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MGMT 3000 Exam 1- Questions with Accurate Answers
MGMT 3000 Exam 1- Questions with Accurate Answers
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MGMT 3000 Exam 1- Questionswith Accurate Answers
bureaucratic organization structure - -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.
- business environment - -The combination of all contextual forces and
elements in the external and internal environments of a firm.
- contextual intelligence - -The ability to understand the impact of
environmental factors on a firm and the ability to understand how to
influence those same factors.
- contingency planning - -The systematic assessment of the external
environment to prepare for a possible range of alternative futures for the
organization.
- contingent view - -A view of the firm where effective organizational
structure is based on fit or alignment between the organization and various
aspects in its environment.
- environmental scanning - -A tool that managers use to scan the business
horizon for key events and trends that will affect the business in the future.
- human relations movement - -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.
- leadership - -The ability to drive change and innovation through inspiration
and motivation.
- management - -The act of working with and through a group of people to
accomplish a desired goal or objective in an efficient and effective manner.
- managerial view - -A business framework where the firm is seen as a
mechanism for converting raw materials into products to sell to customers.
- scenario building - -Forecasting the likely result that might occur when
several events and stakeholders are linked together.
, - scientific management - -A focus on how jobs, work, and incentive
schemes could be designed to improve productivity using industrial
engineering methods.
- shareholder view - -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 - -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 - -The process by which senior leaders of a
corporation meet with business unit managers to review progress toward
specific goals.
- trend analysis - -A tool where key variables are monitored and modeled to
help predict a change that might occur in the environment.
- VUCA - -An acronym for volatile, uncertain, complex, and ambiguous that
captures the context in which today's organizations compete
- board of directors - -A group of individuals elected by shareholders and
charged with overseeing the general direction of the firm.
- comparative advantage - -An economic theory that proclaims countries
should specialize in producing goods for which they have the lowest
opportunity cost of production.
- competitor - -Any organization that creates goods or services targeted at a
similar group of customers.
- customer - -The people or organizations that buy a firm's products and
services.
- economic dimension - -The general economic environment (e.g., GDP,
inflation, and unemployment) in the markets where the firm performs
activities.
- employees - -The people who make the products and provide the services
that allow a firm to exist.
- external environment - -Represents all of the external forces that affect
the firm's business.
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