and work with people. 3. Technical Skills A technical skill is the ability to perform the given job. Technical skills help the managers to use different machines and tools. It also helps them to use various procedures and techniques. The low-level managers require more technical skills. This is because they are incharge of the actual operations. Apart from Prof. Daniel Katz’s three managerial skills‚ a manager also needs (requires) following additional managerial skills. 4. Communication
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Managerial Roles Managers must wear many different hats in formulating and implementing task activities related to their positions. In an attempt to understand the diversity of hats managers must wear‚ Henry Mintzberg examined managerial activities on a daily basis. His study enabled him to identify ten different but‚ coordinated sets of behavior‚ or roles‚ that manager assume. These ten roles can be separated into three general groupings: interpersonal roles‚ informational roles‚ and decisional
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Chapter 3 of the book‚ "Worldly Philosophers" is mainly focused on Adam Smith and the "world" he belonged in. It starts off with the talk of a new vision‚ a remarkable vision that was formulated by no other than the Father of Modern Economics‚ Dr. Adam Smith. The talk of his vision was followed not only by a short biography of the renowned economist but of also brief narratives of his "absences of mind". Adam Smith was born on 1723 in Kirkcaldy‚ County Fife‚ Scotland. He was a moral philosopher
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Week Two Read Me First MANAGERIAL BUDGETING Introduction This week covers the various cost descriptors such as fixed‚ variable‚ direct‚ indirect and the budget cycle. We will discuss applying cost-benefit analysis to an organizational situation and how it is used at different levels of public budgeting‚ governmental‚ and non-profit accounting. We will discuss line item budgeting‚ program budgeting‚ and performance budgeting This Week in Relation to the Course In the first week we
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26 year-old Thomas was driving his 700 HP Lamborghini Adventador LP 700-4 down a windy road going about 150 mph during the middle of the night. Thomas worked late at a hospital so it was usual for him to arrive home late. While driving around a blind corner‚ he sees a squirrel‚ sitting on his side of the road. He is driving way too fast too slow down now but tries to swerve to avoid the small squirrel and goes off the edge of a steep hill and rolls his new Lambo. The next morning he wakes up
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A) Joseph has many risk factors‚ one of them including his family has a history of vascular disease‚ and he had not thought much about it because he was not living a healthy life style. He had gained weight from eating fatty foods‚ and had started smoking again. Joseph had a lot of stress from working long hours‚ and did nothing when he had felt tightness in his chest. These risk factors all affect cellular function. The blood slows‚ along with oxygen‚ glucose‚ and essential ions it carries that
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Homework II – Managerial Economics – Fall 2011 Each question is worth 1 point. 1. A call provision gives bondholders the right to demand‚ or "call for‚" repayment of a bond. Typically‚ calls are exercised if interest rates rise‚ because when rates rise the bondholder can get the principal amount back and reinvest it elsewhere at higher rates a. True b. False 2. Sinking funds are devices used to force companies to retire bonds on a scheduled basis prior to their maturity.
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Chapter 14 Firms in Competitive Markets Multiple Choice 1. A FIRM HAS MARKET POWER IF IT CAN |a. |maximize profits. | |b. |minimize costs. | |c. |influence the market price of the good it sells. | |d. |hire as many
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Week 2 Homework chapter3 5-Lucas invests in foreign stocks and bonds in an attempt to reduce his taxes. This is not an effective approach because of possible double taxation. The US offers a foreign tax credit‚ but retirement accounts are not eligible since they are not taxed in the US. Furthermore the rates vary between countries and a little homework needs to be done before investing in this venue. 10-Abigail is a widow who is age 80 and blind and is
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Complete Discussion Questions 3‚ 4‚ and 5 on page 27 of Business and Society. 3. Identify and explain the major factors in the social environment that create an atmosphere in which business criticism takes place and prospers. How are the factors related to one another? Has the revolution of rising expectations run its course? Or is it still a vital reality? Affluence refers to the level of wealth‚ and standard of living of the society. As the standard of living is increasing every year‚ people
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