1. What is the reason behind Robert Owen's belief that investment in human resources is more profitable than investment in other physical and material resources? Provide your justification.

2. What do we mean by division of labor? Discuss its advantages and disadvantages.

3. Discuss the rationale for studying management thought.

4. Discuss the significance of studying management thought.

5. Discuss the following management trends and contributors:

a) TQM and Six Sigma

b) BPR

c) Theory Z

d) Peter F. Drucker (November 19, 1909 - November 11, 2005)

Division of labor involves task specialization for efficiency, with advantages including increased productivity, skill development, and cost reduction, albeit with disadvantages like monotony and potential job loss.

Explanation:

Division of labor: Division of labor refers to the specialization of cooperating individuals in specific tasks to increase efficiency. Advantages: Increases productivity, allows for skill development, and leads to cost reduction. Disadvantages: Monotony, dependency on others, and potential job loss due to automation.

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