Business Management, Chapter 2

Theory X

Assumes that people are basically lazy and will avoid working if they can.

Theory Y

Assumed that people find satisfaction in their work and will work productively if put in the right environment.

Hierarchy of Needs

Is Maslow's grouping and ordering of physical, security, social, status and self fulfillment needs.

Theory Z

Is a business management theory that integrates Japanese and American business practices.

Trust

Is a giant industrial monopoly.

Total Quality Management

Is a system of management based on involving all employees in a constant process of improving quality and productivity by improving how they work.

Decentralization

Is the process by which decisions are made by managers at various levels within an organization.

Monopoly

Occurs when one party maintains total control over a type of industry.

Centralization

Refers to the concentration of power among a few key decision makers

Scientific Management

Seeks to increase productivity and make work easier by carefully studying work procedures and determining the best methods for performing particular tasks.