MGMT 2210 Final Study Set- Questions with Correct Answers

Administrative Management Theory how management and workers are organized within a business to allow for the completion of the task. Henri Foil () Father of the administrative management theory Wrote a book in 1916 where he created his 14 principles of management Frederick Taylor Created the Pig Iron Experience which combined scientific methods and tools with management principles. Adam Smith Father of the invisible hand theory. Foundation of capitalism in a free market. Believes the government should keep from being over intrusive against honest people Max Weber Father of burracy, and organizing companies into departments. Platinum Rule Treat others as they want to be treated by getting to know them people or your works and ask them how they want to be treated. Leader vs A Manager Leader: Will bring you to a place most likely an alpha (You are more likely to be "Born" a leader) Manager: will tell you where to go (learned behavior, learned set of skills) What Is A Corporation? Created under state law, groups of people brought together to make a product or service. For profit, non-profit. It is incorporated by a group of shareholders with a common goal who share ownership represented by their holding of stock shares. Examples: Amazon, Apple, Google, & Exxon Modbil. For-Profit Make money, value in the company such as stock or being publicly traded and taxes on revenues. Non-Profit Don't make any money, don't pay taxes but involves many rules including not having stock, or value. Example: Churches What Do Managers Do? Manage; organize a group of people to do a specific task, and then direct them to make sure the task is done efficiently, effectively and organized.