MGT 101 Exam 1 Questions with Answers

Purpose of Management - CoRRect SoluTion to use these resources effectively and efficiently so that the objectives of the organization are achieved with a minimum of cost. - Efficiency, Effectiveness, Productivity Transactional Leaders - CoRRect SoluTion (Managers) get stuff done, kick the can down the road - use incentives to get people to do things Transformational Leader - CoRRect SoluTion (True Leaders) change the nature of the business, most importantly, they focus on doing the right things - what's right for the business, the stakeholders, the consumers, and the economy - get people to do things because they want to do them Planning - CoRRect SoluTion Determining appropriate goals for the firm and deciding how to accomplish these goals Organizing - CoRRect SoluTion Assigning responsibility to employees for task achievement to collaboratively achieve goals Leading - CoRRect SoluTion Influencing and motivating others to achieve set goals Controlling - CoRRect SoluTion Monitoring, evaluating, and maintaining desired performance Levels of Management - CoRRect SoluTion CEO, Upper-Level, Middle-Level, First-Line Specific Management Skills Examples - CoRRect SoluTion job knowledge, oral communication, persuasiveness, tolerance of stress Electronic Business - CoRRect SoluTion Achieving management goals through the use of the internet Global Organizations - CoRRect SoluTion Expanding business activities beyond national boundaries Management Theory - CoRRect SoluTion a systematic statement based on observations, of how the management process might best occur, given stated underlying principles Classical Approach to Management - CoRRect SoluTion stresses the manager's role in a formal hierarchy of authority and focuses on the task, machines, and systems need to accomplish the task effciently Max Weber - CoRRect SoluTion German leader for Classical Approach to Managment, based his concept off of the Prussian Army Henry Fayol - CoRRect SoluTion French leader for Classical Approach to Management, ran a coal mine and wrote a book with 14 principles of management Henry Gantt - CoRRect SoluTion developed idea for organizing and scheduling, created the Gantt Chart that shows what the schedules are and how tasks link together Scientific Management - CoRRect SoluTion emphasizes the systematic study of and experimentation with workers' tasks, methods, and tools as a means of improving worker efficiency Frederick Tayor - CoRRect SoluTion Developed principles of Scientific Management Principles of Scientific Management - CoRRect SoluTion 1) Develop the one best way to do a task 2) scientifically select, train, teach, and develop each worker 3) provide an incentive so that the work is done the one best way 4) divide work and responsibility equally between management and workers 5) Workers must share in the benefits of 1-4 Frederick Taylor's Assumptions - CoRRect SoluTion 1) Employers and employees have mutual interests associated with economic gain. 2) Humans are rational beings and economically motivated. 3) For every person willing to work hard, there is a job for which he or she is ideally suited.