FINALS

Question 1

is a crucial social process that involves planning and overseeing the
operations of an enterprise to achieve specific goals.

Answer 1

Management

Question 2

It’s a dynamic process with various interconnected activities, distinct from the dayto-day functions like marketing or finance.

Answer 2

Management

Question 3

have different views on the functions of
management.

Answer 3

Different management experts

Question 4

functions of
management

Answer 4

Planning
Organizing
Staffing
Directing (Leading)
Controlling.

These functions are interconnected and inseparable in practice.

Question 5

The key areas of management include:

Answer 5

Human Resource Management
Production Management
Office Management
Financial Management

Question 6

Focuses on acquiring and maintaining a
satisfied workforce through recruitment, training, and employee relations.

Answer 6

Human Resource Management

Question 7

Involves the planning, organizing, and
controlling of the production process to ensure timely and cost-effective
production of goods and services.

Answer 7

Production Management

Question 8

Deals with the organization of office operations to
maximize efficiency through optimal use of resources and technology.

Answer 8

Office Management

Question 9

Focuses on the relationship between raising funds
and utilizing them effectively, including budgeting and investment decisions.

Answer 9

Financial Management

Question 10

Levels of Management

Answer 10

Top-level Managers
Middle-level Managers
Low-level Managers

Question 11

Responsible for the overall direction of the organization, setting strategic plans and policies.

Answer 11

Top-level Managers

Question 12

Implement the plans set by top management and
oversee the functions of specific departments.

Answer 12

Middle-level Managers

Question 13

Focus on the day-to-day supervision of employees
and ensuring production quality and quantity.

Answer 13

Low-level Managers

Question 14

Involves analyzing situations and making decisions to achieve desired
outcomes.

Answer 14

Planning

Question 15

It is the process of deciding in advance what to do, when to do it, and how
to do it.

Answer 15

Planning

Question 16

Planning occurs at different management levels:

Answer 16

▪ Top Management: Strategic planning (long-term goals).

▪ Middle Management: Intermediate planning (sub-unit contributions).

▪ Lower Management: Operational planning (task accomplishment).

Question 17

The planning process involves:

Answer 17

▪ Setting goals.
▪ Developing strategies or tactics.
▪ Determining resource needs.
▪ Setting standards.

Question 18

Types of plans:

Answer 18

▪ Functional area plans (e.g., marketing, production, financial).

▪ Plans with time horizon (short-range, long-range).

▪ Plans according to frequency of use (standing, single-use).

Question 19

o Involves structuring resources and activities to achieve objectives efficiently.

Answer 19

Organizing

Question 20

It creates a structure that defines lines of responsibility, authority, and
position

Answer 20

Organizing

Question 21

can have formal and informal structures.

Answer 21

Organizations

Question 22

Types of organizational structures:

Answer 22

▪ Functional organization.
▪ Product or market organization.
▪ Matrix organization.

Question 23

Key concepts in organizing:

Answer 23

▪ Authority.
▪ Responsibility.
▪ Accountability.
▪ Delegation.
▪ Line authority.
▪ Staff authority.
▪ Functional authority.

Question 24

o Involves managing human resources to fill and maintain organizational
positions

Answer 24

Staffing

Question 25

The staffing process includes:

Answer 25

▪ Human resource planning. ▪ Recruitment. ▪ Selection. ▪ Induction and orientation. ▪ Training and development. ▪ Performance appraisal. ▪ Employment decisions.

Question 26

refer to any process that takes inputs (like materials, information, customers) and uses resources (like labor, equipment, technology) to transform them into useful outputs (goods, services, information).

Answer 26

Operations

Question 27

This involves the planning, organizing, directing, and controlling of these core business operations.

Answer 27

Operations Management

Question 28

The goal is to manage these processes efficiently and effectively to meet organizational objectives, such as producing high-quality goods or delivering excellent services while optimizing costs.

Answer 28

Operations Management

Question 29

The operations division typically handles activities directly related to producing goods or services. This can include:

Answer 29

▪ Production Planning ▪ Inventory Management ▪ Quality Control ▪ Process Design ▪ Maintenance

Question 30

Deciding what to produce, how much, and when.

Answer 30

Production Planning

Question 31

Managing the flow and storage of materials and finished goods.

Answer 31

Inventory Management:

Question 32

Ensuring that products or services meet certain standards

Answer 32

Quality Control

Question 33

Determining the most efficient way to carry out operations.

Answer 33

Process Design:

Question 34

Keeping equipment and facilities in good working order

Answer 34

Maintenance

Question 35

play a vital role in operations due to their technical knowledge and problem-solving skills.

Answer 35

Engineer managers

Question 36

They are often involved in designing and improving production processes, managing technology, ensuring efficiency, and maintaining quality standards.

Answer 36

Engineer managers

Question 37

Types of Transformation Processes

Answer 37

Manufacturing Process Service Process

Question 38

This involves the physical transformation of raw materials or components into tangible goods. Examples include car manufacturing, food processing, and electronics assembly.

Answer 38

Manufacturing Process

Question 39

This involves intangible outputs that satisfy customer needs. Examples include healthcare, education, transportation, and financial services. Service processes often involve direct interaction with customers

Answer 39

Service Process:

Question 40

Important Parts of Productive Systems

Answer 40

▪ Inputs ▪ Transformation Process ▪ Outputs ▪ Feedback ▪ Control

Question 41

Resources used in the process

Answer 41

Inputs:

Question 42

The activities that convert inputs to outputs.

Answer 42

Transformation Process

Question 43

The goods or services produced.

Answer 43

Outputs

Question 44

Information about the output that can be used to improve the process.

Answer 44

Feedback

Question 45

Mechanisms to ensure the process operates as intended

Answer 45

Control

Question 46

is a set of practices aimed at facilitating the sale of goods and services.

Answer 46

Marketing

Question 47

The core principle is that engineers must focus on ____________ to ensure business success.

Answer 47

fulfilling customer needs

Question 48

The 4Ps of Marketing

Answer 48

Product Price Place Promotion

Question 49

This includes tangible goods, intangible services, and their ability to satisfy customer needs.

Answer 49

Product

Question 50

The cost of the product or service, which can be a key factor in influencing consumer decisions.

Answer 50

Price

Question 51

The accessibility of the product or service to customers, including location and distribution channels.

Answer 51

Place

Question 52

The communication strategies used to persuade customers to buy, such as advertising, publicity, personal selling, and sales promotion.

Answer 52

Promotion

Question 53

This involves selecting a target market and developing a marketing mix to effectively reach that market.

Answer 53

Strategic Marketing

Question 54

The___________ is the combination of the 4Ps used to achieve marketing objectives

Answer 54

marketing mix

Question 55

A ____________ is the specific group of customers a business aims to serve

Answer 55

target market

Question 56

Key Marketing Activities and Analyses

Answer 56

Market Analysis Risk Analysis Trend Analysis

Question 57

Understanding the difference between marketing, sales, and advertising, and applying advertising principles effectively.

Answer 57

Sales and Advertising

Question 58

The ____________ is a core management responsibility focused on acquiring and managing funds to achieve business objectives.

Answer 58

finance function

Question 59

must be involved in determining fund requirements, obtaining funds, and ensuring their effective and efficient use.

Answer 59

Engineering managers

Question 60

Companies, including engineering firms, need funds for:

Answer 60

▪ Routine operations (e.g., wages, rent, taxes) ▪ Supporting credit facilities for customers ▪ Purchasing inventory ▪ Acquiring major assets (e.g., land, equipment)

Question 61

Engineering firms obtain funds from various sources:

Answer 61

▪ Cash sales ▪ Collection of accounts receivable ▪ Loans and credits ▪ Sale of assets ▪ Ownership contributions ▪ Advances from customers

Question 62

Repayment schedules of less than one year. ▪ Examples: trade creditors, commercial banks, commercial paper houses, finance companies, factors, insurance firms

Answer 62

Short-term

Question 63

Used for long-term investments like capital assets. ▪ Examples: term loans, bonds, common stocks, retained earnings

Answer 63

Long-term

Question 64

Choosing the Best Source of Financing: o Factors to consider:

Answer 64

flexibility, risk, income, control, timing, collateral values, flotation costs, speed, and exposure.

Question 65

Firm's Financial Health: o Assessed using financial statements:

Answer 65

▪ Balance sheet (statement of financial position) ▪ Income statement (statement of operations or profit and loss statement) ▪ Statement of changes in financial position

Question 66

o Involves identifying, assessing, and mitigating risks to protect a company's assets and profitability.

Answer 66

Risk Management:

Question 67

Types of risk

Answer 67

pure risk (possibility of loss) speculative risk (possibility of loss or gain)

Question 68

o Risk management methods:

Answer 68

avoidance, retention, reduction, shifting.

Question 69

Involves managing the flow of funds, especially in projects, using tools like cash flow diagrams and schedules.

Answer 69

Financial Resource Management