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MEJO 424 MIDTERM EXAM QUESTIONS AND ANSWERS
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MEJO 424 MIDTERM EXAM QUESTIONS AND ANSWERS
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MEJO 424: MIDTERM EXAM QUESTIONSAND ANSWERS
Peter Drucker - answer A prolific management guru and the first scholar to write about how to
manage knowledge workers.
founder of modern management
Lower-level managers - answer center on super-vising others and monitoring individual
performance (ie Program Director, Local Sales Manager)
Middle managers - answer plan andallocate resources and manage groups of people (ie General
Sales Manager)
Executive managers - answer monitor the entire organizational environment, identifying
internal and external factors that impact their operation
(ie General Mangers for TV who keep pace with such diverse factors as local business
economics, social trends, the regulatory climate in Washington, and the internal activities of
their respective operations)
Management Skills - answer the basic competencies needed by electronic media managers
[technical, human, conceptual, financial, marketing, entrepreneurial]
Management Functions - answer tasks the manager performs
-planning: Establishing organizational objectives and providing others with the resources
needed to accomplish their tasks
-organizing
motivating, controlling, facilitating, communicating, negotiating]
, Management Roles - answer different roles managers adopt as they interact with different
constituencies [leader, representative, liaison]
P-O-M-C Managerial Model - answer Henri Fayol
-planning: establishing organizational objectives and providing others with the resources
needed to accomplish their tasks
-organizing: determines who or what unit is responsible for specific company objective
-motivating: Motivating employees to a high level of performance helps any organization
accomplish its goal
controlling: (1) giving feedback to other managers and employees,(2) monitoring the progress
toward completion of organizational objectives and financial goals, and (3) making changes as
situations demand.
** sometimes people add facilitating, communicating and negotiating
What is financial management? - answer -planning: developing budgets based on revenue
history and expense projections
-monitoring: managerial review of financial statements and other reports that measure the
efficiency of an organization
-control: authorizing purchases to establishing internal policies and procedures
Budgeting - answer -usually an annual process in which management projects anticipated
revenues and expenditures for the firm for the following 12 months.
-All managers are usually involved
-Usually submitted by middle level manager (and some low) to GM (top tier) for approval
Capital Budgeting - answer Major expenses, such as the replacement of equipment, involve a
separate budgeting
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