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MGMT 3000 Test 1 Study Guide - UGA Hopkins Exam Questions and Answers
MGMT 3000 Test 1 Study Guide - UGA Hopkins Exam Questions and Answers
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MGMT 3000 Test 1 Study Guide - UGAHopkins Exam Questions and Answers
Business is all about what? - -Results and achieving them the right way
- What is the Global Business System? - -Business is a global system of
interdependent and interconnected parts
- Every job in some way is related to what 4 financial measures? - -- How is
Revenue impacted?
- How is Cost impacted?
- How is Cash FlowImpacted?
- How is Break-Even impacted?
- Purpose of BOE Financials? - -To quickly understand the financial results of
a business in order to take action where appropriate
To have the knowledge to quickly evaluate opportunities.
- What is meant by a business's break-even point? - -this is where revenue
meets total costs exactly, with no profit
- How can you reduce the break-even point? - -Reduce B/E by eliminating
costs - reducing fixed and variable costs
or Increase rices to increase revenue
- Companies that have the lowest ___, win - -Breakeven point
- What is meant by situational awareness?
What does it improve? What does it accomplish? - -A managers assessment
and understanding of the environment around the and its effects on their
operations and decisions
Heighten your Situational Awareness in order to improve your ability to
anticipate & predict...to make better management decisions
- How do managers heighten their situational awareness? Many Ways -
name a few - -Know YOUR Job!...what's expected
Keep your eyes & ears open
Show up
Listen
Be Visible - walk around
Get outside your bubble
See what's going on "out there"Build relationships
, Read and connect broadly ...news, events, happenings
Be curious!...how could "this situation" affect our business?
- What is an organization's Mission and Vision and how do they differ? - -
Mission - Who we are, what we do, why we are here
Vision - Our aspirations, what we want to be, future desired state
The mission is the current state and set of operations, the vision is where the
mission progresses to hopefully
- What is meant by an organization's Core Values? - -What we believe in ...
How we "do business" here...how we behave...
What are the boundaries...for decision making
- What is meant by an organization's Strategic Goals? what are some man
characteristics? - -A strategic goal is ....what you want to achieve. It is:
Measurable
-provide yardstick or standard to judge performance
Address crucial issues
a limited number of key goals helps maintain focus
Challenging but realistic
provide employees with incentive for improving
Specifies a time period
motivates/injects sense of urgency into goal attainment
- Why is ONE the magic number? - -One is the magic number...
to get everyone on the same (one) page, and to maximize business
results....you need:
One common mission
One common vision
One set of common values
One set of common goals
and One team committed to achieving results!...if you strive to be number
one
- Management the same as leadership? Why? How do they differ? - --
Management denotes formal authority and when accountability is delegated
- Leadership is the ability to influence the activity
or behavior of people
- Why are too many companies over-managed and under-led? - -- Too much
emphasis on control
- Not enough on motivation and creativity
- Leaders need to be developed at all levels
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