Exam 1 MgmT

Gina wishes to transfer authority and responsibility to her subordinates. This process is known as:

delegation.

All of the following are advantages of a functional structure

economies of scale, In-depth skill specialization and development, high quality technical problem solving, career progress within functional departments.

Relative to the functional structure, the divisional structure:

encourages decentralization.

The following is the major advantages of the matrix structure..

enlarged tasks for employees.

vertical integration

expansion into businesses that supply to the business or are distributors

Organization structure is defined as the:

framework in which the organization defined how tasks are divided, resources are deployed, and departments are coordinated.

One major limitation of goals and plans is:

goals and plans may cause rigidity in a turbulent environment.

Brexit (British Exit)

he UK might leave from the European Union without an exit deal, which is fueling a surge in stockpiling of essential supplies amongst citizens and companies They fear that trade flows to Britain will be slowed/stopped by border checks, and cause massive delays and shortages. Tariffs between Britain and the EU may increase causing prices to rise. Their government hasn't provided any guidance and people are becoming increasingly paranoid, planning for the worst

SWOT analysis (in which "SWOT" stands for "strengths, weaknesses, opportunities, and threats").

includes a careful assessment of the strengths, weaknesses, opportunities, and threats that affect organizational performance.

Why does the Fed care about rising wages?

increased wages are showing up most in low-paying industries (food service), yet middle-paying job wages (good producing, manufacturing) haven't increased These low-paying wage increases are going to look like a lot, but in perspective to the rest of the wages, they're only minor increases

Advantages of the matrix structure include:

increases employee participation., makes efficient use of human resources, works well in a changing environment, develops both general and specialist management skills.

Which of the following structures works best in an uncertain organizational environment?

A horizontal structure

jobs as a lagging indicator

A lagging indicator is an economic statistic that tends to have a delayed reaction to a change in the economic cycle Whereas, a leading indicator is an economic statistic that tends to predict future changes in the economic cycle

The organization chart:

A. shows the characteristics of the organization's vertical structure. B.is a visual representation of the organization's structure. C.details the formal reporting relationships that exist within an organization. D. both shows the characteristics of the organization's vertical structure and is a visual representation of the organization's structure.

differentiation strategy

Attempt to distinguish the firm's products or service from others in the industry by using creative advertising, distinct product features, or new technology to achieve a product perceived as unique.

_____ means that decision authority is located near the _____ of the organization.

Centralization; top

Juan Perez is the President of WV Railroad. His organization faces issues related to the environment, government regulation, and competition. He will need to rely primarily on his:

Conceptual skills.

_____ are most important at the top management level.

Conceptual skills.

____ is the management function concerned with monitoring employees; activities, keeping the organization on track towards its goals, and making corrections as needed.

Controlling.

_____ enables firms to cope with unexpected events that are so sudden and devastating that they have the potential to destroy the organization if managers aren't prepared with a quick and appropriate response.

Crisis planning

The degree to which an organization achieves a stated goal refers to:

Effectiveness.

Which of the following refers to the amount of resources used to achieve an organizations goal?

Efficiency.

Decisional Manger

Entrepreneur, Disturbance, and Resource allocator, negotiator.

Interpersonal Manger

Figurehead, Leader, and liaison.

_____ are responsible for departments that perform a single task and have employees with similar training skills.

Functional Managers.

functional level strategy;

Functional-level strategy pertains to the major functional departments within the business unit. Functional strategies involve all of the major functions, including finance, R&D, marketing, and manufacturing.

_____ specify future ends and _____ specify today's means.

Goals; plans

A managers ability to to work with and through other people and to work effectively as a group member is?

Human skills.

The three types of managerial roles and the ten specific roles they divide into:

Informational, Interpersonal, and Decisional.

Molly Madison received "The Employee of the Month" Award at Internal Workings Remodeling Service in April. Molly would be considered a part of which of these for Internal Workings?

Internal environment.

Who is the chairperson of the FED?

Jerome Powell

Using influence to motivate employees describes which of these functions?

Leading.

Which department performs tasks that reflect the organization's primary goals and mission?

Line

Donna Hyde is the head of the finance department at Muumuu Manufacturing, Inc. Her level in the management hierarchy is that of a(n):

Middle Manager.

Informational Manger

Monitor, Disseminator, and Spokesperson.

Which of the following represent plans developed at the organization's lower levels that specify action steps toward achieving operational goals and that support tactical planning activities?

Operational plans

The _____ delineates the chain of command, indicates departmental tasks and how they fit together, and provides order and logic for the organization.

Organizational chart

How an organization goes about accomplishing a plan is a key part of the management function of

Organizing.

Which of the following is not a step in the organizational planning process?

Plan marketing tactics

Settings goals and ways to attain them refers to ___?

Planning.

Which of the following is a commonly-cited limitation of planning?

Plans can create a false sense of security.

Taylor Brittingham is a general manager. Which of the following best describes her position?

She is responsive for several departments that preform different functions.

_____ departments include all of those that provide specialized skills in support of _____ departments.

Staff; line

Sarah is the business manager of a company manufacturing shoes. After a successful stint in the shoe industry she begins to consider the viability of expanding the business to the leather bag industry. This is an example of:

Strategic planning

_____ are reasonable yet highly ambitious goals that are so clear, compelling, and imaginative that they fire up employees and engender excellence.

Stretch goals

Integrated Computers, Inc. wants to compile a profile of the customer it will target in its next promotional mailing. What environment would this be found in?

Task environment.

Which of the following is most important at lower organizational levels?

Technical skills.

Which of these is a part of an organization's general environment?

Technological, Economic, Legal-political, and Sociocultural.

What does the Fed do?

The FED (Federal Reserve System) is the central banking system of the U.S The FED regulates financial institutions, manages the nation's money and influences the economy

Trans Pacific Partnership and U.S. Trade with Asia;

The U.S. sells more beef to Japan than to any other country, but now our competitors (Australia) are going to face a lower tariff rate than the U.S. We need to make new trade agreements with Japan just to keep up, but they can take years to work out

One of the important ideas in the text's definition of management is:

The management functions of planning, organizing, leading, and controlling.

Porter's five competitive forces + complements;

The stronger the five forces, the lower the profit potential. The weaker the five forces, the higher the profit potential.

Which of these are true about contingency plans?

They define company responses to specific situations, such as emergencies or setbacks.

Which of the following are responsible for the entire organization?

Top Mangers.

_____ means that each employee is held accountable to only one supervisor.

Unity of command

How does managerial authority flow through the organizational hierarchy?

Vertically

Which of the following refers to the degree to which organizational tasks are subdivided into individual jobs?

Work specialization

Barney and Betty work at Mountain Peak, Inc. Although they both work on the assembly line, they have the authority to make many decisions about their job. Mountain Peak can be said to have:

a high degree of decentralization.

A task force is _____ committee(s) formed to solve a specific problem.

a temporary.

All of the following are the major disadvantages of the matrix structure

it generates a large amount of conflict, managers spend much time resolving conflict, the confusion caused by the dual chain of command, the power imbalance that can result between the sides of the matrix.

Relative to a flat organizational structure, a tall structure has a _____ span of management and _____ hierarchical levels.

narrow; more

For a widget manufacturing company, worker-hours per widget is a measure of:

organizational efficiency.

business level strategy.

pertains to each business unit or product line. Strategic decisions at this level concern the amount of advertising, direction, and extent of R&D; product changes; new-product development; equipment and facilities; and expansion or contraction of product and service lines.

Competitive advantage

refers to what sets the organization apart from others and provides it with a distinctive edge for meeting customer or client needs in the marketplace.

Strategic business unit

relatively autonomous division of a large company that operates as an independent enterprise with responsibility for a particular range of products or activities.

Contingency plans are also referred to as:

scenarios.

core competence

something that the organization does especially well in comparison to its competitors.

A long-term time frame is most closely associated with:

strategic plans.

Related diversification

an organization's new business is related to the existing business.

The formal and legitimate right of a manager to make decisions is _____.

authority

Describe service technology.

can be defined as having intangible input and direct contact with customers.

Jacob was recently looking at his company's organization chart in an attempt to discover who reports to whom. Jacob is studying his organization's:

chain of command.

Unity of command and the scalar principle are both closely related to the:

chain of command.

Jerrica, a finance manager at LRV industries, is asked by her boss to develop a plan in the event that company sales drop by 20 percent or more. This type of plan is known as _____.

contingency planning

The internal environment within which managers work includes all of the following?

corporate culture, production technology, organization structure, physical facilities.

All of these are a part of an organization's task environment.

customers, Labor markets, competitors, suppliers.

cost leadership strategy;

the organization aggressively seeks efficient facilities, pursues cost reductions, and uses tight cost controls to produce products more efficiently than competitors

corporate level strategy

the organization as a whole and the combination of business units and product lines that make up the corporate entity. Strategic actions at this level usually relate to the acquisition of new businesses; additions or divestments of business units, plants, or product lines; and joint ventures with other corporations in new areas.

Unrelated diversification

when an organization expands into a totally new line of business.