Topic 1A Management

Question 1

Competitive Advantage

Answer 1

The ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them

Question 2

Conceptual Skills

Answer 2

The ability to think anaytically, to visualize an organization as a whole and understand how the parts work together

Question 3

Controlling

Answer 3

You monitor performance, compare it with goals, and take corrective action as needed

Question 4

Decisional Roles

Answer 4

Managers use information to make decisions to solve problems or take advantage of opportunities. The four ­decision-making roles are entrepreneur, disturbance handler, resource allocator, and ­negotiator

Question 5

Effective

Answer 5

Achieve results, to make the right decisions and to successfully carry them out so that managers achieve the organization’s goals

(Doing the right work)

Question 6

Efficient

Answer 6

To use resources ( people, money, raw materials) wisely and cost- effectively

(Doing the work well)

Question 7

First- line Managers

Answer 7

Make short- term operating decisions, directing the daily tasks of non- managerial personnel

Question 8

4 Management Functions

Answer 8

Planning, organizing, leading, controlling

Question 9

Functional Manager

Answer 9

• responsible for just one organizational activity
• EX) director of finance, VP of production

Question 10

General Manager

Answer 10

• responsible for SEVERAL organizational activities
• EX) executives VP, an executive director for a nonprofit

Question 11

Informational Roles

Answer 11

Managers as monitors, disseminators, and spokespersons

Question 12

Leading

Answer 12

You motivate, direct, and otherwise influence people to work hard to achieve the organization’s goals

Question 13

Management

Answer 13

The pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization’s resources

Question 14

Middle Managers

Answer 14

Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first- line managers below them

Question 15

Organization

Answer 15

A group of people who work together to achieve some specific purpose

Question 16

Planning

Answer 16

You set goals and decide how to achieve them

Question 17

Process

Answer 17

A series of actions or steps followed to bring about a desired result

Question 18

Soft Skills

Answer 18

Ability to motivate, to inspire trust, and to communicate with others

Question 19

Sustainable Development

Answer 19

Focuses on meeting present needs while simultaneously ensuring that future generations will be able to meet their needs

Question 20

Sustainable Development Goals (SDGs)

Answer 20

Meant to serve as a blueprint for future economic planning

Question 21

Technical Skills

Answer 21

The job- specific knowledge needed to perform well in a specialized field

Question 22

Top Managers

Answer 22

Make long- term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it

Question 23

What is management ? (3 things)

Answer 23

1. The pursuit of organizational goals efficiently and effectively
2. Integrating the work of people
3. Planning, organizing, leading, and controlling the organization’s resources

Question 24

Rewards of studying management

Answer 24

• knowing how to deal with organizations from outside
• knowing how to relate to your supervisors
• knowing how to interact with co- workers
• knowing how to manage yourself in the workplace

Question 25

Rewards of Practicing Management

Answer 25

• both you/ employees can experience a sense of accomplishment
• stretching your abilities and magnify your range
• build/ deliver successful products or services that benefit your customers
• be a mentor/ help others

Question 26

The 4 principal functions of management are:

Answer 26

• planning
• organizing
• leading
• controlling

Question 27

Team Leader

Answer 27

Responsible for facilitating team activities toward achieving key results

Question 28

Human skills (soft skills)

Answer 28

The ability to work well in cooperation with other people to get things done; the ability to motivate, to inspire trust, to communicate with others

Question 29

What are the 7 challenges to being an exceptional manager

Answer 29

1. Managing for competitive advantage
2. Technological advanced
3. Diversity and inclusion
4. Globalization
5. Ethical standards
6. Sustainable development
7. Happiness and meaningfulness

Question 30

Having competitive advantage means:

Answer 30

1. Being responsive to customers
2. Innovation
3. Quality
4. Efficiency

Question 31

The first “law” of business is:

Answer 31

Take Care of the Customer !