Book excerpt: Seminar paper from the year 2014 in the subject Business economics - Business Management, Corporate Governance, University of applied sciences, Nürnberg, language: English, abstract: Until the 1970s the view was widespread, management could be neither teach nor learn; it was more of an art to which one would be born. A successful manager should have special character traits and personality characteristics. In practice, this opinion has, however, not enforced. Peter F. Drucker and Fredmund Malik have introduced a new picture of effective management. Due to the fact, the basic requirements of effective management are independent of industry, country and culture they represent the perceptive that effective management can be learned by practicing and using the right tasks and tools. Therefore, Malik summarized all important elements like principles, responsibility, task and tool of effective management in one system named Standard Model of Effectiveness a.k.a. The Wheel of Effectiveness. This model serves as a guideline for manager for effective management. Figure 1 shows the Standard Model of Effectiveness by Malik.