Business Management Exam Review Quiz

Management is made up of efficiency and effort. MGMT = E2

Character of rivalry is apart of the five industry forces according to Porter.

Threat of new entrants measures the degree to which barriers to entry make it easy/difficult for new companies to get started in an industry. If it’s easy for new companies to get started in an industry, then competition will increase and prices and profits will fall.

If a team is being micro managed, it empowers them to work.

You should use a team if there is a large or complex project.

Goals and missions must be clear when using a team to minimize conflict.

Teams should be used when rewards can be provided for individual effort and performance.

A key problem with resources is management resistance. Managers in charge are often reluctant to help teams or turn over resources to them.

Middle managers are the ones that make things happen.

Environmental uncertainty is highest when environmental change/complexity is extensive and resources are scarce.

Environmental uncertainty is highest when environmental change/complexity is not extensive and resources are scarce.

The two types of external environments are general and uncertain.

Business confidence indices show how confident actual managers are about past business growth.

Raw materials and information + knowledge, tools, techniques = products/services.

Inputs + environment = outputs

Advocacy groups are groups of concerned citizens who band together to influence business practices, specific industries, businesses, and professions.

Supplier dependence is the degree to which company relies on supplier because of the importance of the supplier’s product to the company and the difficulty of finding other sources of product.

Reactive customer monitoring is identifying/addressing customer trends and problems while they occur.

Proactive monitoring of customers is when managers see events, trends, and problems directly after they occur.

Being a whistle blower in a company means that if someone isn't following policy or breaking policy, you bring these to light.

In the basic model of ethical decision making the second step is identify the constituents.

In the basic model of ethical decision making the fifth step is act.

In the basic model of ethical decision making the fourth step is analyze your options.

In the basic model of ethical decision making the third step is diagnose the situation.

In the basic model of ethical decision making the seventh step is identify the constituents.

When making a plan that works you are to:

1. Set goals
2. Develop committment
3. Track progress toward goal achievement
4.Develop effective action plans
5. Maintain flexibility

Tactical plans specify how a company will use resources, budgets, and people to accomplish goals within its mission (6 months to 2 years).

MBO stands for Management by operations.

There are two types of operational plans.

There are three steps to the strategy-making process. They are: 1. Assess needs for strategic change, 2. Conduct situation analysis, and 3. Choose strategic alternatives.

According to the strategic reference point theory, managers choose between two basic alternative strategies:
- a conservative risk-avoiding strategy that aims to protect existing competitive advantage
OR
- an aggressive risk-eliminating strategy that aims to extend/create sustainable competitive advantage.

Organizational process is the vertical/horizontal configuration of departments, authority, and jobs within a company while Organizational structure is the collection of activities that transforms inputs into outputs that customers value.

Some advantages of matrix departmentalization include; allows companies to efficiently manage large, complex tasks, such as researching, developing, marketing pharmaceuticals. Efficiency comes from avoiding duplication and the ability to manage large, complex tasks. Matrix project managers have a more diverse set of expertise and experience at their disposal than managers in other forms of departmentalization.

Some disadvantages of functional departmentalization include; Cross-department coordination can be difficult. May lead to slower decision-making. Produces managers and workers with narrow experience and expertise

Centralization is when significant authority is found in lower levels of the organization.

Decentralization is when significant authority is found in lower levels of the organization

Return on assets, return on investment, return on equity, and return on sales are all higher with centralization.

BFOQ stands for Bona Fied Occupational Qualification

Cognitive tests are the best tests to do to help employers understand how you make decisions

Employment legislation is covered under provincial legislation.

Selection tests give organizational decision makers a chance to know who will, and won’t, likely do well in a job.

Diversity makes good business sense for the following reasons: Greater creativity and improved problem solving, better insight into the needs of a diverse customer/client base and enhanced ability to attract the best talent in a diverse labor market.

1 in 9 Canadians live with a mental disability .

Reinforcement always deals with a consequence. If I did something good, I get something good. If I did a bad job I don’t get my something good. There is always a consequence or outcome when managing people and using this theory.

Bureaucratic control is the use of hierarchical authority to influence employee behavior by rewarding or punishing employees for compliance or noncompliance with organizational policies, rules, and procedures

Balanced scorecard is the measurement of organizational performance in four equally important areas: finances, customers, internal operations, and enviroment

We would all rather die than write this exam at 8am.