Principles of Scientific Management

10 Questions

What term is often used to refer to Taylor's approach?

Taylorism

Who is quoted at the beginning of the monograph 'The Principles of Scientific Management'?

U.S. President Theodore Roosevelt

What did Taylor point out as the larger question of national efficiency?

The less visible and less tangible effects of the wasted human effort

What are the contents of the monograph 'The Principles of Scientific Management'?

Introduction, Fundamentals of Scientific Management, The Principles of Scientific Management

What does scientific management refer to?

Coordinating the enterprise for everyone's benefit including increased wages for laborers

What does strategic management involve?

Formulating and implementing major goals and initiatives based on resource consideration and environmental assessment

According to Michael Porter, what are the three principles underlying strategy?

Creating a unique and valuable market position, making trade-offs, creating fit

What does corporate strategy involve from a portfolio perspective?

Deciding 'What business should we be in'

What is the nature of strategic management?

Dynamic and not static

What do academics and practicing managers develop to assist in strategic decision-making?

Models and frameworks

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