Business Management: Chapter 2

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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 practices

Scientific Management

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

Hierarchy of Needs

Maslow's grouping and ordering of physical, security, social, and self-fulfillment needs

total quality management (TQM)

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

Trust

giant industrial monopoly

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


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