MAN 3025 TERMS - UCF final exam questions and answers with solutions 2025

Management - ANSWER planning, organizing, leading, and controlling of human and other resources to achieve organizational goals efficiently and effectively Manager's goal - ANSWER High performance Efficiency - ANSWER Managers minimize the amount of input resources needed to produce goods/services effectiveness - ANSWER managers choose appropriate goals and achieve them managerial tasks - ANSWER -planning -organizing -leading -controlling Planning - ANSWER involves choosing appropriate goals, developing strategies for achieving high performance, and allocating resources to achieve those goals. Strategy - ANSWER involves a group of decisions about what goals to pursue and how to use resources to achieve those goals. two kinds of strategies - ANSWER - Low cost strategy -differentiation strategy low-cost strategy - ANSWER often involves reducing costs in an attempt to compete on price. differentiation strategy - ANSWER an attempt to compete based on a differentiated product, not low cost.