INTRODUCTION TO MANAGEMENT EXAM 1 RBS QUESTIONS AND ANSWERS

INTRODUCTION TO MANAGEMENT EXAM 1 RBS QUESTIONS AND ANSWERS Being efficient: - CORRECT ANSWER-means to use resources, people, money, raw materials, and the like-wisely and cost-effectively. Management: - CORRECT ANSWER-is the pursuit of organizational goals efficiently and effectively, as they work together with workers to achieve a goal for the company. It is also the art of getting things done through people. Being effective - CORRECT ANSWER-means to achieve results, by making the right decisions for the company in order to achieve that result they aim to do. The Four Management Functions are - CORRECT ANSWER-planning, organizing, leading, and controlling. Top managers - CORRECT ANSWER-are the ones who make the long-term decisions of the company, while establishing the objectives. Middle managers - CORRECT ANSWER-are the ones who implement what the higher ups tell them to do as they supervise the low-level managers. First line Managers - CORRECT ANSWER-they make short-term decisions for the company and they direct non-managerial employees. The lower tier is the - CORRECT ANSWER-Nonmanagerial employees as they make the bulk of the company and work alone on tasks mostly the dirty work. A functional manager - CORRECT ANSWER-has the responsibility for a specific activity. A general manger - CORRECT ANSWER-is responsible for many activities for the company. There are also managers for three types of organizations: - CORRECT ANSWER-such as for-profit, obviously to make money. Non profit mangers who offer services in the public or private sector. And mutual benefit mangers who aid members such as those in political parties. Being a manager - CORRECT ANSWER-requires one to be more verbal and work long hours at an intense pace. Managers tend to get distracted and lose focus - CORRECT ANSWER-with their daily tasks, and practicing mindfulness can help them with that. Interpersonal managers - CORRECT ANSWER-are the ones who communicate the ones inside or outside the work unit. Informational managers - CORRECT ANSWER-are the ones who monitor, disseminate, and communicate information with people inside or outside the company. Decisional managers - CORRECT ANSWER-are the ones who use information to make a decision to their problems or opportunities. Through education and experience managers acquire three principal skills - CORRECT ANSWER-technical, conceptual, and human. The best of the best managers - CORRECT ANSWER-tend to make a partner or loved one who supports them while they go through a high-tier role in their company. Technical skills - CORRECT ANSWER-is the job specific knowledge to perform well in the specialized field. Conceptual skills - CORRECT ANSWER-is the ability to think analytically for the company in order to build a certain vision. Human skills - CORRECT ANSWER-are the abilities to work well in cooperation with people to get tasks done. Soft skills - CORRECT ANSWER-are interpersonal skills needed for success at all levels, which is something that I definitely am weak on and need to improve. Competitive advantages - CORRECT ANSWER-is the ability to overperform competitors. Innovations - CORRECT ANSWER-are new ways to deliver new or better goods or services. Managers tend to go on dilemmas - CORRECT ANSWER-to meet targets such as sales for the company. A business plan - CORRECT ANSWER-is a outline of a company's goal and their strategy to achieve that goal, and their stands to become successful. A business model - CORRECT ANSWER-is the outlines of a company, which includes their operations and components with their expected revenues and expenses. A strategy or strategic plan - CORRECT ANSWER-is all about setting long term goals and direction for the company. Having strategic management - CORRECT ANSWER-is about the process of mangers in the entire company to use and implement that formula of strategies and strategic goals. A company's mission - CORRECT ANSWER-is its purpose to exist. They also have a mission statement which expresses the purpose of the company. A company's values statement - CORRECT ANSWER-is what the company stands for and introducing their core priorities and the values for the employees and how their products contribute to the world. A operating plan - CORRECT ANSWER-is all about breaking down long term goals, and the action plan works together with the operating plan to define the course of action to achieve a goal. A SMART goal is about a goal that is specific, measurable, attainable, results-oriented, and has target dates. - CORRECT ANSWERManagement by objectives - CORRECT ANSWER-is a four-step process which managers and employees jointly set objectives for the employee, managers develop action plans, managers and employees review the performance, and the manager makes a performance appeal and rewards the employee according to the results. Cascading goals - CORRECT ANSWER-is of making sure that strategic goals are set at top-level, or at a downward more specific short term goals at lower-lowers of the company. The planning/control cycle - CORRECT ANSWER-is about having two planning steps and two control steps. As by making the plan, carrying out the plan. Then controlling the direction of that same plan, and looking at that plan and making corrective actions towards the errors. Classical viewpoint - CORRECT ANSWER-is to find ways to manage more efficiently and made an assumption that people tend to be rational. Scientific management - CORRECT ANSWER-is the study of methods to improve productivity. Administrative management - CORRECT ANSWER-concerns with managing the organization. A flaw in the classical viewpoint - CORRECT ANSWER-is of not taking account of the importance for human needs. Behavioral viewpoint - CORRECT ANSWER-is the importance of understanding human behavior, which motivates employees towards achievement. Hawthorne effect - CORRECT ANSWER-is of employees tends to work harder if they receive attention, and the thoughts of management caring about the employee which makes supervisors pay special attention. The Human relations movement - CORRECT ANSWER-are supporters for the theory that better human relations could increase worker productivity. The best managers study Behavioral science - CORRECT ANSWER-which is the approach to use scientific research and develop theories about human behavior. In order to be productive factors - CORRECT ANSWER-such as their own work environment is essential to observe to see if any factors are there that can limit their productivity. Quantitative management - CORRECT ANSWER-is the management of quantitative technologies, such as computer simulations for example. The two branches are management science and operations management. Management science - CORRECT ANSWER-focuses on using mathematics to aid in problem solving and decision making. Operations management - CORRECT ANSWER-is about managing production and delivery of the products and services. While also solving problems to become more effective and efficient. Systems - CORRECT ANSWER-are interrelated parts that operative together to achieve a purpose. While also having a systems viewpoint which regards with the organization, and the subsystems which makes up the whole system. The four parts of a system are: - CORRECT ANSWER-inputs which are the people, money, information, equipment and materials required to produce an organization's goods or services. Transformation process - CORRECT ANSWER-which are the capabilities in the processes that are applied into converting inputs into outputs. Outputs are the produce--(products or services) - CORRECT ANSWER-of the organization