MIE 201 Exam 3 (Chapters 6, 7, 9, and 10) fully solved graded A+ 2023/2024

MIE 201 Exam 3 (Chapters 6, 7, 9, and 10)Management - correct answer Process designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment. Effectively - correct answer Having the intended result Efficiently - correct answer Accomplishing the objectives with a minimum of resources Managers - correct answer Make decisions about the use of the organizations resources and are concerned with planning, organizing, directing, and controlling the organization's activities to reach objectives. Staffing - correct answer Hiring people to carry out the work of the organization. Downsizing - correct answer Elimination of significant numbers of employees from an organization. Planning - correct answer The process of determining the organization's objectives and deciding how to accomplish them, the first function of management. Mission - correct answer Declaration of an organization's fundamental purpose and basic philosophy. "What business are we in?". Goals - correct answer The result that a firm wishes to achieve. Includes 3 key components: an attribute sought, a target to be achieved, and a time frame. Objectives - correct answer The ends or results desired by an organization, derived from the organization's mission. Objectives are usually measurable such as profits. Strategic plans - correct answer Establish the long-range objectives and overall strategy or course of action by which the firm fulfills its mission. Generally cover periods of one year or longer. Tactical plans - correct answer Short range and designed to implement the activities and objectives specified in the strategic plan. Usually cover a period of one year or less, helping to stay on course for strategic plans. Operational plans - correct answer Very short term and specify what actions specific individuals, work groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic plan. Apply to month, week, or even day periods. Crisis management/Contingency planning - correct answer Deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer viruses, or even a reputation crisis. Organizing - correct answer Structuring of resources and activities to accomplish objectives in an efficient and effective manner. Directing - correct answer Motivating and leading employees to achieve organizational objectives. Telling employees what to do and when to do it through the implementation of deadlines and encouragement. Controlling - correct answer Process of evaluating and correcting activities to keep the organization on course. Involves five activities: measuring performance, comparing present performance with standards or objectives, identifying deviations from the standards, investigating the causes of deviations, and taking corrective action when necessary. Top managers - correct answer Include the president and other top executives, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have overall responsibility for the organization. CEO - correct answer Chief executive officer. Manages the overall strategic direction of the company and plays a key role in representing the company to stakeholders. COO - correct answer Chief operations officer. Responsible for daily operations of the company. Reports to the CEO and is often considered number 2 in command.