MGMT 3000 Guhde Test 2 Comprehensive Exam And Solved Questions.

Idealist Motivation - correct answer (INNOVATION) Small-business owners who are rewarded by the chance to work on something new and creative. Optimizer Motivation - correct answer (FULFILLMENT) Owners who get personal satisfaction from being business owners. Hard Worker Motivation - correct answer (CHALLENGE) Owners who thrive on the challenge of building a larger, more profitable business Juggler Motivation - correct answer (MULTITASK) High-energy people who enjoy handling every detail of their own businesses. Sustainer Motivation - correct answer (WORK + FAMILY) Owners who enjoy the chance to balance work and personal life Entrepreneurship - correct answer The process of initiating a business venture, organizing the necessary resources, assuming the associated risks, and enjoying the rewards. 6 Core Characteristics of Successful Entrepreneurs - correct answer 1. Autonomy 2. Entrepreneurial Sacrifice 3. High Energy 4. Need to Achieve 5. Self-Confidence 6. Locus of Control Goal - correct answer a desired future circumstance or condition that the organization attempts to realize. Why Goals are Important - correct answer Because organizations exist for a purpose, and goals define and state that purpose. Plan - correct answer A blueprint for goal achievement that specifies the necessary resources allocations, schedules, tasks, and other actions. Planning - correct answer determining the organization's goals and defining the means for achieving them (a combination of plans and goals) (level 2 of goals and plans: strategic) - correct answer senior management input... the organization as a whole. (company level) (level 3 of goals and plans: tactical) - correct answer middle management input... the major divisions and functions. (divisional level) (level 4 of goals and plans: operational) - correct answer lower management input... the departments and individuals. (departmental level) Strategic Goals - correct answer Broad statements describing where the organization wants to be in the future. Strategic Plans - correct answer defines the action steps by which the company intends to attain strategic goals. (cash, personnel, space, and facilities) Tactical Goals - correct answer the results that major divisions and departments within the organization intend to achieve. Tactical Plans - correct answer designed to help execute the major strategic plans and to accomplish a specific part of the company's strategy. (ex. covers the next year or so, define what major departments will do) Operational Goals - correct answer Precise and measurable goals (ex. 150 sales applications each week, 90% of deliveries on time) Operational Plans - correct answer Used to specify action steps toward achieving operational goals and help meet tactical and strategic goals. Performance Management Tools include all of the following except... Management by Objectives Planning Maps Single-use plans Standing plans - correct answer planning maps The Five Steps of the Organizational Planning Process - correct answer 1. Develop the Plan 2. Translate the Plan 3. Plan Operations 4. Performance Management 5. Monitor and Learn What step of the organizational planning process involves... - define mission, vision - correct answer Develop the Plan What step of the organizational planning process involves... - set goals - correct answer Develop the Plan What step of the organizational planning process involves... - manage goal conflict - correct answer Develop the Plan What step of the organizational planning process involves... - define tactical plans and objectives - correct answer Translate the Plan What step of the organizational pl