The Evolution of Management
Theory X
Business management theory that assumes people are basically lazy and will avoid working if they can
Theory Y
Business management theory that assumes people find satisfaction in their work
Theory Z
Business management theory that integrates Japanese and American business practices
Total quality management (TQM)
A system of management based on involving all employees in a constant process of improving quality and productivity by improving how they work
Trust
Giant industrial monopoly
Hierarchy of needs
Maslow's grouping and ordering of physical, security, social, and self-fulfillment needs
Monopoly
Occurs when one party maintains total control over a type of industry
Decentralization
Process by which decisions are made by managers at various levels within an organization
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
