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MGT 300 - Exam 1 Questions and Answers 2024 100% Verified.
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MGT 300 - Exam 1 Questions and Answers 2024 100% Verified.
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MGT 300 - Exam 1Management - ANS The planning, organizing, leading, and controlling of human and other
resources to achieve organizational goals efficiently and effectively.
Organizations - ANS Collection of people who work together and coordinate their actions to
achieve a wide variety of goals or desire future outcomes.
Organization Performances - ANS A measure of how efficiently and effectively a manager uses
resources to satisfy customers and achieve organizational goals.
Efficiency - ANS A measure of how well or how productively resources are used to achieve a
goal. Effectiveness is a measure of the appropriateness of the goals an organization is pursuing
and the degree to which the organization achieves those goals.
Strategy - ANS A cluster of decisions about what goals to pursue, what actions to take, and
how to use resources to achieve goals.
Why study management? - ANS The more efficient and effective use that organization can
make those resources, the greater the relative well-being and prosperity of people in that
society. Managers decide how to use many of a society's most valued resources. Most of us
encounter managers because most people have jobs and bosses. Most people want a job that
pays well and provides an interesting and satisfying career; and understand management is one
important path toward obtaining this objective.
Mintzberg's Typology - ANS Decisional (entrepreneur, disturbance handler, resource allocator,
negotiator), Interpersonal (figurehead, leader, liaison), and Informational (monitor, disseminator,
spokesperson)
Middle Manager - ANS A manager who supervises first-line managers and is responsible for
finding the best way to use resources to achieve organizational goals.
First -Line Manager - ANS A manager who is responsible for the daily supervision of
nonmangerial employees.
Top Manager - ANS A manager who establishes organizational goals, decides how
departments should interact, and monitors the performance of middle managers.
Skills needed to be an effective manager - ANS conceptual skills - the ability to analyze and
diagnose a situation and to distinguish between cause and effect. Human skills - the ability to
, understand, alter, lead, and control the behavior of other individuals and groups. Technical skills
- the job-specific knowledge and techniques required to perform an organizational role.
Core competency - ANS The specific set if departmental skills, knowledge, and experience that
allows one organization to outperform another.
Competitive Advantage - ANS An advantage that a firm has over its competitors, allowing it to
generate greater sales or margins and/or retain more customers than its competition.
Restructuring - ANS Downsizing an organization by eliminating the jobs of large numbers of
top, middle, and first-line managers and nonmanagerial employees. Can be done by eliminating
product teams, shrinking departments, and reducing levels in hierarchy.
Outsourcing - ANS Contracting with another company, usually abroad, to have it perform an
activity the organization previously performed itself.
Empowerment - ANS The expansion of employees' knowledge, tasks, and decision-making
responsibilities.
Self-managed team - ANS A group of employees who assume responsibility for organizing,
controlling, and supervising their own activities and monitoring the quality of the good and
services they provide.
The creation of a new vision for a struggling company using a new approach to planning and
organizing to
allow it to survive and eventually prosper is known as - ANS Turnaround Management
Low-cost strategy involves: - ANS obtaining customers by offering goods and services more
cheaply than others in the markets
The differentiation strategy involves obtaining customers by offering goods and services more
cheaply than its
competitors. - ANS False
Organizations that are efficient but not effective produce low-quality products that customers do
not want. - ANS False
Ethical Dilemma - ANS The quandary people find themselves in when they have to decide if
they should act in a way that might help another person or group even though doing so might
help another person or group even though doing so might go against their own self-interest.
Ethics - ANS The inner guiding moral principles, values, and beliefs that people use to analyze
or interpret a situation and then decide what is the right or appropriate way to behave.
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