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MGT Chapter 1 Exam Questions with complete solutions 2024( A+ GRADED 100% VERIFIED).
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MGT Chapter 1 Exam Questions with complete solutions 2024( A+ GRADED 100% VERIFIED).
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MGT Chapter 1Organization - ANS A group of people who work together to achieve some specific purpose
Management - ANS The pursuit of organizational goals efficiently and effectively by integrating
the work of people through planning, organizing, leading, and controlling the organization's
resources
Efficiency - ANS The means. The means to attaining the organization's goals. You use
resources to be efficient such as people, money, raw materials and the like wisely and
cost-effectively.
Effectiveness - ANS The end. Regards the organization's ends, or goals. To achieve results,
make the right decisions, and to successfully carry them out so that they achieve the
organization's goals.
Multiplier Effect - ANS The influence on the organization is multiplied far beyond the results that
can be achieved by just one person acting alone.
Payoffs for Studying Management as a Discipline - ANS You will understand how to deal with
organizations from the outside, you will understand how to relate to your supervisors, you will
understand how to interact with coworkers, and you will understand how to manage yourself in
the workplace.
Rewards of a Management Practitioner - ANS You and your employees can experience a
sense of accomplishment, you can stretch your abilities and magnify your range, you can build a
catalog of successful products or services, and you can become a mentor and help others.
Mentor - ANS Experienced person who provided guidance to someone new in the work world.
Management Process (Four Management Functions) - ANS Planning, organizing, leading and
controlling (POLC).
Planning - ANS Setting goals and deciding how to achieve them.
Organizing - ANS Defined as arranging tasks, people, and other resources to accomplish the
work.
Leading - ANS Defined as motivating, directing, and otherwise influencing people to work hard
to achieve the organization's goals.
, Controlling - ANS Defined as monitoring performance, comparing it with goals, and taking
corrective action as needed.
Seven Challenges to Being an Exceptional Manager - ANS Managing for competitive
advantage, managing for diversity, managing for globalization, managing for information
technology, managing for ethical standards, managing for sustainability, and managing for
happiness and meaningfulness.
Competitive Advantage - ANS The ability of an organization to produce goods or services more
effectively than competitors do, thereby outperforming them. This means an organization must
stay ahead in four areas: being responsive to customers, innovation, quality, and efficiency.
Innovation - ANS Finding ways to deliver new or better goods or services.
Internet - ANS The global network of independently operating, but interconnected computers,
linking hundreds of thousands of smaller networks around the world.
E-commerce - ANS A.k.a electric commerce. The buying and selling of goods or services over
computer networks.
E-business - ANS More important than e-commerce. Uses the internet to facilitate every aspect
of business.
E-mail - ANS Electronic-mail messages and documents transmitted over a computer network.
Texting - ANS Quick text messages exchanged among smartphones.
Social Media - ANS Internet based and mobile technologies such as Facebook and Twitter for
generating interactive dialogue with others on a network.
Cloud Computing - ANS The storing of software and data on gigantic collections of computers
located away from a company's principal site (iCloud).
Databases - ANS Computerized collections of interrelated files.
Big Data - ANS Stores of data so vast that conventional database management systems
cannot handle them.
Artificial Intelligence (AI) - ANS Discipline concerned with creating computer systems that
simulate human reasoning and sensation (ex: robots).
Telecommute - ANS Works from home or remote locations using a variety of information
technologies.
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