MIE 201 Exam 3 (Chapters 6, 7, 9, and 10)Questions & Answers 1000% Updated!

Management - ANSWERSProcess designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment. Effectively - ANSWERSHaving the intended result Efficiently - ANSWERSAccomplishing the objectives with a minimum of resources Managers - ANSWERSMake decisions about the use of the organizations resources and are concerned with planning, organizing, directing, and controlling the organization's activities to reach objectives. Staffing - ANSWERSHiring people to carry out the work of the organization. Downsizing - ANSWERSElimination of significant numbers of employees from an organization. Planning - ANSWERSThe process of determining the organization's objectives and deciding how to accomplish them, the first function of management. Mission - ANSWERSDeclaration of an organization's fundamental purpose and basic philosophy. "What business are we in?". Goals - ANSWERSThe result that a firm wishes to achieve. Includes 3 key components: an attribute sought, a target to be achieved, and a time frame. Objectives - ANSWERSThe ends or results desired by an organization, derived from the organization's mission. Objectives are usually measurable such as profits.