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MGT 521 ? Management Final Exam




Question;MGT 521 ? Management Final ExamJohn writes a memo to his employees. Putting his thoughts onto paper is an example of communicatingmessagingencodingcryptography Chantal received an invitation to a web meeting that will take place at 3:00 p.m. She accepted the invitation. This is an example offormal channels of communicationspontaneous communicationfeedback as a function of communicationinformal channels of communication You are doing research on political issues and find that you are on a conservative leaning site. What type of source credibility issue is this?CredentialsImpartialityCurrencyStyle When reviewing an educational math website, you find the author?s background is in English. What type of source credibility issue is this?CredentialsImpartialityCurrencyStyle A famous ice cream manufacturer sent workers to a nearby grocery store to offer shoppers a sample of its new flavor. The workers provided samples to 300 shoppers and noted that 80% of the sample population stated they liked the flavor. Based on this scenario, which of the following is an example of an inference?Workers provided samples to 300 shoppers.20 percent of the sample population did not like the new flavor or were indifferent.The ice cream manufacturer began producing the new ice cream flavor and offered it in stores.The workers were offering samples to see if the general public liked the new flavor. Persuading or convincing others to accept your argument means the reasoning must be logical. Which of the following is an example of logical flaws or fallacies?Opposing views are consideredHasty GeneralizationArgument presents alternative explanationsReasoning from specific evidence What is the best way for the CEO to deal with managers in key positions who continue to resist a major change?Minimize their interactions with fellow employees and work around themReplace them with people who will support the changeGive them space and hope they will come to see why the change was necessaryKeep increasing the pressure on them to support the change Finding a win-win solution that allows parties who are involved to have their goals achieved is an example ofaccommodationcollaborationteam buildingcompromising What is emphasized more in ethical leadership theories than in transformational leadership?Leader valuesLeader behaviorsLeader skillsLeader traits Ethical behavior and integrity for a leader is most likely to result inhigher unit performancehigher performance ratings for the leader by bosseshigher subordinate satisfaction and trustless stress for the leaderA common characteristic of most entrepreneurs is that theyaccept the risks involved in starting and managing a businesshave a high level of scientific and technical expertisepossess a great deal of personal wealthhave experience in running large, complex organizations In order to make an intelligent investment decision, entrepreneurs shouldlimit their options to those business investments that are backed by the U.S. governmentinvest in businesses that have generated a stable rate of profit for at least the past ten yearsinvest only in business opportunities where it is possible to take an active role in managementcompares the risks of potential investments to their expected profits and find the right balance between profit and risk The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm'smarket makerseconomic environmentstakeholderssocial mentors When a firm makes use of the SWOT analysis, one of its objectives is toidentify the best employees to fill each position within the organizationset specific short-term performance standards for each departmentevaluate the desirability of issuing stocks or bonds in the current financial climateidentify the things it does well as an organization and the things it needs to improve The process of rating an organization's practices, processes, and products against the best of the world is known aswebworkingoutsourcingbenchmarkingcore competencies Companies benefit today by inter-firm cooperation. One of the ways they cooperate is through networking. Another way is by seeking technological knowledge and learning new processes from other firms that usually fall outside of their respective industries. We call thiscompetency capturingtechnology swappingbenchmarkingbroadening the knowledge base An important difference between accounting and other business functions, such as marketing and management, is thataccounting functions must be performed by an "outsider" (rather than by an employee of the business) in order to avoid conflicts of interestaccounting offers us insight into whether the business is financially soundaccounting involves mainly clerical activities and thus requires very little analysisaccounting deals exclusively with numbers Although accounting has several specific uses, the overall purpose of accounting can be summarized asto provide financial information that is useful to decision makersto meet the legal requirements of the Financial Accounting Standards Board (FASB)to allow the government to track business activity levelsto compute the profit or loss and declared dividend of a business firm An important advantage that knowledge technology has over older versions of business technology is that itis much cheaper to incorporate into most business operationsdelivers timely information directly to the people who need itallows businesses to locate anywhere and still reach their customerseliminates the need for business to store information electronically First Engineering, a large U.S. based mechanical engineering firm, is considering entering the global market. Upon careful analysis of the global market, they will find that global tradeopportunities are diminishingis dominated by emerging, developing countriesis likely to be severely restricted in the future by nontariff trade barriersis big business today and is expected to be more important in the futureThe process of setting up individual functional units of the business to do specialized tasks is calleddepartmentalizationdivision of laborjob specializationdelegation of authorityThe proven success of job specialization lies in the fact thatit leads to groupthinkit avoids the pitfalls of division of labor, where workers become removed from thinking conceptually about the businessit is a detractor to others who are thinking about entering your industry because it successfully creates barriers to entryit adds efficiency to the business's operation by identifying tasks that some do better than othersEconomics is the study of how a societyinvests wisely in the stock marketemploys resources to produce goods and services and distribute them among competing groups and individualsemploys statistical techniques to make predictions about the evolution of society over the long rungoverns itself for the good of its citizens How is it that people working in their own self-interest produce goods, services, and wealth for others?By taking advantage of a vast supply of labor, people working in their own self-interest could hire others at very low wages.In order to earn money and produce goods that improve lives, self-directed gain would provide jobs, and subsequently wages for others.The government pays entrepreneurs in the United States to produce goods, services, and wealth for others.Entrepreneurs tend to include themselves in a group of people who need charitable support. A portion of the entrepreneur's profit (as required by law) goes to the charity of one's choice to support the less fortunate. The ultimate resource of a firm is itsbusiness planmarketing mixcapital budgetemployees Today, human resource management has become so important that in many firms it has becomea function performed by managers in all areas of the organizationthe main responsibility of the firm's legal staffa function handled only by specialists in the human resource departmentfunction handled only by the firm's top management Which of the following is included in performing a business analysis?Hiring new employeesEntering global marketsConducting a SWOT analysisNetworking When the competition is intense and the environment is changing rapidly, it is especially important tomaintain a high level of external monitoringhave detailed plans and operating proceduresincrease the power of the chief executivestrengthen the organization cultureWhich of the following would be a concern addressed in a strategic plan?Which specific jobs should be assigned to each employee?How much output should be produced this week in a given production facility?Which computer software package should the firm?s human resources office use to manage the payroll?Should the firm make a long-term commitment to expand into new markets? Tactical planning is concerned withdetermining the best way to cope with an emergency situationdevising temporary courses of action to be used if the primary plans do not achieve the desired resultsdeveloping detailed strategies about what is to be done, who is to do it, and how it is to be donesetting long run goals that will govern the general course of the organization for years


Paper#46335 | Written in 18-Jul-2015

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