BUS 381 - Midterm Exam Study Questions with
Verified Correct Answers
What are managers responsible for?
accomplishing the organization's goals by managing the efforts of the organization's people, and
are often responsible for the completion of management functions
What are the 5 basic functions of the management process
1. Planning
2. Organizing
3. Staffing
4. Leading
5. Controlling
What is a strategic plan
A company's overall plan for matching internal strengths and weaknesses to external
opportunities and threats to maintain a competitive position
human resources management (HRM)
The management of people/employees in organizations to drive successful organizational
performance and achievement of the organization's strategic goals.
strategic management
The process of identifying and executing the organization's strategic plan by matching the
company's capabilities with the demands of its environment.
Human Capital
The knowledge, education, training, skills, and expertise of an organization's workforce
Outsourcing
contracting third parties to handle specific business functions on a fixed term or permanent
basis
Allyship
Verified Correct Answers
What are managers responsible for?
accomplishing the organization's goals by managing the efforts of the organization's people, and
are often responsible for the completion of management functions
What are the 5 basic functions of the management process
1. Planning
2. Organizing
3. Staffing
4. Leading
5. Controlling
What is a strategic plan
A company's overall plan for matching internal strengths and weaknesses to external
opportunities and threats to maintain a competitive position
human resources management (HRM)
The management of people/employees in organizations to drive successful organizational
performance and achievement of the organization's strategic goals.
strategic management
The process of identifying and executing the organization's strategic plan by matching the
company's capabilities with the demands of its environment.
Human Capital
The knowledge, education, training, skills, and expertise of an organization's workforce
Outsourcing
contracting third parties to handle specific business functions on a fixed term or permanent
basis
Allyship
