MGMT 303 Midterm Study Guide Exam
With Complete Solutions
What is the definition of Management? - ANSWER ◘Management is the
pursuit of organizational goals efficiently and effectively by integrating the
work of people through planning, organizing, leading, controlling the
organization resources.
What is the difference between and efficient manager and an effective
one? - ANSWER ◘ Efficient- to use resources like people, money raw
materials and the like wisely and cost effective.
◘ Effective - achieve results, to make right decisions, and to successfully
carry them out so that they achieve the organizational goals.
What are the four functions of management? - ANSWER ◘ Planning - you
set goals and decide how to achieve them
◘ Organizing - you arrange task, people, and other resources to
accomplish the work
◘ Controlling - you monitor performance, compare it with goals and take
corrective action as needed
◘ Leading- you motivate, direct and otherwise influence people to work
hard to achieve organizational goals
What are the rewards of being an exceptional manager? - ANSWER - You
understand how to deal with organization from the outside
- you understand how to relate to your supervisors
- you understand how to interact with co workers
- you understand how to manage yourself in the work place
- You and employees understand a sense of accomplishment
- you can stretch your abilities and magnify your range
- you can build a catalog of successful products or services
- you can become a mentor and help others
, What are the challenges of being an exceptional manager - ANSWER -
Competitive advantage- staying ahead of rivals
- Diversity- future wont resemble the past
- Globalization- expanding management universe\
- Information Technology - dealing with new normal
- Ethical standards
- Sustainability - business of green
- Managing your own happiness and meaningfulness
What are the 4 levels of management? - ANSWER 1) Top managers
2) Middle Managers
3) First Line Managers
4) Team Leader
Define each of the 4 levels of management - ANSWER ◘ Top Manager -
make long term decisions about overall direction of the organization and
establish objectives, policies, and strategies
◘ Middle Managers - implement policies and plans of top managers above
them and supervise and coordinate the activities of first line managers
◘ First Line Managers - make shot term operating decisions, directing daily
task of non-managerial personnel
◘ Team Leader- a manager who is responsible for facilitating team
activities toward achieving key results.
Difference between Function and General Manager - ANSWER Functional
- responsible for just one activity ( director of finance)
General - Responsible for several organizational activities ( executive vice
president)
What skills and roles do managers need? - ANSWER 1) Technical Skills -
job specific knowledge needed to perform well in a specialized field
2) Conceptual Skills - ability to think analytically, to visualize organization
as a whole, understand how parts work together
3) Human (Soft) skills - ability to work well in cooperation with other people
to get things done, motivate, inspire trust, communicate with others
What are the most valued traits in managers - ANSWER - ability to
motivate and engage others
- ability to communicate
With Complete Solutions
What is the definition of Management? - ANSWER ◘Management is the
pursuit of organizational goals efficiently and effectively by integrating the
work of people through planning, organizing, leading, controlling the
organization resources.
What is the difference between and efficient manager and an effective
one? - ANSWER ◘ Efficient- to use resources like people, money raw
materials and the like wisely and cost effective.
◘ Effective - achieve results, to make right decisions, and to successfully
carry them out so that they achieve the organizational goals.
What are the four functions of management? - ANSWER ◘ Planning - you
set goals and decide how to achieve them
◘ Organizing - you arrange task, people, and other resources to
accomplish the work
◘ Controlling - you monitor performance, compare it with goals and take
corrective action as needed
◘ Leading- you motivate, direct and otherwise influence people to work
hard to achieve organizational goals
What are the rewards of being an exceptional manager? - ANSWER - You
understand how to deal with organization from the outside
- you understand how to relate to your supervisors
- you understand how to interact with co workers
- you understand how to manage yourself in the work place
- You and employees understand a sense of accomplishment
- you can stretch your abilities and magnify your range
- you can build a catalog of successful products or services
- you can become a mentor and help others
, What are the challenges of being an exceptional manager - ANSWER -
Competitive advantage- staying ahead of rivals
- Diversity- future wont resemble the past
- Globalization- expanding management universe\
- Information Technology - dealing with new normal
- Ethical standards
- Sustainability - business of green
- Managing your own happiness and meaningfulness
What are the 4 levels of management? - ANSWER 1) Top managers
2) Middle Managers
3) First Line Managers
4) Team Leader
Define each of the 4 levels of management - ANSWER ◘ Top Manager -
make long term decisions about overall direction of the organization and
establish objectives, policies, and strategies
◘ Middle Managers - implement policies and plans of top managers above
them and supervise and coordinate the activities of first line managers
◘ First Line Managers - make shot term operating decisions, directing daily
task of non-managerial personnel
◘ Team Leader- a manager who is responsible for facilitating team
activities toward achieving key results.
Difference between Function and General Manager - ANSWER Functional
- responsible for just one activity ( director of finance)
General - Responsible for several organizational activities ( executive vice
president)
What skills and roles do managers need? - ANSWER 1) Technical Skills -
job specific knowledge needed to perform well in a specialized field
2) Conceptual Skills - ability to think analytically, to visualize organization
as a whole, understand how parts work together
3) Human (Soft) skills - ability to work well in cooperation with other people
to get things done, motivate, inspire trust, communicate with others
What are the most valued traits in managers - ANSWER - ability to
motivate and engage others
- ability to communicate
