Final answer:
The principle of exception suggests that only significant deviations from standards require corrective action. Therefore, the statement that even the smallest of deviations require corrective action is false. This management principle serves as a rule of thumb and helps focus managerial efforts on areas of significant variance.
Step-by-step explanation:
The principle of exception is a management concept that suggests only significant deviations from set standards require managerial attention and corrective action. According to this principle, it is not necessarily true that even the smallest of deviations from the standard require corrective action. The principle of exception emphasizes efficiency in management by focusing on areas that deviate significantly from what was expected or planned, thus requiring intervention.
Therefore, false, even the smallest of deviations from the standard do not always require corrective action according to the principle of exception. This concept serves as a rule of thumb in management, recognizing that focusing on minor deviations may be counter-productive and may not be an effective use of managerial time and resources.
In practice, applying this principle means that managers will set certain thresholds or criteria determining when to take corrective measures. It also underscores the importance of focusing on exceptions that could impact the overall performance significantly rather than being distracted by minor variances.