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Trust
A giant industrial monopoly, which a business needs to bargain with other companies in order to operate and maintain open. It is a theory that allows companies to have money and keep themselves open. It originated in England for this time an were called Unincorporated Joint Stock Companies in late 1680. American investors imported this trust concept for business operations because of the limited liability and protection for investors. -
scientific management
increases productivity and makes wor easier by carefully studying work procedures and determining the best methods for performing particular tasks. -
Monopolies
one part maintains total control over a type of industry. It showed the idea that a manager is able to control the business and be successful in how they are running the business. -
Administrative Theory
a rational way to design an organization as a whole. This allows businesses to run the way they choose to run. -
Total Quality Management
system of management based on involving all employees in a process of improving quality and productivity. Can be traced back to the '20s when the theory was applied to quality product control. -
Hiearchy of Needs
Maslow's grouping and ordering of physical security, social, status, and self-fulfillment needs. If a worker possesses all of these characteristics then they are likely to be happy and successful in their life. -
theory x
Douglas Mcgregor created the theory that assumes people are lazy and will avoid working -
theory y
Douglas McGregor created another theory that assumes people find satisfaction in their work. It is a type of managing style that a manager can run the business by. -
centralization/decentralization
centralization- the concentration of power among a few key people often running into a problem.
decentralization- a process by which decisions are made by managers at various levels of organizations. Came into usage in the 1820's. -
theory z
William Ouchi created this theory that integrates Japanese and American business practices. Helps make business more successful with how they are run.
