Chapter 2: Management Learning Past to Present

1. A grocery store is getting complaints from customers that waiting times are too long for checkouts during certain times of the day. This problem can be solved by the queuing theory.

2. A real estate developer wants to control costs and finish building a new apartment complex on time. This problem can be solved by inventory analysis.

3. People and technology are outputs in an open system.

4. Goods and services are inputs in an open system.

5. A tight bureaucracy works best when the environment is relatively stable and operations are predictable and uncomplicated.

6. Trade secret is an example of intellectual assets.

7. Knowledge management involves making decisions based on hard facts about what really works.