BMGT1010: Week 3, Chapter 6

profit targets

A good mission statement should address all of the following topics except

conceptual skills

A manager skilled at evaluating where the company will be in the future and thinking creatively to solve problem has good

Who are our customers? What are our core competencies and competitive advantages? What are our responsibilities with respect to being a good steward? Who are we? What is our operating philosophy?

A mission statement outlines the organization's fundamental purposes. It should address which five of the following?

conceptual

A person using Blank______ skills has the ability to think in abstract terms and see how parts fit together to form the whole.

Efficiently

Accomplishing the objectives with a minimum of resources

measuring results against corporate objectives

All of the following tasks are associated with the directing function of management except

contingency plans

All organizations must consider the possibility of unplanned disasters and create Blank______, which specify how the company will handle a variety of unplanned situations

business model

Amazon sells all of its products exclusively online and Netflix uses a subscription plan. These two different methods for doing business would be reflected in each company's

autocratic

An Blank______ leadership style is effective in emergencies and is generally needed to stimulate unskilled, unmotivated employees.

by providing creative solutions to reduce expenses by maximizing efficiencies

An important part of managing resources is acquiring suppliers. How does a good supplier help a firm reach its objectives? (Select all that apply.)

planning

Based on the information contained in Figure 6.3, high-level managers spend the majority of their time on the Blank______ function of management.

organizing

Based on the information contained in Figure 6.3, middle managers spend the majority of their time on the Blank______ function of management.

teamwork

Because each employee can bring in his or her own unique insights, often results in innovative ideas or decisions that would not have been reached by only one or two people.

democratic

Both ___ and free-rein leaders could qualify as authentic leaders depending upon how they conduct themselves among stakeholders.

group members spontaneously suggest ideas to solve problems

Brainstorming is a technique in which

manager

By engaging in four essential activities (planning, organizing, directing, and controlling), a __ works to achieve the organization's objectives.

guiding employees. setting goals. making major decisions.

Companies that practice employee empowerment use managers for:

planning

Considered the first function of management, is the process of determining the organization's objectives and deciding how to accomplish them.

investigating the causes of deviations identifying deviations in performance from the standards comparing performance relative to standards taking corrective action when necessary measuring performance

Controlling is the process of evaluating and correcting activities to keep the organization on course. Controlling involves which five activities?

directing

Fatima is a manager of a retail organization. Her favorite part of the job is working one-on-one with employees, motivating them to excel, and encouraging them in their work. Fatima enjoys the Blank______ function of her management job.

Foreman

First-line

realistic, based on the firm's current position

For a goal to be successful, it should be

Effectively

Having the intended result

President or CEO

High-level

board of directors

In public corporations, the CEO's boss is the firm's

operational

Jake works in production for his company. Each week his workgroup is assigned a production quota to ensure enough product is available to meet the goals of the company. A production quota is an example of a(n) Blank______ plan.

developing a competitive advantage

Jose started a small business two years ago. His primary objective is to increase his company's market share. Jose's objective is focused on

Mission Statement

June is working as part of the strategic planning team in her organization. Currently, the team is developing a clear statement explaining the organization's reason for existence. June's team is writing a __ . or ______ is an outline of the fundamental purpose and basic philosophy of an organization.

analytical skills

Knowing how to sort large amounts of information in order to find relevant facts to resolve a problem or issue is an example of

Efficiency

Making the best use of the organization's resources

organizing

Managers are engaged in the ______ function of management when they review plans and determine what activities are necessary to implement them; then, divide the work into small units and assign it to specific individuals, groups, or departments. Multiple choice question.

banks shareholders owners

Managers need adequate financial resources to pay for essential activities. Primary funding comes from which three sources?

technical

Managers need expertise, the specialized knowledge and training required to perform jobs related to their area of management.

front-line managers

Managers who are directly responsible for supervising workers and evaluating their daily performance are called

downsizing

Managers who have decided to eliminate a significant number of employees from the organization are engaging in

leadership

Managers who have the ability to influence employees to work toward organizational goals have the skill of

free-rein

Maria manages a team of highly skilled computer programmers. For the most part, her employees are self-directed and need very little support from Maria. Maria is there to answer questions and provide resources but otherwise leaves her team to do their work. Maria exhibits a Blank______ style of leadership.

Plant Manager

Middle

Profit

Money and assets left over after paying off business expenses

resources

People, raw materials and equipment, money, and information are all ___ of an organization.

Competitive advantage

Percentage sales or market share increase

RDASIM

Place the steps of the decision-making process in order from top to bottom (the first step in the process should be at the top of your list and the last step in the process should be at the bottom).

strategic

Plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its missions are referred to as ___ plans

Staffing

Recruiting people for positions within the company, determining what skills are needed for specific jobs, and training employees to do their assigned jobs are all part of the ____ function of management.

controlling planning directing organizing

Select from the following the activities managers engage in so as to reach the organization's objectives. (Select four answers.)

consistent and comprehensive expressed in general terms aspirational in nature

Select from the following the characteristics of goals.

strategic

Since a ______ plan might address selling unprofitable segments of the business or entering international markets, it must take into account the organization's capabilities and changing business environment.

conceptual

Skills that involve the ability to picture the organization as a whole and the relationship among its various parts are Blank______ skills.

democratic

Stan recognizes that his employees who work at the production level have ideas and knowledge he does not have, thus Stan holds weekly meetings where he asks for his employees' ideas on solving the problems. Stan is a Blank______ leader.

one year or less

Tactical plans typically cover a time frame of

planning; controlling

The Blank______ function establishes goals and standards and the Blank______ function monitors performance to make sure the firm's activities are on target to meet its goals.

contingency

The COVID-19 pandemic caused many companies to reevaluate their Blank______ plans when supply chains were suddenly disrupted—preventing the companies from delivering paper towels, bread, and more to retail stores.

providing employee and managerial training

The best way a company can encourage participative decision making is by

objectives

The ends or results desired by an organization, which derive from the organization's mission, are called

controlling

The five activities of the Blank______ process include measuring performance, comparing present performance against standards, identifying deviations from the standards, investigating the causes of deviations, and taking corrective action when necessary. Multiple choice question.

business model

The map or blueprint for running a business is called the

autocratic

The owner of a small electronic store starts each day by telling the three employees what has to be done and how to do it. She uses her authority and economic rewards to get employees to comply with their directions. The owner of this business exhibits a(n)

objectives

The principal difference between goals and objectives is that Blank______ are generally stated in such a way that they are measurable.

planning

The process of determining the organization's objectives and deciding how to accomplish them is known as

organizing

The structuring of resources and activities to accomplish objectives in an efficient and effective manner describes the management function of

authentic

This type of leader is passionate about the goals and mission of the company, displays corporate values in the workplace, and forms long-term relationships with stakeholders.

strategic plan

This type of plan may include plans to add products, purchase companies, sell unprofitable segments of the business, issue stock, and move into international markets.

company performance

To combat criticism of CEOs' high compensation packages, compensation committees are increasingly working with boards of directors to make sure CEO pay is based on Blank______.

contingency plan

Toilet paper shortages that resulted at the outbreak of the COVID-19 pandemic demonstrate how a(n) Blank______ would have helped the companies supplying toilet paper to get through the shortage in a more timely manner.

directing controlling planning organizing

What are the four primary functions of management?

profit growth competitive advantage

What are the three common objectives of organizations?

CEO compensation is excessive compared to performance.

What criticism is leveled against CEO compensation packages that have prompted new thinking in how CEOs are paid?

participative

What type of decision making that involves both manager and employee supports employee empowerment within an organization?

incentive

When Cassandra started at Jetson Furniture Group, she was told that all employees who bring in new ideas that help the company shave production costs receive a bonus at the end of the year. What does this company use to promote the idea of doing a good job?

groupthink

When team members go with the majority rather than what they think is the right decision, this occurs because of

Management

Which discipline is the process of planning, organizing, leading, and controlling people and organizational resources in order to accomplish the goals of the organization? or ______ can be defined as a process designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment.

planning

Which function of management is a crucial activity as it lays the foundation for all other management functions?

democratic

Which leadership style is best utilized when employees are knowledgeable about the organization's process and managers benefit from seeking their input in decision making?

middle management

Which level of management has been shrinking as more and more companies downsize to be more productive?

narrowly focused, spends the most time on organizing

Which of the following best characterizes middle managers?

functional plans

Which of the following is not one of the three general types of plans an organization uses to meet its objectives?

conceptual skills

Which skills involve the ability to think critically, think in abstract terms, see how parts fit together to form the whole, and are needed by all managers—but especially high-level managers?

Tactical plans should be periodically reviewed and updated.

Which statement is true regarding tactical plans?

supervising daily company operations implementing the plans of middle management supervising workers performance

Which three activities are likely to be performed by front-line managers?

human resource managers

Which type of manager handles all items related to staffing?

administrative managers

Which type of manager is more of a generalist than a specialist, managing entire businesses or major segments of a business?

marketing managers

Which type of manager is responsible for making decisions about product features, name, price, and packaging, as well as planning the best distribution strategy for the product?

financial managers

Which type of manager is responsible for obtaining the money needed for the successful operation of the organization?

production and operations managers

Which type of manager is responsible for the activities involved in getting goods and services ready for the marketplace?

operational planning

Which type of plan refers to the actions specific individuals, work groups, or departments need to accomplish in order to achieve the company's tactical plan?

managers or teams of managers at the middle level

Who performs tactical planning in an organization?

Accomplishing the other functions depends heavily on having a good plan.

Why is planning a key management function?

staffing

______ function of management includes hiring people to carry out the work of the organization. It includes determining what skills are needed for specific jobs, recruiting people for positions, and motivating and training employees in preparation for higher level jobs in the firm.

Controlling

______ is a management function that involves evaluating and correcting activities to keep the organization on course.

Organizing

______ is important because it establishes lines of authority and improves communication within an organization.

democratic

______ leadership is a leadership style that consists of managers and employees working together to make decisions.

Autocratic

______ leadership is a leadership style that involves making managerial decisions without consulting others.

Human Resource

______ managers handle the staffing function and deal with employees in a formalized manner.

Effectively; efficiently

______ means having the intended results; Blank______ means accomplishing the objectives with a minimum of resources. Multiple choice question.

Strategic plans

______ should be market-driven, matching customers' desire for value with operational capabilities, processes, and human resources.

Analytical

______ skills refer to the ability to identify relevant issues and recognize their importance, understand the relationships between them, and perceive the underlying cause of the situation.

Organizing benefits the organization in which of the following ways? (Select all that apply.)

by improving communication by establishing lines of authority by helping to avoid the duplication of resources by helping to create synergy by improving competitiveness by speeding up decision making

diversity often results in better solutions

company performance

conceptual

manager skilled at evaluating where the company will be in the future and thinking creatively to solve problem has good Blank______ skills. Multiple choice question.