand Drucker in his book, ‘The Practice of Management’, throws light on the importance of defining objectives within an organization.
According to Peter Ferdinand Drucker, organizational success can be achieved when both the management and employees agree to a set of objectives and are aware of the tasks they need to complete to achieve those objectives.
In his lifetime, Peter Ferdinand Drucker wrote a total of 39 books, which are widely read by business students and business leaders all around the word.
Peter Ferdinand Drucker’s books predicted major developments in the 20th century, including privatization, decentralization, the emergence of the information society with its requirement of lifelong learning and the rise of Japan to economic world power.
In the late 1950s, Peter Ferdinand Drucker coined the term ‘knowledge worker’ and today, knowledge management has gained important in both the business and IT fields, where organizations are constantly coming up with ways to capture, develop, share and use knowledge effectively.
What sets Peter Ferdinand Drucker apart from other business thinkers is that in all his books, he advocated healthy balance in organizations, where it is important to be profitable and at the same time, do good for the society.
It is surprising to note that Peter Ferdinand Drucker, who has influenced a number of business leaders, did not begin his career in business management.
In fact, after graduating from Döbling Gymnasium, he worked as an apprentice at a cotton trading company and then as a journalist. Later, he pursued higher studies and earned a doctorate in international law and public law from the University of Frankfurt in 1931.
Then, he entered the business field and worked for an insurance company and later, moved on to a private bank. After marriage, Peter Ferdinand Drucker, an Austrian by birth, permanently moved to the United States and became a university professor, a freelance writer and a business consultant.
In fact, at New York University, Peter Ferdinand Drucker taught management modules for 22 years. And then, at Claremont Graduate University, he developed one of the country’s first executive MBA programs for working professionals. It is remarkable to note that Peter Ferdinand Drucker retired from teaching at the age of 92.
For his immense contribution to the field of business, Peter Ferdinand Drucker, in 2002, was given the Presidential Medal of Freedom – the highest civilian award of the United States.
And he has given his name to three institutions – the Drucker Institute, Peter F. Drucker and Masatoshi Ito Graduate School of Management, and Peter F. Drucker Academy.
In memory of Peter Ferdinand Drucker, the Global Peter Drucker Forum is organized on an annual basis, where management related topics are discussed in depth.
Peter Ferdinand Drucker is an inspiration to both the young and the old. To succeed in life, you ought to follow your passion and dreams, just like what Peter Ferdinand Drucker did.
Since Peter Ferdinand Drucker loved teaching, he continued his profession till he was 92. Peter Ferdinand Drucker has proven to the world that age is nothing but a number – success is not dependent on age.
In addition, he instilled the importance of adhering to moral values even while conducting business. Many people have the misconception that profits can only be reaped at the expense of the environment or public welfare. This is not true.
Peter Ferdinand Drucker has changed the way businesses operate and this is a lesson to every human being that success should not be attained at the expense of others.