As one of the oldest and most popular approaches to management thought, Henri Fayol's (29 July 1841–19 November 1925) theory holds that administration of all organizations—whether "public or private", or "large or small" requires the same rational process or functions. This school is based on two assumptions; first, although the objective of an organization may differ; for example, business, government, education, or religion, yet there is a core management process that remains the same for all institutions. Successful managers, therefore, are interchangeable among organizations of differing purposes. Second, the Administrative management process can be reduced to a set of separate functions and related principles.