MGT Study Guide- Test 1

MGT Study Guide- Test 1 - 1 MANAGEMENT 3200 EXAM ONE...

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MANAGEMENT 3200 INVITATION TO MANAGEMENT 1. What is management? A: the process of achieving desired results through the efficient utilization of human and material resources 2. What are the 2 key concerns of management? A: Effectiveness and Efficiency 3. What is effectiveness concerned with? Efficiency? A: 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 wastes or minimizing resource costs since many recourses are scarce. It is concerned with getting more bang for your buck. Effectiveness is concerned with the ends and efficiency is concerned with the means. 4. How are effectiveness and efficiency related? A: It is much easier to be effective if one ignores efficiency. Efficiency does not mean effectiveness either. A company can do the wrong things well. Effectiveness is the more important of the two. 5. What is your important resource as a manager? A: Human Resources 6. Is management art or science? When is it considered a science? An art? A: Both. A science because it test hypothesis with the scientific method and accepts/rejects hypothesis based on results of test. Art because it takes the right person to do the job evidenced by the fact that there are many roads to management success. 7. How did management become important and why is it still significant today? A: Management became important when Capitalism was created and there was a shift from owner/manager to professional manager. Capitalism was created when division of labor and the transformation of human skills to machine skills took effect. It is still significant today because it is key to efficient accomplishment of societal and organizational objectives. 1
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8. What was the basic change in the industrial revolution? A: the switch from human skill to machine work. 9. What happened to productivity (supply), prices, and demand as a result of the industrial revolution? A: Prices decreased because supply increased. Because there were more goods from a cheaper price demand increased 10. What was the pivotal event of our time, according to Drucker? A: The shift from Owner/Manager to professional Manager 11. Why do most businesses fail? A: Most businesses fail because of poor management 12. What does a first-line manager do? What are the names associated with 1 st -line management? A: they manage operating employees and resources. Their primary objective is to ensure that plans created by top management are carried out by the operating employees. They are called supervisors or foreman. 13. What does a middle level manager do? What are the names associated with middle level manager? A:
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MGT Study Guide- Test 1 - 1 MANAGEMENT 3200 EXAM ONE...

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