Mgt503 - Principles Of Management - Lesson 10

Explanation
The given answer, "Quantitative," is the correct option because this viewpoint emphasizes the use of mathematics, statistics, and information aids to make effective managerial decisions. This approach relies on data analysis and quantitative techniques to inform decision-making processes. By utilizing quantitative methods, managers can make more objective and evidence-based decisions, leading to improved efficiency and effectiveness in their decision-making processes.

Explanation
The three branches of the Quantitative Management viewpoint are Operations Management, Operation Research, and MIS (Management Information Systems). Operations Management focuses on the efficient and effective management of the production and delivery of goods and services. Operation Research is concerned with using mathematical models and techniques to solve complex business problems and make better decisions. MIS involves the use of technology and information systems to collect, process, and analyze data for decision-making purposes. These three branches emphasize the use of quantitative methods and data analysis in managing and improving organizational processes.

Explanation
Operation management is the correct answer because it refers to the function or field of expertise that is primarily responsible for managing the production and delivery of an organization's products and services. This involves overseeing the entire production process, from sourcing raw materials to manufacturing and distribution, with the goal of ensuring efficiency, quality, and customer satisfaction. Operation managers are responsible for various tasks such as planning, organizing, and controlling resources to achieve operational goals and objectives. They play a crucial role in optimizing processes, reducing costs, and improving overall productivity within an organization.

Explanation
Management sciences and operation research are indeed the same branch of quantitative management. Both fields involve the use of mathematical models, statistical analysis, and optimization techniques to solve complex problems in business and management. They aim to improve decision-making processes, allocate resources efficiently, and enhance overall organizational performance. Therefore, it is correct to say that management sciences and operation research are synonymous and refer to the same discipline within the realm of quantitative management.

Explanation
Operation Research is the correct answer because it is an approach that focuses on using mathematical and statistical methods to improve decision-making. This approach involves analyzing complex problems and finding optimal solutions through the application of quantitative techniques. By utilizing these sophisticated methods, Operation Research aims to enhance decision effectiveness and improve overall organizational performance.

Explanation
The given statement is true. MIS, which stands for Management Information Systems, is indeed a field of management that is primarily concerned with the design and implementation of computer-based information systems. These systems are specifically developed to assist management in making informed decisions and effectively managing various aspects of an organization.

Explanation
The given answer, "True," is correct because the branches of Contemporary Management Theory listed (System Theory, Contingency Theory, and Emerging Theories) are indeed part of this field of study. These branches focus on different aspects of management, such as understanding organizations as systems, adapting management approaches to specific situations, and incorporating new theories and practices into management strategies. Therefore, the statement "Following are the branches of Contemporary Management Theory" is true.

Explanation
Theory Z was indeed first identified as a unique management approach by William Ouchi. Ouchi introduced Theory Z in his book "Theory Z: How American Business Can Meet the Japanese Challenge" in 1981. This theory emphasizes a strong company culture, employee loyalty, and long-term employment as key factors for organizational success. It combines elements of both traditional American and Japanese management styles, aiming to create a harmonious work environment that promotes productivity and employee satisfaction.

Explanation
The explanation for the given correct answer is that the system theory approach suggests that an organization can be seen as a system. This means that an organization is viewed as a complex entity made up of interconnected and interdependent parts that work together to achieve a common goal. This approach emphasizes the importance of understanding the interactions and relationships between different components of the organization in order to effectively manage and improve its overall performance.

Explanation
The explanation for the given correct answer is that contingency theory suggests that there is no one-size-fits-all approach to management. Instead, the appropriate managerial action depends on various factors and parameters of the specific situation. This theory recognizes that different situations require different actions and that effective managers are able to adapt their approach based on the circumstances they are facing. Therefore, the statement that appropriate managerial action depends on the particular parameters of the situation aligns with the principles of contingency theory.

Explanation
The statement is true because Theory Z, Knowledge Management (KM), LO (Learning Organization), and TQM (Total Quality Management) are indeed emerging theories of management. Theory Z is a management approach that combines the best aspects of American and Japanese management practices. Knowledge Management focuses on capturing, organizing, and utilizing knowledge within an organization. Learning Organization emphasizes continuous learning and improvement within an organization. Total Quality Management is a management philosophy that focuses on meeting customer expectations and continuously improving processes. These theories have gained prominence in recent years as organizations strive to adapt to changing business environments and improve their performance.

Explanation
The statement "Art of creating values from organization's intangible assets" aligns with the concept of Knowledge Management. Knowledge Management involves the processes and strategies used to capture, store, and utilize an organization's knowledge and intellectual assets to create value and improve performance. By effectively managing and leveraging intangible assets such as knowledge, organizations can enhance their competitiveness and innovation capabilities.

Explanation
The statement "An organization that has developed the capacity to continuously learn, adapt and change" aligns with the concept of a Learning Organization (LO). A Learning Organization is characterized by its ability to encourage and facilitate learning at all levels, adapt to change, and continuously improve its processes and practices. This involves promoting a culture of learning, fostering open communication and collaboration, and valuing the acquisition and sharing of knowledge and skills.