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Agree with Venkitaraman that a participative manager has to have a level of maturity that may also require acceptance of failure.
Authoritarian management may have it's benefits especially where the company is owned by such an individual though it would not guarantee success.
In today's world, participative management would be a better option especially considering the volatile environment affecting almost every aspect of business.
Participative management require a higher level of maturity for its real success as many decisions are to work realistic.
I believe in participative management........ but i don't rule out the importance of the other type as and where it needed, it left us no choice to use it to get result as decided.