Business Management Chapters 1-5 Exam 100% Solved Correctly 2024

Business Management Chapters 1-5 Exam 100% Solved Correctly 2024 Organization - answerA group of people who work together to achieve some specific purpose Management - answer1) the pursuit of organizational goals efficiently and effectively by 2) integrating the work of people through 3) planning, organizing, leading, and controlling the organizations success Efficient - answerto use resources wisely and cost effectively Effective - answerto achieve results, to make the right decisions, and to successfully carry them out so that they achieve the org's goals. The 4 parts of the management process - answerPlanning, organizing, leading, controlling Planning - answerYou set goals and decide how to achieve them Organizing - answerYou arrange tasks, people, and other resources to accomplish the work Controlling - answerYou monitor the performance, compare it with goals, and take corrective action as needed. Leading - answerYou motivate, direct, and otherwise influence people to work hard to achieve the org's goals. Competitive Advantage - answerThe ability of an org to produce goods/svcs more effectively than competitors do, thereby outperforming them Having a competitive advantage means: - answerbeing responsive, innovation, quality, efficiency E-business - answerusing the internet to facilitate every aspect of running a business Percentage white population will decrease to: - answerfrom 62% to 43% by 2060 Ration of residents expected to be over 65 years old: - answer1 in 5 by 2030 Annual e-commerce spend by 2019: - answer3.55 trillion $50 Billion ponzi scheme - answerBernie Madoff Tyco CEO guilty of grand larceny, securities fraud, and tax invasion - answerDennis Kozlowski Worldcom head convicted of fraud - answerBernard Ebbers Sustainability - answerEconomic development that meets the needs without compromising the ability of future generations to meet their own needs. 3 skills of exceptional managers - answertechnical, conceptual, and human skills. Technical skills - answerjob specific knowledge needed to perform well in a specialized field Conceptual skills - answerthe ability to think analytically, to visualize an org as a whole and understand how the parts work together Human skills (Soft skills) - answerability to work well in a cooperation with other people to get things done; the ability to motivate, inspire trust, and communicate with others 4 most valued traits in managers - answerability to motivate and engage others, the ability to communicate, work experience outside the USA, high energy levels to meet the demands of global travel and a 24/7 world What are the three types of managerial roles? - answerinterpersonal, informational, and decisional Interpersonal roles - answerinteract with people inside and outside of their work units (i.e figurehead, leader, liason) Informational roles - answerreceive and communicate information (monitor, disseminator, spokesperson) Decisional roles - answeruse info to make decisions to solve problems or take advantage of opportunities (entrepreneur, disturbance handler, resource allocator, negotiator) Scientific management (classical viewpoint) - answeremphasized the scientific study of work methods to improve the productivity of individual workers Who pioneered scientific management? - answerFrederick W Taylor and the Gilberths in the early 1900's Taylor's 4 principles of scientific management - answerscientifically study each part of the task, carefully select workers with the right abilities, give workers the training and incentives to do the task properly, and use scientific principles to plan the work methods Why is the classical viewpoint important? - answerwork activity was amenable to a rational approach, through the application of scientific methods, time and motion studies, and job specialization it was possible to boost productivity, and it lead to later innovations such as management by objectives and goal setting.