Business Exam 3 with 100% Correct
Answers
management - correct answer-process used to accomplish organized goals through
planning, organizing, leading and controlling people and other organizational resources
planning - correct answer-includes anticipating trends and determining the best
strategies and tactics to achieve organizational goals and objectives
organizing - correct answer-includes designing the structure of the organization and
creating conditions and systems in which everyone and everything work together to
achieve the organizational goals and objectives
leading - correct answer-means creating a vision for the organization and
communicating, guiding, training, coaching and motivating others to achieve goals and
objectives in a timely manner
directing - correct answer-was once known as this, but meaning has changed. it is
telling people what to do and how to do it
controlling - correct answer-establishes clear standards to determine whether an
organization is progressing towards its goals and objectives, rewarding people for doing
a good job and taking corrective action if they are not
_______________ is the most valuable tool - correct answer-planning
vision - correct answer-broad explanation of why the organization exists and where its
going, gives the organization a sense of purpose and set of values that unite workers
mission statement - correct answer-outlines the organization's fundamental purposes
1) the organizations self concept
2) its philosophy
3) long-term survival needs
4) customer needs
5) social responsibility
6) nature of product or service - correct answer-6 fundamental purposes on the mission
statement
Goals - correct answer-broad, long-term accomplishments an organization wishes to
attain (Team process)
, Objectives - correct answer-specific, short-term statements detailing "how to achieve"
the goals
SWOT analysis - correct answer-Strengths, Weaknesses, Opportunities, and Threats
Strategic planning - correct answer-done by top management and determines the major
goals of the organization and the policies, strategies and resources it needs to achieve
them
Policies - correct answer-Broad guidelines for action
Strategies - correct answer-Used to determine the best way to use resources
Tactical planning - correct answer-process of developing detailed, short term
statements about what is to be done, who is to do it, and how it is to be done
Operational planning - correct answer-process of setting work standards and schedules
necessary to implement the company's tactical objectives. it focuses on specific
supervisors, department managers and individual employees
Contingency planning - correct answer-process of preparing alternative courses of
action the firm can use if its primary plans do not work out
Crisis planning - correct answer-anticipates sudden changes in the environment
Decision making - correct answer--choosing among two or more alternatives
-heart of all the management functions
-define the situation
-describe and collect needed information
-develop alternatives
-decide which alternative is best
-do what is indicted
-determine whether the decision was a good one and follow up on it - correct answer-6
D's of decision making
Problem solving - correct answer-less formal than decision making and calls for quicker
action to resolve everyday issues. includes brainstorming and teams
Brainstorming - correct answer-coming up with as many solutions to a problem as
possible in a short period of time with no censoring ideas
PMI - correct answer-listening to all the PLUSES for a solution in one column, all the
MINUSES in another and the IMPLICATIONS in a third
Answers
management - correct answer-process used to accomplish organized goals through
planning, organizing, leading and controlling people and other organizational resources
planning - correct answer-includes anticipating trends and determining the best
strategies and tactics to achieve organizational goals and objectives
organizing - correct answer-includes designing the structure of the organization and
creating conditions and systems in which everyone and everything work together to
achieve the organizational goals and objectives
leading - correct answer-means creating a vision for the organization and
communicating, guiding, training, coaching and motivating others to achieve goals and
objectives in a timely manner
directing - correct answer-was once known as this, but meaning has changed. it is
telling people what to do and how to do it
controlling - correct answer-establishes clear standards to determine whether an
organization is progressing towards its goals and objectives, rewarding people for doing
a good job and taking corrective action if they are not
_______________ is the most valuable tool - correct answer-planning
vision - correct answer-broad explanation of why the organization exists and where its
going, gives the organization a sense of purpose and set of values that unite workers
mission statement - correct answer-outlines the organization's fundamental purposes
1) the organizations self concept
2) its philosophy
3) long-term survival needs
4) customer needs
5) social responsibility
6) nature of product or service - correct answer-6 fundamental purposes on the mission
statement
Goals - correct answer-broad, long-term accomplishments an organization wishes to
attain (Team process)
, Objectives - correct answer-specific, short-term statements detailing "how to achieve"
the goals
SWOT analysis - correct answer-Strengths, Weaknesses, Opportunities, and Threats
Strategic planning - correct answer-done by top management and determines the major
goals of the organization and the policies, strategies and resources it needs to achieve
them
Policies - correct answer-Broad guidelines for action
Strategies - correct answer-Used to determine the best way to use resources
Tactical planning - correct answer-process of developing detailed, short term
statements about what is to be done, who is to do it, and how it is to be done
Operational planning - correct answer-process of setting work standards and schedules
necessary to implement the company's tactical objectives. it focuses on specific
supervisors, department managers and individual employees
Contingency planning - correct answer-process of preparing alternative courses of
action the firm can use if its primary plans do not work out
Crisis planning - correct answer-anticipates sudden changes in the environment
Decision making - correct answer--choosing among two or more alternatives
-heart of all the management functions
-define the situation
-describe and collect needed information
-develop alternatives
-decide which alternative is best
-do what is indicted
-determine whether the decision was a good one and follow up on it - correct answer-6
D's of decision making
Problem solving - correct answer-less formal than decision making and calls for quicker
action to resolve everyday issues. includes brainstorming and teams
Brainstorming - correct answer-coming up with as many solutions to a problem as
possible in a short period of time with no censoring ideas
PMI - correct answer-listening to all the PLUSES for a solution in one column, all the
MINUSES in another and the IMPLICATIONS in a third
