GMS 200 Midterm Study Guide: Key Notes, Practice
Questions & Answers - Toronto Metropolitan
University (TMU)
Intellectual capital
- CORRECT ANSWER-Collective brainpower of a workforce that can be used to create value
Resource inputs
- CORRECT ANSWER-People, money, materials, technology, information
Transformation process
- CORRECT ANSWER-Work activities turn resources into outputs
Product outputs
- CORRECT ANSWER-Finished goods and services
Organizations
- CORRECT ANSWER-People working together to achieve a common purpose
Value creation
- CORRECT ANSWER-When an organizations operations add value to the original cost of
resource inputs
,Specific (task) environment
- CORRECT ANSWER-Organizations, groups, people that organizations interact and conduct
business with
Examples of specific (task) environment stakeholders
- CORRECT ANSWER-Customers, suppliers, competitors, regulators, investors, owners
Competitive advantage
- CORRECT ANSWER-A core competency that sets an organization apart from competitors and
gives it an advantage over them
Examples of competitive advantages
- CORRECT ANSWER-Cost efficiency, higher quality, better delivery, greater flexibility
Line managers
- CORRECT ANSWER-Responsible for work activities that directly affect organizations outputs
Staff managers
- CORRECT ANSWER-Use technical expertise to advise and support the efforts of line workers
Functional managers
- CORRECT ANSWER-Responsible for a single area of activity
General managers
- CORRECT ANSWER-Responsible for more complex units that include many functional areas
, Administators
- CORRECT ANSWER-Work in public and non profit organizations
Accountibility
- CORRECT ANSWER-Requirement of one person to answer to a higher authority for relevant
performance results
Quality of work life (QWL)
- CORRECT ANSWER-An indicator of overall quality of human experiences in the workplace
Quality of work life examples
- CORRECT ANSWER-Fair pay, safe working conditions, opportunities to learn and use new
skills, room to grow and progress in a career, protection of individual rights, pride in work and
the organization
Four functions of management
- CORRECT ANSWER-Planning, organizing, leading, controlling
Planning
- CORRECT ANSWER-Setting performance objectives and deciding how to achieve them
Organizing
- CORRECT ANSWER-Arranging tasks, people, and other resources to accomplish the work
Questions & Answers - Toronto Metropolitan
University (TMU)
Intellectual capital
- CORRECT ANSWER-Collective brainpower of a workforce that can be used to create value
Resource inputs
- CORRECT ANSWER-People, money, materials, technology, information
Transformation process
- CORRECT ANSWER-Work activities turn resources into outputs
Product outputs
- CORRECT ANSWER-Finished goods and services
Organizations
- CORRECT ANSWER-People working together to achieve a common purpose
Value creation
- CORRECT ANSWER-When an organizations operations add value to the original cost of
resource inputs
,Specific (task) environment
- CORRECT ANSWER-Organizations, groups, people that organizations interact and conduct
business with
Examples of specific (task) environment stakeholders
- CORRECT ANSWER-Customers, suppliers, competitors, regulators, investors, owners
Competitive advantage
- CORRECT ANSWER-A core competency that sets an organization apart from competitors and
gives it an advantage over them
Examples of competitive advantages
- CORRECT ANSWER-Cost efficiency, higher quality, better delivery, greater flexibility
Line managers
- CORRECT ANSWER-Responsible for work activities that directly affect organizations outputs
Staff managers
- CORRECT ANSWER-Use technical expertise to advise and support the efforts of line workers
Functional managers
- CORRECT ANSWER-Responsible for a single area of activity
General managers
- CORRECT ANSWER-Responsible for more complex units that include many functional areas
, Administators
- CORRECT ANSWER-Work in public and non profit organizations
Accountibility
- CORRECT ANSWER-Requirement of one person to answer to a higher authority for relevant
performance results
Quality of work life (QWL)
- CORRECT ANSWER-An indicator of overall quality of human experiences in the workplace
Quality of work life examples
- CORRECT ANSWER-Fair pay, safe working conditions, opportunities to learn and use new
skills, room to grow and progress in a career, protection of individual rights, pride in work and
the organization
Four functions of management
- CORRECT ANSWER-Planning, organizing, leading, controlling
Planning
- CORRECT ANSWER-Setting performance objectives and deciding how to achieve them
Organizing
- CORRECT ANSWER-Arranging tasks, people, and other resources to accomplish the work
