MGMT 371 Exam 1 Latest Complete Solution Guide Questions Already Passed.

Chapter 1: Foundations of Management - correct answer Definition of Management - correct answer Attainment of organizational goals in effective and efficient manner thru planning, organizing leading and controlling organizational resources. 4 Pillars of Management - correct answer - Planning - Organizing - Leading - Controlling Functions of Planning - correct answer - Defining goals for future performance - deciding on tasks & resources needed Functions of Organizing - correct answer - Assigning tasks - Grouping tasks - Allocating Resources Functions of Leading - correct answer - Use influence - Motivate & achieve goals Functions Controlling - correct answer - Monitor activities, keep on track - Make corrections Leading is the most difficult - correct answer They have to manage multiple people and their opinions 3 Key Components of Organizational Performance - correct answer - Organization - Effectiveness - Efficiency Organization - correct answer - Social entity (two or more people) (fraternity) - Goal directed (designed to achieve objective) (college class) - Deliberately structured (tasks and assigned responsibilities) (job) Effectiveness - correct answer - Achieve stated goal - Succeeds in accomplishing what it tries Efficiency - correct answer - Resources () - Output (=/) What is happening to our resources and consumption? - correct answer - Resources in our world are decreasing - Consumption still increasing What are the the 3 management skills? - correct answer - Conceptual - Human - Technical Conceptual Skills - correct answer - Ability to see the organization as a whole - Ability to see relationships of its parts Human Skills - correct answer - Ability to work with and thru others - Ability to work effectively in a group Technical Skills - correct answer - Understanding of specific tasks - Proficiency in performing specific tasks How is our generation branded? - correct answer Technically savy, weak social skills A College education helps to develop - correct answer Conceptual skills Management Types - correct answer - Top Managers - Middle Managers - First-Line Managers Top Managers are responsible for - correct answer Horizontal - Set goals, define strategies, watch external environment & make decisions for organization. Middle Managers are responsible for - correct answer Vertical Differences - Responsible for business units & major departments First Line Managers are responsible for - correct answer Production Where do we enter? - correct answer First Line Managers What are the 3 manager roles? - correct answer - Informational - Interpersonal - Decisional Informational Role - correct answer - Monitor - Disseminator - Spokesperson Interpersonal Role - correct answer - Figurehead - Leader - Liason Decisional Role - correct answer - Entrepreneur - Disturbance Handler - Resource Allocator - Negotiator Why is the resource allocator's role ever important? - correct answer Because our resources are depleting Does the negotiator make the final decision? - correct answer No Liaison works together with? - correct answer Negotiator Example of Disseminator - correct answer President of US Example of Figurehead - correct answer Queen of England Why is the secretary of state a liaison? - correct answer They work together with people all day What does disturbance handler have to work with? - correct answer People and their opinions Example of Entrepreneur - correct answer Bill Gates Manufacturing Business - correct answer - Soft Drinks - Electronic Equipment - Prerecorded CD Tapes Retail Business - correct answer - Sporting goods - Electronic auctions - Convenience stores Miscellaneous IT Services - correct answer - Internet Service Providers - Web Search Portals - Internet Publishing and broadcasting Non-Profits - correct answer - BLUF?? - How much did we make vs. Social impact Non-profits need to make - correct answer Money 3 New Manager Challenges - correct answer - Technology - Globalization - Social Values People from all over have diffe