MGMT 310 EXAM 1 VCU QUESTIONS & ANSWERS
What contributes to uncertainty (i.e. the VUCA environment)? - Answers -Lack of
knowledge about significance of change
Theories of Management - Answers -- Scientific Management
- Human Relations Movement
- Contingent View
Scientific Management - Answers -Applying scientific principles to maximize efficiency
Human Relations Movement - Answers -Focusing on the relationships among people in
organizations
Contingent View - Answers -Creating fit with the environment
What contributed to Globalization? - Answers -The integration and interdependence of
economic, technological, sociocultural, and political systems across diverse geographic
regions.
What are the various layers of an organization's environment? - Answers --Global
Environment
-General environment
-Task environment
-Internal environment
General environment - Answers --Includes the technological, economic, political/legal,
and sociocultural dimensions that affect a firm's external environment.
Technological dimension - Answers -The processes, technologies, or systems that a
firm can use to produce outputs.
Economic dimension - Answers -The general economic environment (e.g., GDP,
inflation, and unemployment) in the markets where the firm performs activities.
Political dimension - Answers -Refers to the political events and activities in a market
that affect a firm.
Sociocultural dimension - Answers -Demographic characteristics as well as the values
and customs of a society.
Task environment - Answers -Includes entities that directly affect a firm on a constant
basis and include competitors, suppliers, and customers.
, Internal environment - Answers -A group of parties or factors that directly impact a firm,
including owners, the board of directors, employees, and culture.
A firm's general environment represents the - Answers -primary external forces that
affect a firm.
Leadership Skills - Answers -- Conceptual Skills
-Interpersonal skills
-Technical skills
Conceptual Skills are mostly used by - Answers -Top executives
Interpersonal skills are mostly used by - Answers -Middle Manager
Technical skills are mostly used by - Answers -Frontline supervisor
management - Answers -The act of working with and through a group of people to
accomplish a desired goal or objective in an efficient and effective manner.
leadership - Answers -The ability to drive change and innovation through inspiration
and motivation.
Perspectives on the Purpose of Business - Answers -Managerial view
Shareholder view
Stakeholder view
Managerial view - Answers -A business framework where the firm is seen as a
mechanism for converting raw materials into products to sell to customers.
Stakeholder view - Answers -A business framework that identifies and analyzes
multiple groups that interact with the firm and attempts to align organizational practices
to satisfy the needs of these various groups.
Shareholder view - Answers -A business framework where the job of top managers is
to produce the highest possible stock market valuation of the firm's assets.
Predicting the future - Answers --Contingency planning
- Trend Analysis
-Contextual intelligence
Contingency planning - Answers -The systematic assessment of the external
environment to prepare for a possible range of alternative futures for the organization.
Trend Analysis - Answers -A tool where key variables are monitored and modeled to
help predict a change that might occur in the environment.
What contributes to uncertainty (i.e. the VUCA environment)? - Answers -Lack of
knowledge about significance of change
Theories of Management - Answers -- Scientific Management
- Human Relations Movement
- Contingent View
Scientific Management - Answers -Applying scientific principles to maximize efficiency
Human Relations Movement - Answers -Focusing on the relationships among people in
organizations
Contingent View - Answers -Creating fit with the environment
What contributed to Globalization? - Answers -The integration and interdependence of
economic, technological, sociocultural, and political systems across diverse geographic
regions.
What are the various layers of an organization's environment? - Answers --Global
Environment
-General environment
-Task environment
-Internal environment
General environment - Answers --Includes the technological, economic, political/legal,
and sociocultural dimensions that affect a firm's external environment.
Technological dimension - Answers -The processes, technologies, or systems that a
firm can use to produce outputs.
Economic dimension - Answers -The general economic environment (e.g., GDP,
inflation, and unemployment) in the markets where the firm performs activities.
Political dimension - Answers -Refers to the political events and activities in a market
that affect a firm.
Sociocultural dimension - Answers -Demographic characteristics as well as the values
and customs of a society.
Task environment - Answers -Includes entities that directly affect a firm on a constant
basis and include competitors, suppliers, and customers.
, Internal environment - Answers -A group of parties or factors that directly impact a firm,
including owners, the board of directors, employees, and culture.
A firm's general environment represents the - Answers -primary external forces that
affect a firm.
Leadership Skills - Answers -- Conceptual Skills
-Interpersonal skills
-Technical skills
Conceptual Skills are mostly used by - Answers -Top executives
Interpersonal skills are mostly used by - Answers -Middle Manager
Technical skills are mostly used by - Answers -Frontline supervisor
management - Answers -The act of working with and through a group of people to
accomplish a desired goal or objective in an efficient and effective manner.
leadership - Answers -The ability to drive change and innovation through inspiration
and motivation.
Perspectives on the Purpose of Business - Answers -Managerial view
Shareholder view
Stakeholder view
Managerial view - Answers -A business framework where the firm is seen as a
mechanism for converting raw materials into products to sell to customers.
Stakeholder view - Answers -A business framework that identifies and analyzes
multiple groups that interact with the firm and attempts to align organizational practices
to satisfy the needs of these various groups.
Shareholder view - Answers -A business framework where the job of top managers is
to produce the highest possible stock market valuation of the firm's assets.
Predicting the future - Answers --Contingency planning
- Trend Analysis
-Contextual intelligence
Contingency planning - Answers -The systematic assessment of the external
environment to prepare for a possible range of alternative futures for the organization.
Trend Analysis - Answers -A tool where key variables are monitored and modeled to
help predict a change that might occur in the environment.
