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Business Management II Final Exam Review (updated) already passed
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Business Management II Final ExamReview
Controlling goes hand in hand with which other function of management? - correct answer
✔✔Controlling goes hand in hand with the management function of planning. When managers plan,
they determine strategies and set goals. When managers control, they check in to see how the
organization is doing on accomplishing those goals and fulfilling those strategies.
What are the five most common aspects of a business that managers control? - correct answer ✔✔The
most common aspects of a business that managers control are employees, finances,
marketing/customer satisfaction, technology, and products/production.
Explain the difference between feed-forward, concurrent, and feedback controls. - correct answer
✔✔Feed-forward controls are those that attempt to monitor and control performance before it occurs.
Concurrent controls are those that monitor and control performance while it is occurring. Feedback
controls are those that monitor and control performance after it has already occurred.
What are some of the impacts of effective managerial control on an organization? - correct answer
✔✔Managerial control is important because it keeps organizations on track. It makes it possible for
businesses to achieve their goals by guiding progress and evaluating outcomes. When managers control
important aspects of a business, the organization enjoys improved efficiency and reduced errors.
Controls also inform managers' decision-making by providing the evidence and facts needed to support
one decision or another. Finally, managerial control allows everyone in an organization to improve
performance and achieve at a higher level.
List the four steps in the managerial control process. - correct answer ✔✔The four steps in the
managerial control process are: Determine standards of excellence, measure performance, compare
performance with standards, and take corrective action.
Examples of a standard of excellence. - correct answer ✔✔sales quotas (number or overall value of
sales), quality standards (number of defects), quantity standards (number of products produced), time
standards (length of time needed to complete a task), and cost standards (how much a project or
product costs).
, Briefly describe each of the characteristics of effective controls. - correct answer ✔✔Use accurate
information to compare to, inaccurate info will lead to unnecessary actions. Be doable for all workers.
work in conjunction with what is already in place so as not to confused or bombard employees. Be of
minimal cost for business. Be easy to use and understand to advance evaluations and corrective action.
Work in favor of the needs of the business
What is productivity? - correct answer ✔✔Productivity is the amount and value of goods and services
(outputs) produced from set amounts of resources (inputs). It measures how efficiently the inputs are
converted into outputs in a set time period. Productivity equals outputs divided by inputs.
Explain two ways to measure Worker productivity and Business productivity - correct answer ✔✔a.
monetary value or the amount of work done in a set time period
b. # of products divided by # steps involved in the process or total sales divided by # of sales people.
Why is productivity measured? - correct answer ✔✔to see if goals are being met, to show trends in
business conditions, to manage resources and to plan for productivity improvement.
Explain why productivity is important for:
a. Businesses
b. Workers
c. Consumers
d. Society
e. The economy - correct answer ✔✔a. to develop a competitive edge
b. to get job security and/or a raise
c. lower prices
d. increase national income
e. to prevent unemployment and inflation.
What are some factors that can hinder business productivity? - correct answer ✔✔>Lack of
standardization
>Lack of tools/equipment
>Too many different products
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