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Scientific Management Theory
F.W. Taylor designed the techniques of scientic management; which is a "systematic study of relationshiips between people and tasks for the purpose of redesigning the work process to increase efficiency." (Jones, 2014 p.39) Through his studies he came up with four key principles to amp up efficiency in the workplace. -
Opening of The Panama Canal
The opening of the Panama Canal created a great deal of relief when it came to managing shipping between the Atlantic and Pacific oceans for US companies. This allowed for shipping by sea to be quicker and more efficient, saving money for management of their respected companies. -
18th Amendment
When prohibition struck, it became a factor for multiple parties of management; 1. The brewery or distillery managers were put under hardship, as well as those who managed dispenseries (i.e liquor stores, bars). 2. It also could have put tension on business owners who allowed speak easies to go on in their establishments. -
Mary Parker Follett
The mother of management thought. She believed that managers should act more towards guidance, rather than supervision. She is famously quoted for saying, "authority should go with knowledge... whether it is up the line or down" (Jones, 2014. pg 51) In simpler terms, if someone lesser in a company knows how to do something, they should be able to control it. -
Hawthorne Studies
Multiple studies conducted by the Western Electric Company to improve on productivity and characteristics of the workplace. What they came away with after all of the studies was that, workers' performance can be affected depending on the manager's approach. (Jones, 2014 p.51-52) -
Creation of The SEC
The Security and Exchange Commission was created to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. This affects management because of the regulations and laws that were inacted to keep an eye on possible businesses from doing illegal activities to harm the customer, such as fraud and money laundering. (The Investor's Advocate, n.d.) -
Maslow's Heirarchy of Human Needs Developed
There are five components to Maslow's Heirarchy, that management can integrate into the workplace to increase happiness, hence productivity; Physiological needs, what we need to survive, providing water, food breaks, etc. Safety needs, protection (see OSHA part). Love and Belonging, feeling needed within the company. Esteem, good positive image within the company. Self actualization, having a real purpose within the company. -
Marshall Plan was Developed
An economic recovery plan developed by then Secretary of State, George Marshall that assisted in the economic recovery of Europe, and try to stop communism from the east. This allowed the US to deploy capitalism and to create more free market in Europe allowing for greater economic triumph, which can affect management. (History of the Marshall Plan, n.d.) -
Theory X vs Theory Y
Douglas McGregor developed two theories on how worker behavior can affect managerial behavior. Theory X, the negative, states employees are lazy therefore management should closely supervise employees and create strict workplace environment, and implement a series of reward and punishment systems. Theory Y, the positive, stating employees will do what is best for the company, thus management creates an environment that allows workers to have initiative and self-direction. (Jones, 2014 pg. 53) -
Major League Baseball General Managers' Responsibilities
Before 1960 General Managers in MLB could do anything with regards to the team with consent from the owner. At the beginning of the decade, GMs were more focused on the team aspect, defining player and agent relations and on field issues. Whereas others could be hired to handle everything to facilities and medical. -
Revenue Act of 1964
Employment rates increase after the Revenue Act of 1964, which cut taxes. This allowed management to increase output of product, whatever it may be, hence making more profit. (Harvard Business Review, n.d.) -
Freedom of Information Act
This act allows people to request information from the government to be released to the public at request. How this affects management; It can provide management to see where their companies' tax money is being distributed. -
OSHA was created
OSHA, The Occupational Safety and Health Administration was established to ensure worker's safety in the workplace. It sets guidelines and regulations to what kind of safety equipment is needed in case of possibly dangerous situations. -
Agency Theory was Created
A supposition that explains the relationship between principals and agents in business. Agency theory is concerned with resolving problems that can exist in agency relationships. (ie. investors and executives) (Agency Theory, n.d.) -
Rosabeth Moss Kanter Publishes Men and Women of Corporation
This publication helped pave the way for Women to take initiative to strive for positions higher in companies rather than being just a secretary. -
Tax Reform of 1986
Reaganomics, which was President Reagan's economic standpoint during his Presidency allowed for great economic triumph allowing for businesses to thrive. -
NAFTA Enacted
The North American Free Trade Agreement, which enabled the countries in North America (USA, Canada, and Mexico) to partake in free trade. This allowed the countries to freely trade with each other, not needing tarriffs or other barriers of trade. This allows businesses to save money not having to travel product greater distances or having to go through trade barriers. -
Euro Became Legal Tender in 12 European Nations
For the twelve parties involved, it allows trade or money exchange to be more universal without having to convert money. This allows businesses across europe to operate under the same money terms, making business easier. -
Facebook Was Created
Social Media and Networking became possible thanks to Facebook. With the help of Facebook, management can create greater business connections without hassle, as well as use it as a hiring tool. -
The Film Moneyball Premiered
Moneyball goes in depth on the life and business side of a general manager in baseball, more specifically Billy Beane of the Oakland Athletics. It gave the population an behind the scenes look on how a general manager operates his team on a day to day basis. Beane's style of managing his team helped pave the way to a new way of how we look at baseball, sabremetrics, which is advanced statistics to determine players worth.