Rule of thumb’ refers to: |
Use of personal judgement in handling management issues Adopting a hit-and-trial approach to resolve management problems Both 1 and 2 There is only one best method to maximise efficiency which can be developed through study and analysis |
Both 1 and 2 |
The correct answer is option 3- Both 1 and 2 A rule of thumb is a general principle used as a basis for judgment, often based on experience rather than rigorous analysis. It incorporates aspects of both option 1 and 2:
In the earlier days of the Industrial Revolution, in the absence of an established theory of factory organisation, factory owners or managers relied on personal judgment in attending to the problems they confronted in the course of managing their work. This is what is referred to as ‘rule of thumb’. Managing factories by rule of thumb enabled them to handle the situations as they arose but suffered from the limitation of a trial and error approach. |