PRINCIPLES OF MANAGEMENT EXAM 1
UPDATED EXAM SCRIPT WITH COMPLETE
ANSWERS
◉ Management Key Concepts:.
Answer:
◉ Organization.
Answer: People working together and coordinating their actions to
achieve specific goals.
◉ Goal.
Answer: A desired future condition that the organization seeks to
achieve.
◉ Management.
Answer: The process of using organizational resources to achieve
the organizations goals.
◉ These goals are met by what (5) things?.
Answer: 1. Planning
2. Organizing
,3. Controlling
4. Decision Making
5. Leading
◉ Who founded these functions?.
Answer: Henry Fayol
◉ Resources are organizational assets and include:.
Answer: -people
-machinery
-raw materials
-information, skills
-financial capital
◉ Managers are the people responsible for supervising the use of an
organization's resources to ________?.
Answer: Meet it's goals
◉ Organizations must provide a ____ or ____ desired by it's customer..
Answer: good or service
,◉ Example: Managers of Campbell's soup manage the firm to
provide quality soup products..
Answer: Achieving High Performance
◉ Organizational Performance.
Answer: Measures how efficiently and effectively managers use
resources to satisfy customers and achieve goals.
◉ Efficiency.
Answer: A measure of how well resources are used to achieve a goal.
◉ Example: Usually, managers must try to minimize the input of
resources to attain the same goal..
Answer: Efficiency
◉ Effectiveness.
Answer: A measure of the appropriateness of the goals chosen (are
these the right goals?), and the degree to which they are achieved.
◉ Example: Organizations are more effective when managers choose
the correct goals and then achieve them..
Answer: Effectiveness
, ◉ Managerial Functions.
Answer: Henry Fayol was the first to describe 4 managerial
functions when the was the CEO of a large mining company in the
late 1800's.
◉ Fayol noted managers at all levels, operating in both for-profit and
non-profit organizations, must perform each of these (4) functions:.
Answer: 1. planning (choose goals)
2. organizing (working together)
3. leading (give direction)
4. controlling (monitor and measure)
◉ Planning.
Answer: The process used by managers to identify and select
appropriate goals and courses of action for an organization.
◉ (3) steps to good planning:.
Answer: 1. which goals should be pursued?
2. how should the goal be attained?
3. how should resources be allocated?
◉ The planning function determines how ____ and ____ the
organization is an determines the strategy of the organization..
UPDATED EXAM SCRIPT WITH COMPLETE
ANSWERS
◉ Management Key Concepts:.
Answer:
◉ Organization.
Answer: People working together and coordinating their actions to
achieve specific goals.
◉ Goal.
Answer: A desired future condition that the organization seeks to
achieve.
◉ Management.
Answer: The process of using organizational resources to achieve
the organizations goals.
◉ These goals are met by what (5) things?.
Answer: 1. Planning
2. Organizing
,3. Controlling
4. Decision Making
5. Leading
◉ Who founded these functions?.
Answer: Henry Fayol
◉ Resources are organizational assets and include:.
Answer: -people
-machinery
-raw materials
-information, skills
-financial capital
◉ Managers are the people responsible for supervising the use of an
organization's resources to ________?.
Answer: Meet it's goals
◉ Organizations must provide a ____ or ____ desired by it's customer..
Answer: good or service
,◉ Example: Managers of Campbell's soup manage the firm to
provide quality soup products..
Answer: Achieving High Performance
◉ Organizational Performance.
Answer: Measures how efficiently and effectively managers use
resources to satisfy customers and achieve goals.
◉ Efficiency.
Answer: A measure of how well resources are used to achieve a goal.
◉ Example: Usually, managers must try to minimize the input of
resources to attain the same goal..
Answer: Efficiency
◉ Effectiveness.
Answer: A measure of the appropriateness of the goals chosen (are
these the right goals?), and the degree to which they are achieved.
◉ Example: Organizations are more effective when managers choose
the correct goals and then achieve them..
Answer: Effectiveness
, ◉ Managerial Functions.
Answer: Henry Fayol was the first to describe 4 managerial
functions when the was the CEO of a large mining company in the
late 1800's.
◉ Fayol noted managers at all levels, operating in both for-profit and
non-profit organizations, must perform each of these (4) functions:.
Answer: 1. planning (choose goals)
2. organizing (working together)
3. leading (give direction)
4. controlling (monitor and measure)
◉ Planning.
Answer: The process used by managers to identify and select
appropriate goals and courses of action for an organization.
◉ (3) steps to good planning:.
Answer: 1. which goals should be pursued?
2. how should the goal be attained?
3. how should resources be allocated?
◉ The planning function determines how ____ and ____ the
organization is an determines the strategy of the organization..
