ADMS 1000 Lecture Notes - Lecture 1: Social Philosophy, Exchange Rate, Mary Parker Follett

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Natalie Guriel

Document Summary

What business must consider as to be successful in a competitive marketplace: The internal context of business 4s approach: style of management, classical, behavioural, structure, strategy, status of the organization. Classical school: scientific management (one theorist: frederick taylor) In the scientific management approach, frederick taylor, an american engineer sought to improve productivity and to help american industry: standardizing the work, standardizing or compartmentalizing the work, was an important step in order to create efficiencies. Structure: division of labour, decision-making (centralized vs. decentralized, span of control (number of workers reporting to 1 manager, formalization (rules) The external context of business: specific environment/stakeholders, the specific environment of business is surrounded by its external stakeholders. Low interest rates may allow businesses to borrow money at a lower financing cost to expand a plant or develop a new product line; whereas higher interest rates can mean greater costs to businesses.