Principles of Management

A set of vocabulary flashcards that highlight key concepts and principles from the study of management, particularly focused on the contributions of Toyota, F.W. Taylor, and Henri Fayol.

What are the guiding principles of Toyota Motor Corporation?

1. Honour the law and corporate citizenship globally. 2. Respect local cultures and contribute to social development. 3. Provide clean and safe products. 4. Develop advanced technologies for customer needs. 5. Foster creativity and teamwork. 6. Pursue growth in harmony with the global community. 7. Collaborate with partners for mutual benefits.

Taylor's contribution to management is known as __________.

Scientific Management.

The first known management ideas date back to approximately __________.

3000-4000 B.C.

The principle of _________ states that an organization should prioritize the common good over individual interests.

Subordination of individual interest to general interest.

Which principle emphasizes fair and reasonable wages for employees?

Remuneration of Employees.

Fayol's four functions of management include planning, organizing, __________, and controlling.

Directing.

According to Fayol, authority should be balanced with __________.

Responsibility.

The principle of __________ pertains to having one superior for each employee, to avoid confusion and conflict.

Unity of Command.

What principle advocates the maximum productivity through cooperation rather than conflict?

Harmony, Not Discord.

What is the significance of understanding the principles of management?

It provides useful insights into managerial behavior and guides decision-making.

The concept of __________ involves managers sharing gains with workers to foster harmony in the workplace.

Cooperation, Not Individualism.

How does Taylor suggest achieving optimal efficiency in work?

By breaking tasks into specialized tasks and using scientific methods.

Fayol's principle of __________ promotes teamwork and unity among employees.

Espirit de Corps.

The principle of __________ asserts that everyone should know their role and responsibilities clearly within the organization.

Order.

The principle of __________ encourages workers to take initiative in improving processes and efficiency.

Initiative.

The __________ approach in management emphasizes the importance of human behavior and social needs in the workplace.

Neo Classical Theory — Human Relations Approach.

According to F.W. Taylor, scientific management focuses on __________ rather than rule of thumb methods.

Standardized processes.

What does the Scalar Chain principle describe?

The formal line of authority in an organization from top to bottom.