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MGT 300 Exam 1 Questions and Answers 2024 100% Verified.
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MGT 300 Exam 1 Questions and Answers 2024 100% Verified.
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MGT 300 Exam 1The art of management - ANS the pursuit of organizational goals effectively and efficiently
efficient - ANS means to use resources such as people, money, raw materials, etc. wisely and
cost-effectively
effective - ANS means to achieve results, to make the right decisions to successfully carry them
out so that they achieve the organization's goals
the management process - ANS planning, organizing, leading, controlling the organization's
resources
planning - ANS setting goals and deciding how to achieve them
organizing - ANS you arrange tasks, people, and other resources to accomplish the work
leading - ANS motivating, directing, and otherwise influencing people to achieve the
organization's goals
controlling - ANS monitoring performance, comparing it with goals, and taking corrective action
as needed
levels of management (top to bottom) - ANS top managers, middle managers, first line
managers, team leaders
top managers - ANS make long-term decisions about the overall direction of the organization
middle managers - ANS implement and supervise the policies and plans of the top managers
and coordinate the activities of the first-line managers
first-line managers - ANS make short term operating decisions, directing the daily tasks of
non-managerial personnel
team leaders - ANS facilitate team activities towards achieving a goal
functional managers - ANS responsible for just one organizational activity (ex: director of
finance or vp of production)
general manager - ANS responsible for several organizational activities (ex: executive vp or an
executive director for a nonprofit)
, interpersonal roles - ANS interact with people inside and outside their work units. includes
figureheads, leaders, and liaisons
informational roles - ANS receive and communicate information. includes monitors,
disseminators, and spokespersons
decisional roles - ANS use information to make decisions to solve problems or take advantage
of opportunities. includes entrepreneurs, disturbance handlers, resource allocators, and
negotiators
challenges of being an exceptional manager - ANS competitive advantage,
information technology,
diversity,
globalization,
ethical standards,
sustainability,
happiness and meaningfulness
competitive advantage - ANS the ability of an organization to produce goods or services more
effectively than competitors do, thereby outperforming them
information technology - ANS far ranging electronic management, more data that is harder to
translate, the rise of AI in the workforce, organizational changes
diversity - ANS handling the fact that the future will differ from the past, and managers need to
learn how to manage all ranges of people
globalization - ANS expansion from local to global markets
ethical standards - ANS ethical dilemmas in business and learning how to handle them
sustainability - ANS the economic development that meets the needs of the present while
taking the future of the organization into consideration
happiness and meaningfulness - ANS a sense of meaningfulness in your life is associated with
better work, life satisfaction, and performance
classical viewpoint - ANS (1911-1947) emphasis on ways to manage work more efficiently.
includes the principles of scientific and administrative management
scientific management - ANS emphasizes scientific study of work methods to improve
productivity of individual workers
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