MGMT 3000 UGA Lyons Test 1 Questions With Revised Answers
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Course
MGMT 3000
Institution
MGMT 3000
MGMT 3000 UGA Lyons Test 1 Questions
With Revised Answers
Contextual intelligence - answerThe ability to understand the impact of environmental
factors on a firm and the ability to understand how to influence those same factors.
management - answerThe act of working with and through a group of ...
MGMT 3000 UGA Lyons Test 1 Questions
With Revised Answers
Contextual intelligence - answer✔✔The ability to understand the impact of environmental
factors on a firm and the ability to understand how to influence those same factors.
management - answer✔✔The act of working with and through a group of people to accomplish a
desired goal or objective in an efficient and effective manner.
leadership - answer✔✔The ability to drive change and innovation through inspiration and
motivation.
bureaucratic organization structure - answer✔✔A clear differentiation of tasks and
responsibilities among individuals; coordination through a strict hierarchy of authority and
decision rights; standardized rules and procedures; and the vertical separation of planning and
execution so that plans are made in the upper ranks of an organization and executed in the lower
ranks.
scientific management - answer✔✔A focus on how jobs, work, and incentive schemes could be
designed to improve productivity using industrial engineering methods.
human relations movement - answer✔✔The belief that organizations must be understood as
systems of interdependent human beings who share a common interest in the survival and
effective functioning of the firm.
contingent view - answer✔✔A view of the firm where effective organizational structure is based
on fit or alignment between the organization and various aspects in its environment.
business environment - answer✔✔The combination of all contextual forces and elements in the
external and internal environments of a firm.
managerial view - answer✔✔A business framework where the firm is seen as a mechanism for
converting raw materials into products to sell to customers.
shareholder view - answer✔✔A business framework where the job of top managers is to produce
the highest possible stock market valuation of the firm's assets.
stakeholder view - answer✔✔A business framework that identifies and analyzes multiple groups
that interact with the firm and attempts to align organizational practices to satisfy the needs of
these various groups.
strategic review process - answer✔✔The process by which senior leaders of a corporation meet
with business unit managers to review progress toward specific goals.
environmental scanning - answer✔✔A tool that managers use to scan the business horizon for
key events and trends that will affect the business in the future.
scenario building - answer✔✔Forecasting the likely result that might occur when several events
and stakeholders are linked together.
contingency planning - answer✔✔The systematic assessment of the external environment to
prepare for a possible range of alternative futures for the organization.
trend analysis - answer✔✔A tool where key variables are monitored and modeled to help predict
a change that might occur in the environment.
VUCA - answer✔✔An acronym for volatile, uncertain, complex, and ambiguous that captures
the context in which today's organizations compete.
employees - answer✔✔The people who make the products and provide the services that allow a
firm to exist.
Globalization - answer✔✔The integration and interdependence of economic, technological,
sociocultural, and political systems across diverse geographic regions.
comparative advantage - answer✔✔An economic theory that proclaims countries should
specialize in producing goods for which they have the lowest opportunity cost of production.
external environment - answer✔✔Represents all of the external forces that affect the firm's
business.
general environment - answer✔✔Includes the technological, economic, political/legal, and
sociocultural dimensions that affect a firm's external environment.
task environment - answer✔✔Includes entities that directly affect a firm on a constant basis and
include competitors, suppliers, and customers
technological dimension - answer✔✔The processes, technologies, or systems that a firm can use
to produce outputs.
economic dimension - answer✔✔The general economic environment (e.g., GDP, inflation, and
unemployment) in the markets where the firm performs activities.
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