One of the Three Approaches That Dominated Most Management Thinking

question 32

Multiple Choice

One of the three approaches that dominated most management thinking and writing in the "classical management period" is:

• A) Taylor's scientific management
• B) Drucker's knowledge work productivity
• C) Marx's theory of social class
• D) Handy's organizational behavior

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Definitions:

Economic Cost

The total cost of choosing one action over another, including both direct costs and any lost opportunity costs.

Utility

The satisfaction or benefit derived from consuming goods and services.

Earning Power

The ability of an individual, company, or entity to generate income over time, often assessed for future potential.

Value of Time

This concept refers to the economic value of an individual's time, often measured by what they would be willing to pay to save time or by their wage rate.