lec_1_chapter_6_managing_the_business_enterprise_2025_06_05_023718

Question 1

Who is a manager?

Answer 1

Managers are people who plan, organize, lead and control the operations of an organization.

Question 2

Define the term Management according to the book

Answer 2

Management is the process of planning, organizing, leading and controlling an enterprise’s financial, physical, human, and information resources to achieve the organzation’s goals.

Question 3

Management Effectiveness and Management Efficiency

Answer 3

Effectiveness is achieving organzational goals that have been set, and Efficiency is achieving the greatest level of output with a given amount of input

Question 4

Four functions of a Manager

Answer 4

Plannign, Organizing, Controlling and Leading

Question 5

Define Planning

Answer 5

This determining what the business needs to do and how best to achieve it.

Question 6

Five steps in the planning process

Answer 6

-Establishing Goals for the organization-Identifying whether a gap exists between the company’s desired and actual position-Developing plans to achieve the desired objectives-Implementing plans that have been decided upon-Assessing the effectiveness of plans

Question 7

Define organizing

Answer 7

This involves using/mobilizing the existing resources to implement the plan.

Question 8

Define Leading

Answer 8

Guiding and Motivating(Interactions with) subordinates to meet objectives.

Question 9

Responsibilities of Managers to Employees (from slides)

Answer 9

-Authority to give orders-Ability to guide employees-Power to motivate subordinates

Question 10

Controlling

Answer 10

The portion of a manager’s job (the process of) monitoring the furm’s performance to make sure it is meeting it’s goals and if necessary, acting to bring it in line with the firm’s goals.

Question 11

Becoming a manger requires a …?

Answer 11

combination of education and experience

Question 12

How to become a manager?

Answer 12

Your first job after school will probably involve using your TECHNICAL SKILLS, where focus will be on just your performance, if you do really well , YOU MAY BE PROMOTED TO A MANAGEMNT POSITION AFTER A TIME. where focus must shift to the we performance of your subordinates

Question 13

Types of Managers

Answer 13

top managers, middle managers, first-line managers

Question 14

Who are Top Managers?

Answer 14

Responsible for firm’s overall performance and effectiveness also developing long-range plans for the company

Question 15

Responsibilities of a top manager

Answer 15

-Responsible for the overall performance and effectiveness of the firm-Sets general policies, formulate strategies, and approve all significant decisions.-Represent the company in dealings with other firms and with government bodies

Question 16

Who are Middle Managers?

Answer 16

They are responsible for implementing the decisions made by top managers

Question 17

Responsibilities of Middle Managers

Answer 17

Responsible for implementing the strategies of and working toward the goals set by top managers

Question 18

First-Line Mangers

Answer 18

those responsible for supervising the work of employees

Question 19

Responsibilities of First-line Managers

Answer 19

-Responsible for supervising the work of employees who report to them-Ensure employees understand and are properly trained in company policies and procedures

Question 20

Areas of Management

Answer 20

human resource MangersOperations mangersInformation mangers Marketing ManagersFinancial managers

Question 21

human resource managers

Answer 21

Responsible for hiring, training, evaluating and compensating employees

Question 22

Who is an Operations manager

Answer 22

Responsible for controlling production, inventory and wuality of a firm’s products

Question 23

Who is an information manager?

Answer 23

Responsible for the design and implementaion of systems to gather process and disseminate information

Question 24

Who is a Marketing Manager

Answer 24

Responsible for developing pricing, promoting and distributing goods and service to buyers

Question 25

Whio is a financial manager

Answer 25

responsible for planning and overseeing the financial resources of a firm

Question 26

What are the basic Management Skills?

Answer 26

Technical skills, Human relations skills, Conceptual kills, Time Management skills, Decision Making Skills

Question 27

What are Technical skills?

Answer 27

The ability to perform specialized tasks within a company. These skills are particularly important for first-line managers and less so as one moves up the corporate ladder.

Question 28

What are Human Relations Skills?

Answer 28

The ability to understand and work well with other employees. These skills are important in most management settings, regardless of level.

Question 29

What are Conceptual Skills?

Answer 29

The ability to think abstractly, to diagnose problems, and to plan for the future. Their importance increases as one rises in the corporate hierarchy.

Question 30

What are Time Management Skills?

Answer 30

Permit managers to productively use their time

Question 31

What are the four leading causes of wasted time of Managers

Answer 31

-Paperwork-Telephone-Meetings-Email

Question 32

How to improve your time management skills

Answer 32

-Set short and long-term goals-Manage your Calendar-Priotirize your assignment-Have a critical eye

Question 33

What are the steps in the decision making skills

Answer 33

-Recognizing and definign the decision situation, either a problem or an opportunity-Identifying alternatives.-Evaluating alternatives-Selecting the best alternative-Implementing the chosen alternative-Following up and evaluating the results

Question 34

Whatg are the non-logical/emotional factors influencing decision making

Answer 34

-Organizational Politics-Intuition-Escalation of commitment-Risk Propensity-Big loss Big gain

Question 35

What is Organizational Politics

Answer 35

this refers to the actions that people do in order to get what they want without regard for its impact on other people and the organization.

Question 36

What is Intuition

Answer 36

This Means making a decision because it “feels right.” Intuition can lead to spectacular successes or failures.

Question 37

What is Escalation of Commitment

Answer 37

This Occurs when a manager remains committed to a course of action even when evidence shows it isn’t working.

Question 38

What is Risk propensity

Answer 38

Risk propensity refers to how much a manager is willing to gamble when making decisions.

Question 39

What is Strategy

Answer 39

Strategy is the broad set of organizational plans for implementing the decisions made for achieving organizational goals.

Question 40

What is Strategic management

Answer 40

Strategic management is the process of effectively aligning an organization with its external environment.

Question 41

What is Strategy Formation

Answer 41

Strategy formulation is the process of Creation of a broad program for defining and meeting an organization’s goals

Question 42

What is a goal?

Answer 42

Goals are objectives that a business plans to attain.

Question 43

What are the Purposes of Goal Setting

Answer 43

–Provides direction, guidance, and motivation –Assists in allocating resources –Helps to define corporate culture –Helps managers assess performance

Question 44

What are the 3 kinds of goals

Answer 44

-Short term goals- Less than One year-Intermediate Goals- One to five years-Long term goals- Five or more years

Question 45

What is a vision (or purpose of a firm in this context)?

Answer 45

A statement indicating why an organization exists and what kind of organization it wants to be.

Question 46

What is a Mission statement (Of a firm in this context)?

Answer 46

A Mission statement An organization’s statement of how it will achieve its purpose in the environment in which it conducts its business.

Question 47

What are SMART goals

Answer 47

SMART goals Goals that are Specific, Measurable, Achievable, Results oriented, and Time framed.