10 Questions
According to Maslow's Hierarchy of Needs, which of the following needs is considered the most basic?
Safety
Which type of strategy involves distinguishing products/services from competitors to make them more appealing?
Differentiation Strategy
What is the main purpose of the National Labor Relations Act?
To strengthen organized labor
Which financial metric measures the number of new customers acquired in a given time period?
of new customers for a given time period
What does Herbert Simon's concept of 'Bounded Rationality' suggest about managers?
They often settle for satisfactory solutions
Which two factors are drivers of the financial value of a business?
Profitability and growth
Who is credited with the concept of Lean manufacturing that focuses on reducing production times and eliminating waste?
Taiichi Ohno
Which management approach did Henry Gantt contribute to by graphically illustrating the elapsed time for different tasks?
Scientific Management
Who is best known for identifying the 14 principles of management according to the text?
Henri Fayol
In the context of management according to the text, who believed that bureaucracy was the best form of governance for businesses?
Max Weber
Test your knowledge on the key drivers of a business's financial value, profitability and growth, as well as the principles of management including 'Right Work, Done Well' and Systematic Management. Learn about historical figures like Frederick Taylor and concepts such as Specialization of Labor and Improved Coordination.
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