MGT 3303 - Exam 1 Questions with Correct Answers Latest Update 2025/2026

MGT 3303 - Exam 1 Questions with Correct Answers Latest Update 2025/2026 The Four Functions of Management - Answers Planning, Organizing, Leading, Controlling Planning - Answers Specifying goals and deciding the appropriate actions needed to achieve said goals Organizing - Answers Process of assembling and coordinating the resources needed to achieve goals Leading - Answers Stimulating people to be high performers Controlling - Answers Monitoring performance and making necessary changes Management - Answers Process of working with people and resources to accomplish organizational goals Effective - Answers Achieving organizational goals Efficient - Answers Achieving goals with minimal waste of resources Levels of Managers - Answers Top Level Managers, Middle Level Managers, Frontline Managers, Team Leaders Interpersonal Roles - Answers Leadinh, Maintaining Networks, Looking Pretty Informational Roles - Answers Monitoring the organization, Disseminating information, Spokesperson Decisional Roles - Answers Looking for opportunity, Disposing snakes, Allocating resources, Negotiating Skills needed as managers - Answers Technical Skills, Conceptual Skills, Interpersonal Skills Challenges facing Managers - Answers Globalization, Technology, Information/Ideas, Collaboration, Diversity Sources of Competitive Advantage - Answers Innovation, Quality, Service, Speed, Quality, Cost Classical Approaches () - Answers Systematic Management, Scientific Management, Bureacracy, Administrative Management, Human Relations Contemporary Approaches (1940-Present) - Answers Sociotechnical Systems, Quantitative Management, Organizational Behavior, Systems Theory Fred Taylor - Answers Scientific Management, promoted employee training and cooperation, division of labor Gross Domestic Product - Answers The sum of goods and services produced within a nation Gantt Chart - Answers Step, Task, Assigned To, Date