fundamental of management section 2

What is an audit that provides information about where an organization is with respect to what was planned for known as?

A budget audit

What is the strategy that focuses on how a given organization needs to compete to be effective known as?

A business strategy

Pick the correct example of related diversification.

A cell phone manufacturer starts making earphones.

Which of the following is an example of unrelated diversification?

A chocolate manufacturer starts making apparels.

Choose the point that best describes controlling.

A function which involves ensuring that performance does not deviate from standards

Of the two traditional control techniques, what is an audit that tries to determine whether the figures reported are a reflection of actual enforcement known as?

A performance audit

In the six-step approach to problem solving, what step should be taken up immediately after gathering relevant data?

Clarify the problem.

What is true of controlling?

Controlling requires a clear understanding of where responsibility for deviations from standards lies.

Which activity is involved in organizing?

Developing an organizational structure

What is involved in the management function of controlling?

Ensuring that performance does not deviate from standards

What characterizes the management role of controlling?

Ensuring that the work-related activities of subordinates are consistent with the accomplishment of organizational objectives

What is a manager's role in controlling?

Ensuring that the work-related activities of subordinates are consistent with the accomplishment of organizational objectives

Pick the right example showing an individual with technical skills.

Farah, an engineer, is good at coding computing problems.

Tina has been meeting her productivity and quality targets poorly. She is using the six-step approach to problem solving. She currently understands that she does not meet her targets efficiently because she takes long breaks, uses her cell phone constantly, takes a long time to understand some of her tasks, and rarely asks queries. According to the approach, which step is she currently implementing?

Gathering relevant data

What should a manager do immediately after clarifying the problem in the six-step approach to problem solving?

Generate possible solutions.

Oliver, a manager, has not been managing his time effectively. He has identified his problem and now he wants to enhance his time management skills. According to the six-step approach to problem solving, select the step that should now be immediately taken up by him.

He should accumulate relevant information associated with his inability to manage time effectively.

Dan is looking for a job and has been rejected often due to his poor performance during the interview. He desperately needs a job and uses the six-step approach to problem solving. He comes up with few solutions to the problem such as improving his communication skills, developing his résumé by adding more details, and improving his body language. According to the approach, which step should Dan take immediately after generating solutions?

He should select the best option.

While planning, what should planners do immediately after establishing objectives?

Identify alternative courses of action for achieving objectives.

Pick the first step in the six-step approach to problem solving.

Identify the problem one wants to work on.

What are the skills needed to get along with and motivate other people known as?

Interpersonal skills

Who among the following has good communication skills?

Irene, who has the ability to prepare clear documents on the operations of her team

What is a fact related to corporate strategy?

It considers an organization to be a portfolio of businesses, resources, capabilities, or activities.

What is a fact related to synergy?

It exists when the interaction of two or more activities, such as those in a business, create a combined effect greater than the sum of their individual effects.

Which of the following characterizes operational planning?

It generally assumes the existence of organization-wide or sub-unit goals and objectives and specifies ways to achieve them.

What is true of strategic planning?

It generally includes the entire organization and includes formulation of objectives.

What is related diversification?

It is a type of diversification that occurs when a firm operates multiple businesses within the same industry.

What is a budget audit?

It is an audit that provides information about where the organization is with respect to what was planned for.

What is a performance audit?

It is an audit that tries to determine whether the figures reported are a reflection of actual enforcement.

In the context of corporate strategy, what is diversification?

It is the number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another.

What is a fact related to the management function of controlling?

Managers at all levels engage in the managerial function of controlling to some degree.

What is true of the management function of controlling?

Managers at all levels engage in the managerial function of controlling to some degree.

Which statement is true of tactical planning?

Middle-level managers often engage in tactical planning.

A group of management goes into Mexico to hire a team to be in Mexico City.

Operational planning

Done by lower managers

Operational planning

Which function of management involves allocating human resources to ensure the accomplishment of objectives?

Organizing

Select the first step that should be implemented in the planning process.

Planners must be aware of the critical contingencies and trends facing their organizations.

Choose the reason why effective controlling requires the existence of plans.

Planning provides the necessary performance standards or objectives.

How does the existence of plans make controlling effective?

Planning provides the necessary performance standards or objectives.

Why does effective controlling require the existence of plans?

Planning provides the necessary performance standards or objectives.

What is a suggestion for effective time-management?

Set aside a certain time each day to return phone calls and answer e-mail.

Mona, a sales manager, realizes that her team members are not meeting their monthly sales targets frequently. She implements the six-step approach to problem solving and comes up with a few possible solutions to the problem. She then gets input from her team members and chooses the best solution to the problem. What should be Mona's next step?

She should implement her decision.

Your organization is going to open a market in Latin America and you're going to be established in the next four years.

Strategic planning

Which of the following provide important information about the ways in which workers can be energized to put forth productive effort?

Studies of motivation and motivation theory

Your organization looks at a map and decides to start first in Columbia.

Tactical planning

What are the skills needed to perform specific tasks known as?

Technical skills

Which of the following descries synergy in corporate strategy?

The interaction of two or more activities, creating a combined effect greater than the sum of their individual efforts

What is true of corporate strategy?

The logic behind corporate strategy involves the concepts of synergy and diversification.

What is the assumption of the principles of division of labor and specialization?

The more narrow the job content, the more proficient the individual performing the job could become.

Select the correct statement regarding managerial skills.

The skills needed by managers vary according to level.

What are conceptual skills?

The skills needed to reason abstractly and analyze complex situations

Which of the following occurs if managers are effective leaders?

Their subordinates will be enthusiastic about exerting effort to attain organizational objectives.

In the context of planning, what are objectives?

They are statements of tangible actions that need to be achieved and a timeline for their completion.

What did the principles of division of labor and specialization assume?

They assumed that the more narrow the job content, the more proficient the individual performing the job could become.

In the planning process, once a planner completes environmental scanning, identify the step that should be applied by planners.

They must then attempt to forecast future conditions.

performance standards

are often stated in monetary terms such as revenue, costs, or profits, but may also be stated in other terms, such as units produced, number of defective products, or levels of quality or customer service. The measurement of performance can be achieved in several ways, depending on the performance standards, including financial statements, sales reports, production results, customer satisfaction, and formal performance appraisals.

Behavioral sciences, such as psychology and sociology,

have made many contributions to understanding this function of management.

audit

involves an examination and verification of records and supporting documents.

controlling

involves ensuring that performance does not deviate from standards.

performance audit

might try to determine whether the figures reported are a reflection of actual performance.

P-O-L-C Framework

planning, organizing, leading, and controlling

Studies of communication

provide direction as to how managers can effectively and persuasively communicate.

Studies of motivation and motivation theory

provide important information about the ways in which workers can be energized to put forth productive effort.

Personality research and studies of job attitudes

provide important information as to how managers can most effectively lead subordinates.

Studies of leadership and leadership style

provide information regarding questions, such as, "What makes a manager a good leader?" and "In what situations are certain leadership styles most appropriate and effective?"

budget audit

provides information about where the organization is with respect to what was planned or budgeted for

P-O-L-C Framework video

step 1) planning: with measurable objectives and a course of action - create a SWOT analysis to analyze internal and external factors for strategic planning step 2) organizing: three important factors affecting organization - job design, job enrichment, and teamwork. step 3)leading: encourage actions, motivate and influence fellow co-workers step 4) controlling: establish performance standards, compare performance against standards, and take corrective actions.

Done by the top manager and it affects the entire organization. This plan takes the longest period of time to achieve.

strategic planning

Done by mid-level managers. These will run 2-3 years into the future. They affect large parts of the organization.

tactical planning