Midterm

Question 1

is the art and science of attainment of organisational goals in an effective and efficient manner through planning, organising, leading, and controlling organisational resources.

Answer 1

Management

Question 2

The most fundamental and basic of all management function

Involves a rational approach in selecting and achieving goals and objectives and deciding on the actions to achieve them.

Strongly implies managerial innovation.

Bridges the gap from where we are and to where we want to go.

Answer 2

Planning

Question 3

states what the organisation aspires to become in the future.

Answer 3

Vision

Question 4

reflects the organisation’s past and present by stating why the organisation exists and what role it plays in society.

Answer 4

Mission

Question 5

are the more specific aims that organisations pursue to reach their visions and missions

Answer 5

Goals/Objectives

Question 6

Outcomes that relate to improving firm’s financial performance

Answer 6

Financial Objectives

Question 7

is the direction and scope of an organisation over the long-term. It helps achieve an advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and fulfil stakeholder expectations.

Answer 7

Strategy

Question 8

are general statements which are formulated by an organisation for the guidance of its personnel.

Answer 8

Policies

Question 9

refers to a comprehensive set of instructions that prescribes a certain way of performing a process, or part of a process, in relation to time.

Answer 9

Procedures

Question 10

it reflects a managerial decision that a certain action must – or must not – be taken.

Answer 10

Rules

Question 11

are collections of projects that are managed as a group to achieve efficiencies of scale.

Answer 11

Programs

Question 12

They are also control devices.However, making a _______ is clearly planning

Answer 12

Budget

Question 13

Describe what an organisation excels at and what separates it from the competition:

A strong brand, loyal customer base, a strong balance sheet, unique technology and so on

For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. It must then decide how to use those results to attract new investors. capital.

Answer 13

Strengths

Question 14

Stop an organisation from performing at its optimum level.

They are areas where the business needs to improve to remain competitive:

A weak brand, higher-than-average turnover,high levels of debt, an inadequate supply chain or lack of capital.

Answer 14

Weakness

Question 15

Refer to favourable external factors that could give an organisation a competitive advantage.

For example, if a country cuts tariffs, a car manufacturer can export its cars into a newmarket, increasing sales and market share

Answer 15

Opportunities

Question 16

Refer to factors that have the potential to harm an organisation.

For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield.

Other common threats include things like rising costs for materials, increasing competition, tight labour supply and so on.

Answer 16

Threats

Question 17

A bar chart that is used to schedule, manage, monitor specific tasks and resources in a project

It’s a type of bar chart showing the start and finish dates of a project’s elements such as resources, planning, and dependencies.

It consists of a list of tasks and bars depicting each task’s progress.

The horizontal bars of different lengths represent the project timeline, which can include task sequences, duration, and the start and end dates for each task

Answer 17

Gantt Chart

Question 18

The numbered circles represent tasks or milestones in a project.

The arrows show the sequence of these tasks.

The time to do a task is shown near the arrow. The critical path in the chart at the left is drawn with red arrows.

Display task dependencies, showing which tasks need to be done before others can be started

Answer 18

PERT - CPM

Question 19

PERT stands for

Answer 19

Program Evaluation and Review Technique.

Question 20

is simply a graphical representation of steps. It shows steps in sequential order and is widely used in presenting the flow of algorithms, workflow or processes. Typically, a ______ shows the steps as boxes of various kinds, and their order by connecting them with arrows.

Answer 20

Flowchart

Question 21

It is a visualisation tool for categorising the potential causes of a problem.

This tool is used in order to identify a problem’s root causes.
The name comes from the diagram design, which looks much like a skeleton of a fish.

Are typically worked right to left, with each large “bone” of the fish branching out to include smaller bones, each containing more detail.

Answer 21

Cause and Effect Diagram or Fishbone Diagram

Question 22

Includes all tasks performed in a workflow and each person who performs that task.

It is used to help a team of people plan and understand how to accomplish a task.

By breaking down a project into small tasks and making it clear who is responsible for each step, a team is better able to communicate and complete a project more efficiently.

helps with organisation and can be used to define entire company processes.

Answer 22

Process Mapping

Question 23

They are the one doing the strategic matters

The establish rules, programs

They establish the vision and mission of the company

Answer 23

Top Managers (strategic managers)

Question 24

They dissect the vision and mission that the top managers made to make it easier to understand

Department managers

Answer 24

Middle Managers (tactical planning)

Question 25

they do planning on a daily basis

Answer 25

First line (Managers Operational Planning)

Question 26

Knows the skills that are technically for the job (printing, using the calculator, etc.)

Answer 26

Technical Skills

Question 27

Knows which language to use in handling other types of people

Answer 27

Human Skills

Question 28

Thinking

Answer 28

Conceptual Skills

Question 29

Outcomes that will result in greater competitiveness and stronger long-term market

Answer 29

Strategic Objective