Chapter 1: Financial Value and Management
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Questions and Answers

Which management theorist focused on reducing wasted time by analyzing worker interactions with machines?

  • Taiichi Ohno
  • Henry Gantt
  • Maslow
  • Frederick Taylor (correct)
  • According to Mary Follett, what is a key factor in increasing productivity?

  • Involving employees in decision-making (correct)
  • Following the principles of Administrative Management
  • Adopting Bounded Rationality in decision-making
  • Implementing Lean manufacturing principles
  • Who proposed the concept of inventory planning where parts are delivered just at the time they are needed, thus eliminating large stockpiles of inventory?

  • Henry Gantt
  • Taiichi Ohno (correct)
  • H.Simon
  • Max Weber
  • Which management theorist identified the 14 principles of management that are widely recognized in the field of management?

    <p>Henri Fayol</p> Signup and view all the answers

    'Lean manufacturing' focuses on reducing times within production systems and eliminating waste. Who is associated with this approach?

    <p>Taiichi Ohno</p> Signup and view all the answers

    'Maslow Hierarchy,' which organizes human needs in a hierarchy from basic to self-actualization, is primarily related to:

    <p>Human Relations Management</p> Signup and view all the answers

    What are the two drivers of the financial value of a business discussed in the text?

    <p>Profitability and growth</p> Signup and view all the answers

    What does the 'Right Work' for managers include?

    <p>Creating Vision, Mission, Goals, and Strategies</p> Signup and view all the answers

    Who is credited with the concept of Specialization of Labor mentioned in the text?

    <p>Adam Smith</p> Signup and view all the answers

    In what period was Systematic Management identified according to the text?

    <p>Early Industrial Revolution</p> Signup and view all the answers

    What aspect of management involves human resources practices like hiring, training, and motivating employees?

    <p>Engaging employees</p> Signup and view all the answers

    Which key managerial skill is NOT mentioned in the text as essential for managers?

    <p>Empathy</p> Signup and view all the answers

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