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MGMT 310 Exam 1 questions with complete solutions graded A+
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MGMT 310 Exam 1 questions with complete solutions graded A+
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MGMT 310 Exam 1What are the pillars of management? - correct answer ✔✔-Strategic Position
-Organizational Design
-Individual Leadership
Management - correct answer ✔✔Working with and through a group of people to accomplish a desired
goal or objective, and doing it in an efficient and effective manner
Leadership - correct answer ✔✔The ability to drive and change innovation through inspiring and
motivating your employees
What is the difference between leadership and management? - correct answer ✔✔Managers plan and
budget, organize and staff, and control and problem solve. Leaders set direction, align people, and
motivate and inspire them
Bureaucratic organization structure - correct answer ✔✔Max Weber (1900s)
-A clear differentiation of tasks and responsibilities
-Coordination through strict hierarchy of authority and decision rights
-Standardization of rules and procedures
-Vertical separation of planning and execution
-Plans made in upper ranks of an organization, executed in the lower ranks
Scientific Management - correct answer ✔✔(1910s) -- a focus on how jobs, work, and incentive schemes
could be designed to improve productivity using industrial engineering methods
Human Relations Movement - correct answer ✔✔(1930s) -- organizations are systems of interdependent
people who all have a common interest in the survival of the business
, Contingent View - correct answer ✔✔(1950s-1960s) -- organizations should be structured with
fits/alignments between them and different aspects of their environments, fit contextual factors
How has the purpose of a business changed across time (think Al Dunlap)? - correct answer ✔✔-
Business Environment
- Managerial View
- Shareholder View
- Stakeholder View
Managerial view - correct answer ✔✔(up to 1960s) -- PRODUCTION -- the business is a mechanism for
making raw materials into products to sell
Shareholder view - correct answer ✔✔(1969s-1980s) -- FINANCIAL PERFORMANCE -- the business is a
framework and managers have to produce the highest stock market valuation of its assets
Stakeholder view - correct answer ✔✔(since 1990s) -- SERVING MULTIPLE CONSTITUENTS -- the business
is a framework that needs to organize and analyze different groups interacting with it
Business environment - correct answer ✔✔the combination of all contextual forces and elements in the
internal/external environments of a business
Stakeholder Management Process - correct answer ✔✔-Strategic Review (senior leaders meet with
managers to review progress)
-Environmental Scanning (managers scan business horizon for trends in the future)
-Scenario building (forecasting results that could occur when specific events happen to stakeholders)
Contingency Planning - correct answer ✔✔systematically assessing external environment to prepare for
a range of possibilities
Trend Analysis - correct answer ✔✔variables are monitored and modeled to help predict changes
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