mgt 2050 midterm ACTUAL UPDATED QUESTIONS AND CORRECT ANSWERS
competitive advantage the ability of an organization to produce goods or services more effectively than
competitors do, thereby outperforming them
conceptual skills consist of the ability to think analytically, to visualize an organization as a whole
and understand how to parts work together
, Effective the ends. To achieve results, to make the right decisions and to successfully carry
them out so that they achieve the organization's goals
Efficient The means. To use resources- people, money, raw materials-wisely and cost-
effectively
Entrepreneur someone who sees a new opportunity for a product of service and launches a
business to try to realize it
functional managers responsible for just one organizational activity
human skills consist of the ability to work well in cooperation with other people to get things
done
management process planning, organizing, leading and controlling
Organizing arranging tasks, people, and other resources to accomplish the work
Leading motivating, directing, and otherwise influencing people to work hard to achieve
the organization's goals
Controlling monitoring performance, comparing it with goals, and taking corrective action as
needed
technical skills consist of the job-specific knowledge needed to perform well in a specialized
field
Top Managers make long-term decisions about the overall direction of the organization and
establish the objectives, policies, and strategies for it
Middle Managers implement the policies and plans of the top managers above them and supervise
and coordinate the activities of the first-line managers below them
competitive advantage the ability of an organization to produce goods or services more effectively than
competitors do, thereby outperforming them
conceptual skills consist of the ability to think analytically, to visualize an organization as a whole
and understand how to parts work together
, Effective the ends. To achieve results, to make the right decisions and to successfully carry
them out so that they achieve the organization's goals
Efficient The means. To use resources- people, money, raw materials-wisely and cost-
effectively
Entrepreneur someone who sees a new opportunity for a product of service and launches a
business to try to realize it
functional managers responsible for just one organizational activity
human skills consist of the ability to work well in cooperation with other people to get things
done
management process planning, organizing, leading and controlling
Organizing arranging tasks, people, and other resources to accomplish the work
Leading motivating, directing, and otherwise influencing people to work hard to achieve
the organization's goals
Controlling monitoring performance, comparing it with goals, and taking corrective action as
needed
technical skills consist of the job-specific knowledge needed to perform well in a specialized
field
Top Managers make long-term decisions about the overall direction of the organization and
establish the objectives, policies, and strategies for it
Middle Managers implement the policies and plans of the top managers above them and supervise
and coordinate the activities of the first-line managers below them
