MGT-420: Midterm Exam UPDATED Exam Questions and CORRECT Answers
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Course
MGT-420
Institution
MGT-420
MGT-420: Midterm Exam UPDATED
Exam Questions and CORRECT Answers
Intellectual Capital - CORRECT ANSWER- The collective brainpower or shared knowledge
of a workforce (commitment, competency, intellectual capital)
Knowledge Workers - CORRECT ANSWER- Mind is a critical asset to employers and add...
MGT-420: Midterm Exam UPDATED
Exam Questions and CORRECT Answers
Intellectual Capital - CORRECT ANSWER- The collective brainpower or shared knowledge
of a workforce (commitment, competency, intellectual capital)
Knowledge Workers - CORRECT ANSWER- Mind is a critical asset to employers and adds
to the intellectual capital of an organization
Tech IQ - CORRECT ANSWER- A person's ability to use technology to stay informed:
- Checking inventory, making a sales transaction, ordering supplies
- Telecommuting
- Virtual Teams
Globalization - CORRECT ANSWER- The worldwide interdependence of resource flows,
product markets, and business competition that characterize our economy
Job Migration - CORRECT ANSWER- Occurs when firms shift jobs from one country to
another
Ethics and Ethical Expectations - CORRECT ANSWER- Code of moral principles that set
standards of conduct of what is "good" and "right" in one's behavior
Expectations:
- Integrity and Ethical Leadership at all Levels
- Social Responsibility
- Sustainability
Corporate Governance - CORRECT ANSWER- Board of directors hold top management
responsible for organizational performance
(financial performance, ethical performance, sustainability)
,Workforce Diversity - CORRECT ANSWER- Reflects differences with respect to gender,
age, race, ethnicity, religion, sexual orientation, and able-bodiedness
A diverse and multicultural workforce both challenges and offers opportunities to employers
How diversity bias can occur in the workplace: - CORRECT ANSWER- - Prejudice
- Diversity
- Glass Ceiling Effect
Shamrock Organization - CORRECT ANSWER- - permanent full time workers
- temporary part-time workers
- freelance or contract workers
Free Agent Economy - CORRECT ANSWER- (on-demand economy) people change jobs
more often, and many work on "gigs" or flexible contracts.
Organizations as Open Systems - CORRECT ANSWER- A collection of people working
together to achieve a common purpose
- Resource Inputs (people, money, materials, technology, information)
- Transformation Process (work activities turn resources into outputs)
- Product Outputs (finished goods and services)
Value Creation - CORRECT ANSWER- Created when an organization's operations adds
value to the original cost of resource inputs
When value creation occurs:
- Businesses earn a profit
- Nonprofit organizations add wealth to society
Performance Effectiveness and Performance Efficiency - CORRECT ANSWER- An output
measure of task or goal accomplishment
,An input measure of the resource costs associated with goal accomplishment
Levels of Management - CORRECT ANSWER- 1. Board of Directors: ensure that the
organization is run right
2. Top Managers: guide the performance of a manager as a whole or for one of its major parts
3. Middle Managers: oversee large departments or divisions
4. Team Leaders: supervise non-managerial workers
Accountability - CORRECT ANSWER- The requirement of one person to answer to a higher
authority for performance achieved in his or her area of work responsibility.
- effective managers help others achieve high performance and satisfaction at work
Quality Work Life (QWL) - CORRECT ANSWER- An indicator of the overall quality of
human experiences in the workplace
- Respect
- Fair pay
- Safe working conditions
- Opportunities to learn and use new skills
- Room to grow and progress in a career
- Protection of individual rights
Upside-Down Pyramid - CORRECT ANSWER- - A manager's job is to support workers'
efforts
- The best managers are known for helping and supporting
- Customers at the top served by workers who are supported by managers
Pyramid (1 is the top, 4 is the bottom)
1. Customers and Clients
2. Frontline Operating Workers
3. Team Leader and Managers
4. Top Managers
, 4 Functions of Management (POLC) - CORRECT ANSWER- 1. Planning: the process of
setting objectives and determining what actions should be taken to accomplish them
2. Organizing: the process of assigning tasks, allocating resources, and coordinating work
activities
3. Leading: the process of arousing peoples' enthusiasm to work hard and direct efforts to
achieve goals
4. Controlling: the process of measuring work performance and taking action to ensure
desired results
Mintzberg's Managerial Roles - CORRECT ANSWER- Interpersonal Roles: how a manager
interacts with other people (figurehead, leader, liaison)
Informational Roles: how a manager exchanges and processes information (monitor,
disseminator, spokesperson)
Decisional Roles: how a manager uses information in decision making (entrepreneur,
disturbance handler, resource allocator, negotiator)
Katz's Essential Managerial Skills - CORRECT ANSWER- Conceptual Skills: the ability to
think analytically and achieve integrative problem solving
Human Skills: the ability to work well in cooperation with other persons; emotional
intelligence
Technological Skills: the ability to apply expertise and perform a special task with
proficiency
Classical Management Approaches - CORRECT ANSWER- Scientific Management
(Frederick Taylor):
1. Develop a "science" that includes rules of motion, standardized work implements, and
proper working conditions for every job
2. Carefully select workers with the right abilities for the job
3. Carefully train workers to do the job and give them incentives to cooperate with the job
"science"
4. Support workers by carefully planning their work and by smoothing the way as they do
their work
(the Gilbreths)
- Motion Study
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