Deca: Principles of Business Management 2022

If you were making a database of all the books you own, what would you use as the primary key? Select one: a. title b. author . c. copyright date d. ISBN - ANS-d Where will a monopolist set the price of their good? Select one: a. as high as possible b. at market equilibrium c. it is undeterminable d. as low as possible - ANS-b What are the 5 main managements in business management? - ANS-Knowledge, project, quality, risk and ethics Preserving _____________________ and communicating it to people is the basis of ___________________ management - ANS-knowledge and knowledge What is a range of practices used to best leverage a firm's collective knowledge? - ANSKnowledge management _____________ plays a role in storing, obtaining and ___________ knowledge - ANSTechnology and preserving Technology has provided ease in the collection of all types of information, ___________, and figures to make better-______________ decisions. - ANS-data and informed Valued _____________________ must be protected the same way as any other ___________ of a business. - ANS-Knowledge and asset If information is not marked as ____________ and employee can abuse the knowledge. - ANS-Confidential Knowledge= _______________ - ANS-Responsibility Good knowledge management can increase __________ and create___________ - ANS-Productivity and consistancy Best ________________ create processes - ANS-practices Processes help employess stay on ________. Processes allow companies to achieve and stay _____________________. - ANS-task and organized Companies use _________________________ as a way to share knowledge in a quick efficient, ___________________, and secured way. - ANS-technology and professional ______________ is key in order for knowledge management to work and run. - ANSstructure _________ ______________ is a common term used for the best way to do something after many practices - ANS-Best practice ____________ management is about _________________ and executing projects - ANS-project and coordinating Projects typically require a ________________ amount of ________________ to keep everything efficient - ANS-considerable and planning What are the 5 main components of project management? - ANS-Initiating preparing, executing/controlling, managing, and closing. Initiating a project involves ________________ objectives, goals and a _________line. - ANS-determining and time Initiating also involves creating a ____________ team, determining a budget, and resources. Select important steps, set up__________and determine a way to evaluate ____________. - ANS-leadership, communication and results _________________ a project involves creating a work breakdown structure - ANSpreparing What is a tool used to define and group a project's tasks in a way that helps organize and define the total scope of work to be accomplish. - ANS-work breakdown structure ________________ a project is characterized by the actual work of the project's tasks - ANS-executing ______________ a project involves the _______________ of the actual performance to initial plans as well as taking corrective action to get the desired output - ANScontrolling and comparison ___________ a project includes evaluating success of meeting goals as well as assessing individual member's _____________. - ANS-closing and performance What are the 4 basic functions of managing a project? - ANS-Planning , organizing, leading and controlling Managing: Planning a project is the initial step which involves mapping out exactly how to achieve __________ ________ - ANS-project goals Managing:______________ a project is after the plan is made, the manager needs to assign work and grant authority to project team members. - ANS-organizing Managing: Leading a project involves _____________, guiding, ____________________ and encouraging project team members. - ANS-motivating and communicating Managing: ______________ a project involves a manager continuously checking results against goals and taking necessary corrective actions - ANS-Controlling What are the 3 main functions of quality management? - ANS-Improvement, control, and assurance What is the act of over seeing the activities needed to maintain a certain level of excellence? - ANS-quality management What two key principles characterize quality in products? - ANS-Fit for the purpose and right the first time Fit for the purpose - the products should be suitable for the intended _____________ - A