MGMT 3000 Test 1 Study Guide Questions and Answers UPDATED 2024
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Course
MGMT 3000
Institution
MGMT 3000
Business is all about what? - Results and achieving them the right way
What is the Global Business System? - Business is a global system of interdependent and interconnected parts
Every job in some way is related to what 4 financial measures? - - How is Revenue impacted?
- How is Cost impact...
MGMT 3000 Test 1 Study Guide
Questions and Answers UPDATED 2024
Business is all about what? - Results and achieving them the right way
What is the Global Business System? - Business is a global system of interdependent
and interconnected parts
Every job in some way is related to what 4 financial measures? - - How is Revenue
impacted?
- How is Cost impacted?
- How is Cash FlowImpacted?
- How is Break-Even impacted?
Purpose of BOE Financials? - To quickly understand the financial results of a business
in order to take action where appropriate
To have the knowledge to quickly evaluate opportunities.
What is meant by a business's break-even point? - this is where revenue meets total
costs exactly, with no profit
How can you reduce the break-even point? - Reduce B/E by eliminating costs -
reducing fixed and variable costs
or Increase rices to increase revenue
Companies that have the lowest ___, win - Breakeven point
MGMT 3000 Test 1 Study Guide
, MGMT 3000 Test 1 Study Guide
What is meant by situational awareness?
What does it improve? What does it accomplish? - A managers assessment and
understanding of the environment around the and its effects on their operations and
decisions
Heighten your Situational Awareness in order to improve your ability to anticipate &
predict...to make better management decisions
How do managers heighten their situational awareness? Many Ways - name a few -
Know YOUR Job!...what's expected
Keep your eyes & ears open
Show up
Listen
Be Visible - walk around
Get outside your bubble
See what's going on "out there"Build relationships
Read and connect broadly ...news, events, happenings
Be curious!...how could "this situation" affect our business?
What is an organization's Mission and Vision and how do they differ? - Mission - Who
we are, what we do, why we are here
Vision - Our aspirations, what we want to be, future desired state
The mission is the current state and set of operations, the vision is where the mission
progresses to hopefully
MGMT 3000 Test 1 Study Guide
, MGMT 3000 Test 1 Study Guide
What is meant by an organization's Core Values? - What we believe in ...
How we "do business" here...how we behave...
What are the boundaries...for decision making
What is meant by an organization's Strategic Goals? what are some man
characteristics? - A strategic goal is ....what you want to achieve. It is:
Measurable
-provide yardstick or standard to judge performance
Address crucial issues
a limited number of key goals helps maintain focus
Challenging but realistic
provide employees with incentive for improving
Specifies a time period
motivates/injects sense of urgency into goal attainment
Why is ONE the magic number? - One is the magic number...
to get everyone on the same (one) page, and to maximize business results....you need:
One common mission
One common vision
One set of common values
One set of common goals
and One team committed to achieving results!...if you strive to be number one
Management the same as leadership? Why? How do they differ? - - Management
denotes formal authority and when accountability is delegated
- Leadership is the ability to influence the activity
or behavior of people
MGMT 3000 Test 1 Study Guide
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