PRINCIPLES OF MANAGEMENT UPDATED EXAM SCRIPT
QUESTIONS AND ANSWERS RATED A+
Management changes with: - ✔✔employees, technology, etc.
✔✔Management Key Concepts: - ✔✔
✔✔Organization - ✔✔People working together and coordinating their actions to achieve
specific goals.
✔✔Goal - ✔✔A desired future condition that the organization seeks to achieve.
✔✔Management - ✔✔The process of using organizational resources to achieve the
organizations goals.
✔✔These goals are met by what (5) things? - ✔✔1. Planning
2. Organizing
3. Controlling
4. Decision Making
5. Leading
✔✔Who founded these functions? - ✔✔Henry Fayol
✔✔Resources are organizational assets and include: - ✔✔-people
-machinery
-raw materials
-information, skills
-financial capital
✔✔Managers are the people responsible for supervising the use of an organization's
resources to ________? - ✔✔Meet it's goals
✔✔Organizations must provide a ____ or ____ desired by it's customer. - ✔✔good or
service
✔✔Example: Managers of Campbell's soup manage the firm to provide quality soup
products. - ✔✔Achieving High Performance
✔✔Organizational Performance - ✔✔Measures how efficiently and effectively managers
use resources to satisfy customers and achieve goals.
✔✔Efficiency - ✔✔A measure of how well resources are used to achieve a goal.
, ✔✔Example: Usually, managers must try to minimize the input of resources to attain the
same goal. - ✔✔Efficiency
✔✔Effectiveness - ✔✔A measure of the appropriateness of the goals chosen (are these
the right goals?), and the degree to which they are achieved.
✔✔Example: Organizations are more effective when managers choose the correct
goals and then achieve them. - ✔✔Effectiveness
✔✔Managerial Functions - ✔✔Henry Fayol was the first to describe 4 managerial
functions when the was the CEO of a large mining company in the late 1800's.
✔✔Fayol noted managers at all levels, operating in both for-profit and non-profit
organizations, must perform each of these (4) functions: - ✔✔1. planning (choose goals)
2. organizing (working together)
3. leading (give direction)
4. controlling (monitor and measure)
✔✔Planning - ✔✔The process used by managers to identify and select appropriate
goals and courses of action for an organization.
✔✔(3) steps to good planning: - ✔✔1. which goals should be pursued?
2. how should the goal be attained?
3. how should resources be allocated?
✔✔The planning function determines how ____ and ____ the organization is an
determines the strategy of the organization. - ✔✔effective and efficient
✔✔Organizing - ✔✔Managers create the structure of working relationships between
organizational members.
✔✔To organize, they group people into departments according to their tasks performed.
- ✔✔Managers will also layout lines of authority and responsibility for members. (ex. job
titles)
✔✔Organizational Structure - ✔✔is the outcome of organizing. This structure
coordinated and motivated employees so that they work together to achieve goals.
✔✔Leading - ✔✔Determine decision, state a clear vision for employees to follow and
help employees understand the role they play in attaining goals.
QUESTIONS AND ANSWERS RATED A+
Management changes with: - ✔✔employees, technology, etc.
✔✔Management Key Concepts: - ✔✔
✔✔Organization - ✔✔People working together and coordinating their actions to achieve
specific goals.
✔✔Goal - ✔✔A desired future condition that the organization seeks to achieve.
✔✔Management - ✔✔The process of using organizational resources to achieve the
organizations goals.
✔✔These goals are met by what (5) things? - ✔✔1. Planning
2. Organizing
3. Controlling
4. Decision Making
5. Leading
✔✔Who founded these functions? - ✔✔Henry Fayol
✔✔Resources are organizational assets and include: - ✔✔-people
-machinery
-raw materials
-information, skills
-financial capital
✔✔Managers are the people responsible for supervising the use of an organization's
resources to ________? - ✔✔Meet it's goals
✔✔Organizations must provide a ____ or ____ desired by it's customer. - ✔✔good or
service
✔✔Example: Managers of Campbell's soup manage the firm to provide quality soup
products. - ✔✔Achieving High Performance
✔✔Organizational Performance - ✔✔Measures how efficiently and effectively managers
use resources to satisfy customers and achieve goals.
✔✔Efficiency - ✔✔A measure of how well resources are used to achieve a goal.
, ✔✔Example: Usually, managers must try to minimize the input of resources to attain the
same goal. - ✔✔Efficiency
✔✔Effectiveness - ✔✔A measure of the appropriateness of the goals chosen (are these
the right goals?), and the degree to which they are achieved.
✔✔Example: Organizations are more effective when managers choose the correct
goals and then achieve them. - ✔✔Effectiveness
✔✔Managerial Functions - ✔✔Henry Fayol was the first to describe 4 managerial
functions when the was the CEO of a large mining company in the late 1800's.
✔✔Fayol noted managers at all levels, operating in both for-profit and non-profit
organizations, must perform each of these (4) functions: - ✔✔1. planning (choose goals)
2. organizing (working together)
3. leading (give direction)
4. controlling (monitor and measure)
✔✔Planning - ✔✔The process used by managers to identify and select appropriate
goals and courses of action for an organization.
✔✔(3) steps to good planning: - ✔✔1. which goals should be pursued?
2. how should the goal be attained?
3. how should resources be allocated?
✔✔The planning function determines how ____ and ____ the organization is an
determines the strategy of the organization. - ✔✔effective and efficient
✔✔Organizing - ✔✔Managers create the structure of working relationships between
organizational members.
✔✔To organize, they group people into departments according to their tasks performed.
- ✔✔Managers will also layout lines of authority and responsibility for members. (ex. job
titles)
✔✔Organizational Structure - ✔✔is the outcome of organizing. This structure
coordinated and motivated employees so that they work together to achieve goals.
✔✔Leading - ✔✔Determine decision, state a clear vision for employees to follow and
help employees understand the role they play in attaining goals.
