EXAM1 QUEST. 1-39 - MANAGEMENT 3200 EXAM ONE...

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MANAGEMENT 3200 EXAM ONE OBJECTIVES (FROM THE NOTES) INVITATION TO MANAGEMENT 1. What is management? The process of achieving desired results through the efficient utilization of human and material resources. 2. What are the 2 key concerns of management? Effectiveness Efficiency 3. What is effectiveness concerned with? efficiency? Effectiveness is concerned with doing the right thing at the right time in the right way. It is concerned with Goal attainment. Efficiency is concerned with reducing waste or minimizing resource costs since many resources are scarce ($, good people, equipment) 4. How are effectiveness and efficiency related? Effectiveness is concerned with the ENDS Efficiency is concerned with the MEANS 5. What is your important resource as a manager? Human Resources 6. Is management art or science? When is it considered a science? an art? Management is art and science. SCIENCE- since we develop theories of managing, test theories empirically using the scientific method, and refine, reformulate or discard these theories based upon the results of these studies. ART- there are many roads to managerial success or many widely different styles of management that can be successful 7. How did management become important and why is it still significant today? With the advent of the Industrial Rev the world of work was revolutionized. Factories that were small before the revolution were managed by the owners, but as a result of the growth professional managers were hired. So, the changes brought about by the Industrial Revolution created the need for professional management. This is how professional management became significant. Management is still important today because it’s the key to the efficient accomplishment of organizational and societal objectives. 8. What was the basic change in the industrial revolution? The transfer of skills from the craftsmen to the machines.
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9. What happened to productivity (supply), prices, and demand as a result of the industrial revolution? Prices dropped and consumption(demand) grew. 10. What was the pivotal event of our time, according to Drucker? The switch from owner/manager to professional manager is the pivotal event of our time. 11. Why do most businesses fail? Often they fail for many reasons, but poor management is cited most often as the reason for business failure. 12. What does a first-line manager do? What are the names associated with 1 st -line management? First line managers manage operating employees and resources. They are the only managers who do not manage other managers. Other names associated with 1st line management are supervisor and forman. 13. What does a middle level manager do? What are the names associated with middle level manager? Mid level managers manage other managers. Two I’s of mid management: Integrator and Interpreter. One of their duties is to integrate the activities of different work groups so they operate in harmony with one another and are better able to cope with the demands made upon them. They also act as interpreters and transform top management directives into first-line management.
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