Business Management Exam 1 Questions With Verified Answers

A manager's responsibility - Answer to obtain organizational objectives through efficient and effective utilization of resources Managers resources - Answer human, financial, physical & informational Three of the most important traits for a manager - Answer -integrity -industriousness -ability to get along with others 3 management skills - Answer -technical -interpersonal -decision making management functions (4) - Answer planning, organizing, leading, controlling management roles (3) - Answer -interpersonal -informational -decision making Levels of management (3) - Answer -Top -Middle -Front line internal environment - Answer includes the factors that affect the performance from within its boundaries internal factors - Answer - mission -management & culture -resource -system processes -structure top managers = _________ __________ - Answer visionary mission Total Quality Management - Answer Processes that involve everyone in an organization to focus on the customer to continually improve product value. primary principles of Total Quality Management: - Answer 1.) focusing on delivering customer value 2.) continually improving the system and its processes Total Quality Management can be used for...? (5) - Answer 1.) increase positivity 2.) lower scrap and rework costs 3.) improve product reliability 4.) decrease time to market cycle 5.) decrease customer service issues Artifacts of Organizational culture (6) - Answer 1.) heroes (Disney) 2.) stories (Penn State MBA Students) 3.) slogans ("Don't be evil") 4.) symbols (Smokey the Bear) 5.) rituals ("Welcome to Moe") 6.) ceremonies (Awards Dinner) Three Levels of Organization: (Textbook Figure) - Answer Level 1: Behavior Level 2: Values & Beliefs Level 3: Assumptions External Factors (Definition) - Answer includes factors outside of boundaries you have no control of External Factors: (Components) - Answer A.) Customers B.) Competition C.) Technology D.) The economy E.) Governments Business Ethics - Answer -standards or right and wrong that influence behavior -goes beyond legal requirements to do the right thing 1% always honest; 1% always dishonest; 98% both - Answer Factors that influence ethical/unethical behavior: - Answer 1.) personality traits & attributes 2.) moral development Levels of Moral Development: - Answer A.) Preconventional: "How's this going to help me?" --> Self interest B.) Conventional: "What's my boss doing" --> Others focused C.) Postconventional: Autonomous (group players) Guides to ethical behavior - Answer A.) Does it create a win-win situation for everybody? -->stake-holder approach B.) Golden Rule "Do unto others as you want them to do unto you" C.) "What would my ethical role model say? Penn State Ethical Decision Making Process - Answer 1.) gather facts 2.) determine ethical issues 3.) consider ethical principles 4.) those effected 5.) explore possible situations Managing ethics: - Answer 1.) establish a code of ethics 2.) provide ethical training 3.) encourage whistle blowing Internal Reporting: - Answer reporting within an organization Steps if an organization knows about it and doesn't take action: (6) - Answer 1.) Approach with manager 2.) Discuss with family 3.) take it to next level 4.) contact ethical leaders 5.) Go outside of the company 6.) Leave the company