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 (C)</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 (C)</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 (C)</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 (B)</p> Signup and view all the answers

What does the 'Right Work' for managers include?

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

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

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

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

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

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

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

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

<p>Empathy (D)</p> Signup and view all the answers

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