Management Quiz 1
Management Quiz #1
CHAPTER 1: * Innovation know no price * Management: attaining goals effectively and efficiently through planning, organizing, leading, and controlling. * Effectively: getting it done correctly * Efficient: getting the job done using the least amount of resources (human labor, time, money). * 4 principles of management 1. Planning- provides direction, reduces impact of change, minimizes waste and redundancy, sets standards to facilitate control 2. Organizing- gathering your resources, determining what needs to be done, who will do what, task grouping, who reports to whom, and decision making. 3. Leading- communication ( BIG “C”), motivation, directing, conflict resolution 4. Controlling- monitoring performance MBWA (manage by walking around), compare planned to actual, and correct significance deviation * 4 primary managerim skills * conceptual skills * experience technical skills * human skills * political skills * high performance management: most efficient and most effective. Comparing to #1 and #2 in business. BENCHMARKING * turbulent times: be visible, calm, put people before business, tell the truth, and know when to get back to business.
CHAPTER 2: * Macroenvironment outside, external business world: economic, natural, regulations, government laws, politics, international affairs, technology, socio-cultural. * Microenvironment inside, internal business world: suppliers, customers, competition, new entrants, substitute products (other things that can become competition to you). * Inside a company employees, management, corporate culture * Porter’s 5 Forces Model: **Minimize powers of buyers/suppliers
* Adapting to the Environment * Look ahead, recognize the change happening * Death by incumbency lack of acceptance to change * Management techniques: * Joint Venture strategic alliance or program by
CHAPTER 1: * Innovation know no price * Management: attaining goals effectively and efficiently through planning, organizing, leading, and controlling. * Effectively: getting it done correctly * Efficient: getting the job done using the least amount of resources (human labor, time, money). * 4 principles of management 1. Planning- provides direction, reduces impact of change, minimizes waste and redundancy, sets standards to facilitate control 2. Organizing- gathering your resources, determining what needs to be done, who will do what, task grouping, who reports to whom, and decision making. 3. Leading- communication ( BIG “C”), motivation, directing, conflict resolution 4. Controlling- monitoring performance MBWA (manage by walking around), compare planned to actual, and correct significance deviation * 4 primary managerim skills * conceptual skills * experience technical skills * human skills * political skills * high performance management: most efficient and most effective. Comparing to #1 and #2 in business. BENCHMARKING * turbulent times: be visible, calm, put people before business, tell the truth, and know when to get back to business.
CHAPTER 2: * Macroenvironment outside, external business world: economic, natural, regulations, government laws, politics, international affairs, technology, socio-cultural. * Microenvironment inside, internal business world: suppliers, customers, competition, new entrants, substitute products (other things that can become competition to you). * Inside a company employees, management, corporate culture * Porter’s 5 Forces Model: **Minimize powers of buyers/suppliers
* Adapting to the Environment * Look ahead, recognize the change happening * Death by incumbency lack of acceptance to change * Management techniques: * Joint Venture strategic alliance or program by