MGT EXAM 1 Question with complete solution 2023

MGT EXAM 1 Question with complete solution 2023A joint venture involves a strategic alliance or program by two or more organizations. Companies typically undertake a joint venture when a project is too complex, expensive, or uncertain for one firm to handle alone. ... Today's workplace is changing. Managers have a greater tendency to adopt an _________________ leadership style and create amore _______ work environment. empowering, flexible overseeing work form controller to enabler accomplishing tasks from supervising individuals to leading teams Managing relationships from conflict and competition to collaboration, including use of social media leading autocratic to empowering designing from maintaining stability to mobilizing for change leading Using influence to motivate people to achieve company goals. In today's workplace, the most effective leaders create environments that engage and empower employees, rather than commanding and controlling them. controlling Monitoring activities and making corrections. The fundamental purpose of control is to compare an existing situation to a desired situation and make a decision about what needs to be done to reach the desired state. Managers are engaged in control when they appraise an employee's performance, compare expenses to a budget, or check to see if product quality is meeting quality standards. organizing Assigning responsibilities for task accomplishment. Note that organizing may also include decisions about where to spend money, how the company should be organized, and how many people need to be assigned to a particular project. planning Selecting goals and ways to attain them. Planning is different from organizing. When managers plan, they predict what will happen in the future. When managers organize, they arrange resources so that they can achieve the goals they set during the planning process. Note that creating a budget is part of the planning process, while checking to see if the budget has been met is part of the controlling process. efficiency is the amount of resources—raw materials, money, and people—used to produce a product or service. By saving money, your dad is achieving greater efficiency. Whether streaming music is effective depends on whether the guests enjoy it; they might not like the selections, the sound quality might be poor, or they might prefer a live band. human skills include being a good listener and having a desire to include others in an activity or a discussion. Managers with strong human skills tend to improve their subordinates' job satisfaction and build strong relationships with colleagues and others in the organization. conceptual skills are used for high-level planning activities. They require a manager to be able to see the big picture and to understand how the organization is and could be affected by its environment. senior managers spend more time doing them