MGT-420 Midterm Exam Questions with Correct Answers Latest Update
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Course
MGT420
Institution
MGT420
Intellectual Capital - Answer-The collective brainpower or shared knowledge of a workforce (commitment, competency, intellectual capital)
Knowledge Workers - Answer-Mind is a critical asset to employers and adds to the intellectual capital of an organization
Tech IQ - Answer-A person's abilit...
MGT-420 Midterm Exam Questions with
Correct Answers Latest Update
Intellectual Capital - Answer-The collective brainpower or shared knowledge of a
workforce (commitment, competency, intellectual capital)
Knowledge Workers - Answer-Mind is a critical asset to employers and adds to the
intellectual capital of an organization
Tech IQ - Answer-A person's ability to use technology to stay informed:
- Checking inventory, making a sales transaction, ordering supplies
- Telecommuting
- Virtual Teams
Globalization - Answer-The worldwide interdependence of resource flows, product
markets, and business competition that characterize our economy
Job Migration - Answer-Occurs when firms shift jobs from one country to another
Ethics and Ethical Expectations - 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 - Answer-Board of directors hold top management responsible
for organizational performance
(financial performance, ethical performance, sustainability)
Workforce Diversity - 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: - Answer-- Prejudice
- Diversity
- Glass Ceiling Effect
Shamrock Organization - Answer-- permanent full time workers
- temporary part-time workers
- freelance or contract workers
,Free Agent Economy - Answer-(on-demand economy) people change jobs more often,
and many work on "gigs" or flexible contracts.
Organizations as Open Systems - 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 - 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 - Answer-An output measure of
task or goal accomplishment
An input measure of the resource costs associated with goal accomplishment
Levels of Management - 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 - 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) - 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 - 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) - 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 - 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 - 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 - 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
- Eliminating wasted motions improves performance
Administrative Principles (Henri Fayol): rules/duties of management
- Foresight: to complete a plan of action for the future
- Organization: to provide and mobilize resources to implement the plan
-Command: to lead, select, and evaluate workers to get the best work toward the plan
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