MGT 3200 Exam 1
UPDATED ACTUAL Questions and CORRECT Answers
Question: What is management?
Correct Answer: There is no single, universally accepted definition. Management is the process of
achieving desired results through the efficient utilization of human and material re-
sources. So a process. Occurs over time. Management is not some- thing we have to
do today and not tomorrow. We're doing it every minute of everyday in an
organization.
Question: What are the 2 key concerns of management?
Correct Answer: maximizing our effectiveness and efficiency. Effectiveness - Concerned with doing
the right thing at the right time in the right way, concerned with goal attainment
Efficiency - Concerned with reducing waste or minimizing resource costs since many
resources are scarce, concerned with increasing outputs while maintaining the same
level of inputs or keeping the same level of outputs while decreasing the level of
inputs Effectiveness is concerned with the ENDS and efficiency is concerned with
the MEANS to those ends
Question: These two goals are related in that it's much easier to be effective if one disregards efficiency
Conversely, it becomes increasingly more difficult to be ef- fective when one becomes more
and more concerned with efficiency Efficiency doesn't guarantee effectiveness, if there is
more concern for efficiency, effectiveness is harder to achieve
Correct Answer: How are effectiveness and effi- ciency related?
Question: __________ doesn't guarantee ___________, if there is more con- cern for efficiency,
effective- ness is harder to achieve
Correct Answer: Efficiency, effectiveness
,Question: What is your important re- source as a manager?
Correct Answer: Human resources The managerial challenge states that managers are only as good as
the people they have working for them.
Question: Is management art or science? When is it considered a sci- ence? An art?
Correct Answer: Science - it is considered a science since we develop theo- ries of managing, test
these theories empirically using the scientific method, and refine, reformulate or
discard these theories based upon the results of these studies Art - for some,
managing is really just a natural extension of their personalities. It comes easy or
natural to them If the practice of management were a pure science, anyone could
become successful following a step-by-step formula, but in reality, this is not the case
Question: As an academic discipline. use the scientific method to build a knowledge base of how best
to manage people. develop theories of managing and test these theories empir- ically through
field resource and laboratory research. Based upon the research findings, we refine the
theory, or reformu- late the theory or possibly discard the theory. We're building up a
knowledge base through the scientific method about how best to manage people.
Correct Answer: When is management consid- ered a science?
Question: When is management consid- ered an art?
Correct Answer: In a practice. There's no set formula for success. Managing for some is a natural
extension of their personality - there's some people that were just born to manage
Question: How did management become important and why is it still sig- nificant today?
Correct Answer: The industrial revolution brought on a lot of change to man- agement in the
workplace. Professional management is still important because it's the key to
efficiently obtaining an organization's and societal goals.
, Question: What was the basic change in the industrial revolution?
Correct Answer: The transfer of skills from craftsmen to machines. Factories became more common -
unskilled laborers simply fed the machine raw materials, removed the finished
product, and so on. In other words, labor was divided in these factories, and as a
result, employee skill level decreased, requiring supervision and coordination to get
goods produced.
Question: What happened to productivity (supply), prices, and demand as a result of the industrial
revolu- tion?
Correct Answer: Division of labor -> increase productivity -> decrease prices -> increase consumer
demand
Question: What was the pivotal event of our time, according to Drucker?
Correct Answer: the industrial revolution. Growth in size of production became a problem for owners
who could no longer manage all operations of a factory. Owners had to hire people to
help manage, these people were managers by profession and did not own the means
of production. According to Drucker, this switch from own- er/manager to
professional managers is the pivotal event of our time, brought about by the industrial
revolution's creation of a need for professional management
Question: Why do most businesses fail?
Correct Answer: Poor management is cited as the reason for business failure
Question: What does a first-line manager do? What are the names asso- ciated with first-line manage-
ment?
Correct Answer: -They only manage operating employees and resources, they do not manage other
managers. Primary objective is to en- sure that plans developed by top management
are fulfilled by their operating employees. -Usually referred to as supervisor or
foreman, and are usually the largest number of managers in an organization. -Most
people enter management at this level; efficiency dri- ven; population consists mostly
of college grads and labor pools. -They are the first contact with labor or operative
UPDATED ACTUAL Questions and CORRECT Answers
Question: What is management?
Correct Answer: There is no single, universally accepted definition. Management is the process of
achieving desired results through the efficient utilization of human and material re-
sources. So a process. Occurs over time. Management is not some- thing we have to
do today and not tomorrow. We're doing it every minute of everyday in an
organization.
Question: What are the 2 key concerns of management?
Correct Answer: maximizing our effectiveness and efficiency. Effectiveness - Concerned with doing
the right thing at the right time in the right way, concerned with goal attainment
Efficiency - Concerned with reducing waste or minimizing resource costs since many
resources are scarce, concerned with increasing outputs while maintaining the same
level of inputs or keeping the same level of outputs while decreasing the level of
inputs Effectiveness is concerned with the ENDS and efficiency is concerned with
the MEANS to those ends
Question: These two goals are related in that it's much easier to be effective if one disregards efficiency
Conversely, it becomes increasingly more difficult to be ef- fective when one becomes more
and more concerned with efficiency Efficiency doesn't guarantee effectiveness, if there is
more concern for efficiency, effectiveness is harder to achieve
Correct Answer: How are effectiveness and effi- ciency related?
Question: __________ doesn't guarantee ___________, if there is more con- cern for efficiency,
effective- ness is harder to achieve
Correct Answer: Efficiency, effectiveness
,Question: What is your important re- source as a manager?
Correct Answer: Human resources The managerial challenge states that managers are only as good as
the people they have working for them.
Question: Is management art or science? When is it considered a sci- ence? An art?
Correct Answer: Science - it is considered a science since we develop theo- ries of managing, test
these theories empirically using the scientific method, and refine, reformulate or
discard these theories based upon the results of these studies Art - for some,
managing is really just a natural extension of their personalities. It comes easy or
natural to them If the practice of management were a pure science, anyone could
become successful following a step-by-step formula, but in reality, this is not the case
Question: As an academic discipline. use the scientific method to build a knowledge base of how best
to manage people. develop theories of managing and test these theories empir- ically through
field resource and laboratory research. Based upon the research findings, we refine the
theory, or reformu- late the theory or possibly discard the theory. We're building up a
knowledge base through the scientific method about how best to manage people.
Correct Answer: When is management consid- ered a science?
Question: When is management consid- ered an art?
Correct Answer: In a practice. There's no set formula for success. Managing for some is a natural
extension of their personality - there's some people that were just born to manage
Question: How did management become important and why is it still sig- nificant today?
Correct Answer: The industrial revolution brought on a lot of change to man- agement in the
workplace. Professional management is still important because it's the key to
efficiently obtaining an organization's and societal goals.
, Question: What was the basic change in the industrial revolution?
Correct Answer: The transfer of skills from craftsmen to machines. Factories became more common -
unskilled laborers simply fed the machine raw materials, removed the finished
product, and so on. In other words, labor was divided in these factories, and as a
result, employee skill level decreased, requiring supervision and coordination to get
goods produced.
Question: What happened to productivity (supply), prices, and demand as a result of the industrial
revolu- tion?
Correct Answer: Division of labor -> increase productivity -> decrease prices -> increase consumer
demand
Question: What was the pivotal event of our time, according to Drucker?
Correct Answer: the industrial revolution. Growth in size of production became a problem for owners
who could no longer manage all operations of a factory. Owners had to hire people to
help manage, these people were managers by profession and did not own the means
of production. According to Drucker, this switch from own- er/manager to
professional managers is the pivotal event of our time, brought about by the industrial
revolution's creation of a need for professional management
Question: Why do most businesses fail?
Correct Answer: Poor management is cited as the reason for business failure
Question: What does a first-line manager do? What are the names asso- ciated with first-line manage-
ment?
Correct Answer: -They only manage operating employees and resources, they do not manage other
managers. Primary objective is to en- sure that plans developed by top management
are fulfilled by their operating employees. -Usually referred to as supervisor or
foreman, and are usually the largest number of managers in an organization. -Most
people enter management at this level; efficiency dri- ven; population consists mostly
of college grads and labor pools. -They are the first contact with labor or operative
