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MGT 301 - Business Management Exam #1 || A Verified A+ Pass.
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Management correct answers The pursuit of organizational goals efficiently and effectively. Organizations correct answers People who work together to achieve a specific purpose. Management (formal definition) correct answers (1)The pursuit of organizational goals efficiently and efficiently. ...

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  • September 12, 2024
  • 21
  • 2024/2025
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MGT 301 - Business Management Exam #1 || A Verified A+
Pass.
Management correct answers The pursuit of organizational goals efficiently and effectively.

Organizations correct answers People who work together to achieve a specific purpose.

Management (formal definition) correct answers (1)The pursuit of organizational goals
efficiently and efficiently.

(2)Integrating the work of people through

(3) planning, organizing, leading, and controlling the organization's resources.

Efficiency correct answers To use resources - people, money, raw materials, and the like- wisely
and cost effectively.

Effectiveness correct answers To achieve results, to make the right decisions, and to successfully
carry them out so that they achieve the organization's goals.

Multiplier Effect correct answers Your influence on the organization is multiplied far beyond the
results that can be achieved by just one person acting alone.

The Rewards of Studying Management correct answers You will...

Understand how to deal with organizations from the outside.

Understand how to relate to your supervisors.

Understand how to interact with coworkers.

Understand how to manage yourself in the workplace.

Rewards of Practicing Management correct answers You and your employees can experience a
sense of accomplishment.

You can stretch your abilities and magnify your range.

You can build a catalog of successful products or services.

You can become a mentor and help others.

Mentor correct answers An experienced person who provides guidance to someone new to the
work world.

,Management Process (Four management functions) correct answers Planning, organizing,
leading, controlling.

Planning correct answers You set goals and decide how to achieve them.

Organizing correct answers You arrange tasks, people, and other resources to accomplish the
work.

Controlling correct answers You monitor performance, compare it with goals, and take
corrective action as needed.

Leading correct answers You motivate, direct, and otherwise influence people to work hard to
achieve the organization's goals.

Competitive Advantage correct answers The ability of an organization to produce goods or
services more effectively than competitors do; thereby outperforming them.

Four areas of Competitive Advantage correct answers Being responsive to customers,
innovation, quality, and efficiency.

The first law of business. correct answers Take care of the customer.

Innovation correct answers Finding ways to deliver new or better goods or services.

Internet correct answers The global network of independently operating but interconnecting
computers, linking hundreds of thousands of smaller networks around the world.

E-commerce correct answers "electric commerce"; The buying and selling of goods or services
over computer networks.

E-business correct answers Using the Internet to facilitate every aspect of running a business.

Email correct answers Electronic mail messages and documents transmitted over a computer
network.

Texting correct answers Quick text messages exchanged among smartphones.

Social Media correct answers Internet-based and mobile technologies such as Facebook and
Twitter for generating interactive dialogue with others on a network.

Cloud Computing correct answers The storing of software and data on gigantic collections of
computers located away from a company's principal site.

Databases correct answers Computerized collections of interrelated files.

, Big Data correct answers Stores of data so vast that conventional database management systems
cannot handle them.

Artificial Intelligence (AI) correct answers The discipline concerned with creating computer
systems that simulate human reasoning and sensation.

Telecommute correct answers Work from home or remote locations using a variety of
information technologies.

Videoconferencing correct answers Using video and audio links along with computers to let
people in different locations see, hear, and talk with one another.

Project Management Software correct answers Programs for planning and scheduling the people,
costs, and resources to complete a project on time.

Knowledge Management correct answers The implementing of systems and practices to increase
the sharing of knowledge and information throughout an organization.

Collaborative Computing correct answers Using state-of-the-art computer software and
hardware.

Sustainability correct answers Economic development that meets the needs of the present
without compromising the ability of future generations to meet their own needs.

Seven Challenges to Being an Exceptional Manager correct answers Managing for Competitive
Advantage

Managing for Information Technology

Managing for Diversity

Managing for Globalization

Managing for Ethical Standards

Managing for Sustainability

Managing for Happiness and Meaningfulness

Top Managers correct answers Make long-term decisions about the overall direction of the
organization and establish the objectives, policies, and strategies for it.

Middle Managers correct answers Implement the policies and plans of the top managers above
them and supervise and coordinate the activities of the first-line managers below them.

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