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33:620:301 Study Guide - Spring 2019, Comprehensive Midterm Notes - Ford Focus, Enterprise Risk Management, Vrin


Department
Management and Global Business
Course Code
33:620:301
Professor
D Hamilton
Study Guide
Midterm

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33:620:301

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The Evolution of Management Theory
Drivers of Management Evolution
Businesses Exist to:
Serve goods and services to society
Use resources productively to create value for all relevant
Create jobs and be good citizens of the community
1. Scientific Management Theory
a. Adam Smith (1700s)
i. Job Specialization and Division of Labor
b. Frederick Taylor (late 1800s)
i. 4 Principles to increase efficiency
1. Study work, make improvements
2. Codify best methods
3. Hire workers and align their skills with appropriate roles
4. Provide fair pay and incentives
c. The Gilbreths (late 1800s/early 1900s)
i. 3 Steps for improving
1. Analyze and break-up tasks
2. Find better methods for each component of work
3. Reorganize each component for efficiency
2. Administrative Management Theory
a. Max Weber (late 1800s/early 1900s)
i. 5 Principles of Bureaucracy
1. Describes formal system of organization and administration
b. Henri Fayol (late 1800s/early 1900s)
i. 14 Principles of Efficiency
ii. Comprehensive and balanced view of organization
iii. Work with others
3. Behavioral Management Theory
a. Mary Parker Follet (late 1800s/early 1900s)
i. Emphasized human side of management
ii. Employee job self-determination
iii. Importance of collaboration across organization
b. Elton Mayo (early 1900s)
i. Hawthorne Studies
1. Management relation with workers was more important than
physical conditions
2. Business as a social organization
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ii. Birth of Human Relations movement
c. Douglas McGregor (mid 1900s)
i. Theory X and Theory Y
1. Employees will do as little as possible vs. employees want to do their
work well
4. Management Science Theory
a. Several thought leaders (mid to late 1900s)
i. Quantitative Management
1. Data and math-based models used for decisions
ii. Operations Management
1. Specialized techniques for optimizing production
iii. Total Quality Management (TQM)
1. Integrates process management, measurement/evaluation, and
proven improvement methodologies
iv. Management Information Systems (MIS)
1. Easy access to external and internal data to enhance decision making
5. Organizational Environment Theory
a. Open Systems View (1960s)
i. Katz, Kahn, Thompson
ii. Resources from external environment are converted internally and sent back
as goods and services
b. Contingency Theory (1960s)
i. Burns, Stalker, Lawrence, Lorsch
ii. Stable Environment is a mechanistic structure
iii. Rapidly changing environment is an organic structure
6. Leadership and Innovation
a. Leadership vs. Management (2000)
i. Goleman, Kotter
ii. Emotional intelligence
iii. Leader as an influencer/persuader
b. Importance of Innovation (2000)
i. Foster, Christensen, Amabile
ii. Impact of disruptive technologies
iii. Innovation is key for growth
iv. Employee engagement
Strategic Management Evolves Through Turbulent Times
Declining Confidence in Business Leaders
In 1966 there was a 55% confidence in business leaders
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In 1975 there was a 15% confidence in business leaders
Forces of Change
Deregulation
Globalization
Technology
Mergers and Acquisitions
Business Education
Capitalism Model Focus
Job Satisfaction
In 1987 there was 61.1% satisfaction
In 2009 there was 45.3% satisfaction
Youngest workers are the least satisfied, they want managers with expertise,
speed, technological competence, and mentorship ability
Conference Board recommends:
Better Management → More Engaged Workforce → More Satisfied Employees →
More Productive Employees
Not one best way, but there is nearly always a better way to manage something.
Management is getting the right work done well.
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