Principles Of Management

Question 1

classical liberalism

Answer 1

-adam smith (economy should be free from government intervention, always, economic issues without ethical discussion)
-jean baptiste say (product are paid with product, product is created when needed ot pay for other)
-thomas Robert malthus (food production increases slower than population growth, preventive and positive checks, preventive china one child, positive god given)
-David ricardo (when countryporduces good at lower cost comp advantage, countries benefeit from trade)
-Friedrich list (production not efficient unless market big enough)
-Johann Heinrich von thünen (thünens rings, the farer away the more expensive)

Question 2

Socialism:

Answer 2

-Karl marx & Friedrich engels (political reunifacion of Germany and improvement of labour and living conditions)

Question 3

Marginal school of economic

Answer 3

marginal utility, marginal revenue, marginal cost, marginal product (output from one more imput)

Question 4

Keynesiansim

Answer 4

didn’t reject idea of markets finding own equilibrium, when markets don’t, government should step in, in depression compensate for loss of demand

Question 5

Social market economy

Answer 5

way in between (liberalism in production, government intervention in distribution)

Question 6

Classical school (efficiency):

Answer 6

increase efficiency and porudctivity, idea: employees only have economical and physical needs
-Taylorism: increase efficiency, reason for inefficiency not wanting to be efficient, develpe specific way of doing something, select, train, teach and develop workman, montior, responsibility away from workmen
-Henry fayol: fayl covers wider horizon than taylor, 14 management prciniples, considers mony, equity, teamwork etc

Question 7

Neoclassical theory

Answer 7

-Hawthorn experiemtns human relations (illumination test, relay assembly test (rest perids), interview programm, bank wiring test (social relationships), hawthorne effect (manipulate own behaviour cause you now your being studied)
-Behavioural management theory (psychlgical needs priority, fulfilling emotional needs as economic goal)

Question 8

Contemporary management concepts

Answer 8

-Quantitative: use of quantitative techniques to improve decision making
-Contingency: it all depends not one best way
-Quality: continually improving performance (kaizen approach change for better, reengineering approach big fast change)
-System theoretical: orgainzaiton are pen system that always interact with envrinment

Question 9

Management by objectives

Answer 9

peter drucker, management model aimed at improving performance by defining objectives agreed by management and employees