AEM 2200 Prelim UPDATED ACTUAL Exam Questions and CORRECT
Answers100%
Management - The process used to accomplish organizational goals through planning,
organizing, leading and controlling people and other organizational resources; getting work
done through others
4 Functions of Management - Planning, Organizing, Leading, Controlling
Planning - Establishing what needs to get done:
-Setting organizational goals and strategies to attain those goals
-Determining the resources needed to attain goals
-Setting standards
Organizing - Establishing and arranging the resources needed and available to do what
needs to get done:
-Allocating resources, tasks, and procedures for achieving goals
-Preparing an organizational strucure that defines authority and responsibility
-Recruiting, selecting, training, developing, and placing employees
Leading - Leveraging resources to maximum efficiency and effectiveness:
-Guiding and motivating/engaging employees to work effectively to accomplish organizational
goals and objectives
-Giving and explaining assignments
-Clarifying policies and giving feedback
,Controlling - Making sure that what needs to get done is getting done:
-Measuring performance against corporate objectives
-Rewarding outstanding performance
-Taking corrective action
Management Skills - Technical, Human Relations, Conceptual
Technical Skills - The ability to perform tasks in a specific discipline or department
Human Relations Skills - Communication and motivation, the ability to work through and
with people
Conceptual Skills - Ability to picture the organization as a whole and the relationship
among its various parts
The Communication Process - -Message to be conveyed
-Encode message
-Transmit message
Communication Channel
-Receive message
-Decode message
-Message as understood by recipient
FEEDBACK (same process, back to sender)
, Communication Barriers - Noise - -Physical barriers
-Language barriers
-Body language barriers (eye contact, tone of voice, facial expressions, gestures and posture)
-Perceptual barriers
-Organizational barriers
-Cultural barriers
Objectives of Business - Survival, Growth, Social Responsibilty, Profit
(see venn diagram)
Why profit? - As long as people are free to engage with each other in voluntary economic
transaction, the self-interest of people (and companies) results in public benefit;
-Greed and self interest are two different things!
-Monopolies also hurt economic freedom
-Distorted prices may result in net impoverishment
Risk - -KNOWN likelihood of losing a large amount of money
-KNOWN UNKNOWN
Uncertainty - -UNKNOWN likelihood of losing a large amount of money
-UNKNOWN UNKNOWN
4 Functional Areas of Business - Operations, Marketing, FInance, Others
Answers100%
Management - The process used to accomplish organizational goals through planning,
organizing, leading and controlling people and other organizational resources; getting work
done through others
4 Functions of Management - Planning, Organizing, Leading, Controlling
Planning - Establishing what needs to get done:
-Setting organizational goals and strategies to attain those goals
-Determining the resources needed to attain goals
-Setting standards
Organizing - Establishing and arranging the resources needed and available to do what
needs to get done:
-Allocating resources, tasks, and procedures for achieving goals
-Preparing an organizational strucure that defines authority and responsibility
-Recruiting, selecting, training, developing, and placing employees
Leading - Leveraging resources to maximum efficiency and effectiveness:
-Guiding and motivating/engaging employees to work effectively to accomplish organizational
goals and objectives
-Giving and explaining assignments
-Clarifying policies and giving feedback
,Controlling - Making sure that what needs to get done is getting done:
-Measuring performance against corporate objectives
-Rewarding outstanding performance
-Taking corrective action
Management Skills - Technical, Human Relations, Conceptual
Technical Skills - The ability to perform tasks in a specific discipline or department
Human Relations Skills - Communication and motivation, the ability to work through and
with people
Conceptual Skills - Ability to picture the organization as a whole and the relationship
among its various parts
The Communication Process - -Message to be conveyed
-Encode message
-Transmit message
Communication Channel
-Receive message
-Decode message
-Message as understood by recipient
FEEDBACK (same process, back to sender)
, Communication Barriers - Noise - -Physical barriers
-Language barriers
-Body language barriers (eye contact, tone of voice, facial expressions, gestures and posture)
-Perceptual barriers
-Organizational barriers
-Cultural barriers
Objectives of Business - Survival, Growth, Social Responsibilty, Profit
(see venn diagram)
Why profit? - As long as people are free to engage with each other in voluntary economic
transaction, the self-interest of people (and companies) results in public benefit;
-Greed and self interest are two different things!
-Monopolies also hurt economic freedom
-Distorted prices may result in net impoverishment
Risk - -KNOWN likelihood of losing a large amount of money
-KNOWN UNKNOWN
Uncertainty - -UNKNOWN likelihood of losing a large amount of money
-UNKNOWN UNKNOWN
4 Functional Areas of Business - Operations, Marketing, FInance, Others
