BUS-225 Chapter 1-Summary and Review Exam Questions With Explanations Of Answers.

Define management and describe its purpose in organizations - correct answer Management is concerned with using the resources of the organization to reach the organization's objectives. Its purpose is to use these resources effectively and efficiently so that the objectives of the organization are achieved with a minimum of cost Determine the effect that management actions have on the manager and others in the organization - correct answer Because management is essentially a decision-making process, it affects others. The consequences of a manager's decisions may have either a positive or negative effect on the manager, the manager's subordinates, and the organization, as well as other groups List the major functions of managers - correct answer - Planning: determining what the organization will specifically accomplish and deciding how to accomplish these goals - Organizing: designing jobs for employees, grouping these jobs together into departments, and developing working relationships between organizational departments and employees to carry out the plan - Leading: influencing others' activities to achieve set goals - Controlling: ensuring that an organization's actions lead to achievement of its objectives Explain the importance of decision making in management activities - correct answer Because managers must use resources to reach the organization's objectives, they insist on continuously making decisions about how to best use these resources. The manager must gather important data to be considered and, based on the data, make and then implement the decision required. A correct decision can be useless if it is not implemented appropriately Describe the many roles managers play in an organization - correct answer 10 roles in three broad categories - Interpersonal roles involve interaction with others who are external or internal to the organization, at the same level as the manager or at higher or lower levels - Informational roles focus on obtaining data that are important for the decisions made by the manager - Decisional roles deal primarily with the allocation of resources in order to reach organizational objectives Specify why different managers perform different job activities - correct answer - Management is similar across all organizations in that managers are all involved with planning, organizing, leading, controlling, and decision making - Their activities may also be described in terms of common roles they play within their organizations. However, the specific job activities of managers differ greatly both among and withing organizations because of differences in the level of management, functional area, organizational size and culture, and industry Identify some emerging trends in management - correct answer - E-business involves achieving managment goals through the use of the Internet. The Internet has changed the face of management, allowing business to connect with customers, develop collaborative relationships with suppliers and employees, and make the company's products more accessible globally - International business refers to expanding business activities beyond national boundaries. Technology advances such as the Internet as well as changing economic and political conditions are making it easier for companies to expand globally = opportunities for companies to grow -Leadership in promoting ethical and socially responsible business decisions has become a significant managerial responsibility. Many companies have suffered reputational damage and fines for business misconduct Review what you can reasonably learn from a textbook about how to perform management activities - correct answer Some aspects of management can be learned in formal classroom situations. Most organizations teach management to their employees through training programs that are similar in format to college classrooms. Learning management in this format can help you understand sources of information and relationships among variables, basic principles to use in decision making, and the fundamentals of how to implement decisions. However, job knowledge relevant for specific functional areas of an organization and the requisite interpersonal skills can most effectively be learned in one's unique working environment