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Questions and Answers
What term is often used to refer to Taylor's approach?
What term is often used to refer to Taylor's approach?
Who is quoted at the beginning of the monograph 'The Principles of Scientific Management'?
Who is quoted at the beginning of the monograph 'The Principles of Scientific Management'?
What did Taylor point out as the larger question of national efficiency?
What did Taylor point out as the larger question of national efficiency?
What are the contents of the monograph 'The Principles of Scientific Management'?
What are the contents of the monograph 'The Principles of Scientific Management'?
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What does scientific management refer to?
What does scientific management refer to?
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What does strategic management involve?
What does strategic management involve?
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According to Michael Porter, what are the three principles underlying strategy?
According to Michael Porter, what are the three principles underlying strategy?
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What does corporate strategy involve from a portfolio perspective?
What does corporate strategy involve from a portfolio perspective?
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What is the nature of strategic management?
What is the nature of strategic management?
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What do academics and practicing managers develop to assist in strategic decision-making?
What do academics and practicing managers develop to assist in strategic decision-making?
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Study Notes
Taylor's Approach
- Taylor's approach is often referred to as Scientific Management
- The monograph 'The Principles of Scientific Management' begins with a quote from Henry R. Towne
- Taylor pointed out that the larger question of national efficiency is to secure the maximum prosperity for the employer and the employee
Scientific Management
- Scientific Management refers to the application of scientific methods to analyze and improve work processes
- It involves the use of observation, measurement, and experimentation to improve efficiency and productivity
Strategic Management
- Strategic Management involves the development and implementation of plans and policies to achieve organizational goals and objectives
- According to Michael Porter, the three principles underlying strategy are: • Operational Effectiveness • Strategic Positioning • Fit and Sustainability
Corporate Strategy
- From a portfolio perspective, corporate strategy involves the management of a portfolio of business units or products
- It involves the allocation of resources and the development of strategies to achieve competitive advantage
Nature of Strategic Management
- Strategic Management is a dynamic and ongoing process that involves the development of plans, implementation, and evaluation
- It involves the consideration of external and internal factors, such as the environment, competitors, and organizational capabilities
Tools and Techniques
- Academics and practicing managers develop models, frameworks, and tools to assist in strategic decision-making
- Examples include SWOT analysis, Porter's Five Forces, and scenario planning
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Description
Test your knowledge about Frederick Winslow Taylor's monograph 'The Principles of Scientific Management' and its impact on industrial organization and decision theory.
