Mgt. Exam 1 Test Questions with Complete Solutions, A+

Management - CoRRect SoluTion -The process of working with people and resources to accomplish organizational goals -Efficiently, effectively The Four Functions of Management - CoRRect SoluTion Planning Organizing Leading Controlling Planning - CoRRect SoluTion Specifying goals and deciding the actions needed to achieve those goals Organizing - CoRRect SoluTion Assembling and coordinating the resources needed to achieve goals Leading - CoRRect SoluTion Stimulating people to be high performers Controlling - CoRRect SoluTion Monitoring and reacting to performance Four Different Levels of Managers - CoRRect SoluTion Top Level Managers Middle level Managers Frontline Managers Team Leader Top-level managers - CoRRect SoluTion Senior executives responsible for the overall management and effectiveness of the organization. Middle-level managers - CoRRect SoluTion Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives. Frontline managers - CoRRect SoluTion Lower-level managers who execute the operational activities of the organization Team leader - CoRRect SoluTion Employees who are responsible for facilitating successful team performance Three Roles That All Managers Perform - CoRRect SoluTion 1. Interpersonal roles -Leader, liaison, figurehead 2. Informational roles -Monitor, disseminator, spokesperson 3. Decisional roles -Entrepreneur, disturbance handler, negotiator Sources of Competitive Advantage - CoRRect SoluTion The best managers and companies deliver them all 1. Innovation -The introduction of new goods and services 2.Quality -The excellence of your product (goods or services) 3.Service -The speed and dependability with which an organization delivers what customers want. 4. Speed -Fast and timely execution, response, and delivery of results. 5. Cost competitiveness -Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers. Major Challenges Facing Managers - CoRRect SoluTion -Globalization -Technological change -The importance of knowledge and ideas -Collaboration across organizational boundaries -Increasingly diverse labor force Scientific management - CoRRect SoluTion -A classical management approach that applied scientific methods to analyze and determine the "one best way" to complete production tasks. -Introduced by Frederick Taylor