Exam (elaborations)

MNG2602 BUSINESS MANAGEMENT UNIVERSITY ASSIGNEMNT 1

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Course
General Management (MNG2601)

Institution
University Of South Africa (Unisa)

1. Management is the process of working with and through others to achieve business objectives, by balancing effectiveness and efficiency and by making use of scarce resources, in a changing environment. 2. Sustainability focuses on the triple bottom line of the organization, related to the syste...

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Uploaded on August 24, 2024
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Type Exam (elaborations)
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general management

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Question 1
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Question text
Management is the process of working with and through others to achieve business objectives, by
balancing effectiveness and efficiency and by making use of scarce resources, in a changing environment.
Select one:

True

EXPLANATION
Management: The process of planning, organizing, leading, and controlling resources (human, financial,
physical, and informational) to achieve organizational goals effectively and efficiently. It involves
coordinating and overseeing the work of others to reach specific objectives.

Effectiveness: Refers to the degree to which organizational goals are achieved. It focuses on doing the
right things, such as setting and achieving appropriate objectives.

Efficiency: Refers to how well resources are utilized to achieve goals. It emphasizes doing things in the
right way, minimizing waste and maximizing output.

Scarce Resources: Resources that are limited in availability compared to their demand. In management,
this includes human resources, financial capital, materials, and time.

Changing Environment: The dynamic context in which organizations operate, which includes economic,
technological, social, and regulatory changes that impact how organizations function and achieve their
goals.

Why the Statement is True:

The statement accurately reflects the essence of management. It emphasizes the need for managers to
work with and through others to reach business objectives, balancing effectiveness (achieving goals) and
efficiency (optimal resource use). Management involves navigating a changing environment and utilizing
limited resources effectively. This holistic view captures the fundamental aspects of what management
entails.

Question 2
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