Principles of Management Test Chapters 1-6
Ramon, I believe that you will succeed," said Juan, his mentor. "When an entrepreneur is contemplating a new business, the very first step is to have you are on the right track."
A good idea
Igor works as a technician for a large manufacturer of biomedical equipment. He has discovered a way to produce disposable products in large quantities that will be useful in research facilities. His employer has given Igor and a selected team of researchers the resources to develop this idea. This project is referred to as:
A skunkwork
The step in the formal planning process known as ______ involves studying past events, examining current conditions, and forecasting future trends.
Analyzing the situation
In _________ planning, frontline managers usually focus on routine tasks such as production runs, delivery schedules, and human resource requirements.
Operational
Flatiron Inc. recently embarked on an effort to increase coordination and cooperation within the company. During the process, the managers of the company reviewed and specified job responsibilities, grouped jobs into work units, and reallocated resources within the company. The managers were exercising the management function of ______
Organizing
Is assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve goals.
Organizing
________ is the most basic human need, as suggested by Abraham Maslow.
Physical
GlobalMart Inc. periodically reviews the goals of the company. During the process, the managers of the company analyze their current strategies as compared to their competitors' strategies, determine goals that they will pursue, and decide upon specific actions for each area of the company to take in pursuit of these goals. With these actions, the managers are engaged in the management function of ______
Planning
Management is the _____
Process of working with people and resources to accomplish organizational goals
An advantage in using a group for decision making is that it:
Results in conservation of precious time, money, and resources.
Jim's manager and mentor, Naomi, helped Jim develop his first business plan. Naomi said, "Jim, one of the most powerful tools that you can use in developing a strategic plan for your division is to analyze the external environment and your internal resources. I will help you formulate this strategy by using a technique called
SWOT analysis."
Jameson Products is the only provider of a patented leakproof valve for industrial applications. Acme Construction desires to include Jameson Products in a project for Acme's customer, thereby increasing the chance that Acme will be selected by Acme's customer to perform the project. However, Jameson Products charges a premium price for its valves, eroding Acme's profitability. This situation is indicative of the high bargaining power of
Suppliers
Hospitals and universities are very expensive to start and keep running because of the capital and equipment required. The requirement of personnel, such as specialized medical doctors and researchers, is also high. What does this provide an example of?
Barriers to entry
According to the plan of Xenon Inc., if expansion to new markets in Australia does not materialize, the company will strive for expansion in Asia.
Contingency
When Alex, the marketing manager of FrontStreet Inc., realized that his plan to increase sales level, was not producing the results he desired, he took quick action to make necessary adjustments. According to this scenario, Alex was exercising the management function of ______
Controlling
A function of a business plan is to _________
Determine the viability of one's enterprise.
______ is the process by which enterprising individuals initiate, manage, and assume the risks and rewards associated with a business.
Entrepreneurship
______ refers to the moral principles and standards that guide the behavior of an individual or group.
Ethics
The best managers prioritize efficiency over effectiveness.
False
The ____________ approach was the first to emphasize informal work relationships and worker satisfaction, and it emerged from a scientific management study that resulted in the discovery of the Hawthorne effect.
Human relations
When working for a software company, and because Tomas is a(n) he created a new venture based solely on his idea while using his company's proprietary technology.
Intrapreneur
Managers need to _____________ so that employees will discuss problems in meeting goals, rather than resorting to unethical and possibly illegal behavior.
Keep the lines of communication open
Neal manages a team of six professionals in a health care company. His subordinates have a wide variety of experiences and skill sets. Effectively ____ his team, Neal regularly seeks to inspire his subordinates to draw upon their various backgrounds in ways never needed or dreamed of in the past.
Leading
Why was Frederick Taylor's principle of the piecerate system beneficial to workers and managers?
The piece-rate system incentivized workers to accomplish more, as well as earn more money for themselves.
Benchmarking is the process comparing an organization's practice and technologies with those of other companies.
True
Competition is most intense when there are many direct competitors (including global contenders), industry growth is slow, and the product or service cannot be differentiated.
True
The immediate environment surrounding a firm, including suppliers, customers, rivals, and the like, is called the macroenvironment.
True
In the development of the assembly line for the manufacture of the Model T, Ford studied and standardized the steps and equipment necessary to assemble automobiles, selecting the "the one best way" to complete tasks. In doing so, ford used the management approach.
Scientific
The level of planning involving the longest time horizon, usually ranging from three to seven years, is _________ planning.
Strategic
__________ Managers are senior executives responsible for the overall management and effectiveness of an organization.
Strategic