Principles of Management Chapter 1 Test

Knowledge Management
Practices aimed at discovering and harnessing an organization’s intellectual resources.
Innovation
The introduction of new goods and services.
Quality
The excellence of your product (goods or services).
Service
The speed and dependability with which an organization delivers what customers want.
Speed
Fast and timely execution, response, and delivery of results.
Cost Competitiveness
Keeping costs low to achieve profits and being able to offer prices that are attractive to consumers.
Management
The process of working with people and resources to accomplish organizational goals.
Planning
The management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue.
Value
The monetary amount associated with how well a job task, good, or service meets users’ needs.
Organizing
The management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals
Leading
The management function that involves the manager’s efforts to stimulate high performance by employees.
Controlling
The management function of monitoring performance and making needed changes.
Top-Level Managers
Senior executives responsible for the overall management and effectiveness of the organization.
Middle-Level Managers
Located in the middle layers of the organizational hierarchy, reporting to top-level executives
Frontline Managers
Lower-level managers who supervise the operational activities of the organization.
Technical Skill
The ability to perform a specialized task involving a particular method or process.
Conceptual and Decision Skills
Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members.
Interpersonal and communication skills
People skills; the ability to lead, motivate, and communicate effectively with others.
Emotional Intelligence
The skills of understanding yourself, managing yourself, and dealing effectively with others.
Social Capital
Goodwill stemming from your social relationships.
3 Broad Skills that Managers Need
Technical skills, Interpersonal and communication skills, and Conceptual and decision skills
3 Broad Responsibilities of Leaders
Interpersonal roles, Informational roles, and Decisional roles
Interpersonal roles
Leader: staffing, training and motivating people

Liaison: maintaining a network of outside contacts who provide information and favors

Figurehead: performing symbolic duties (ceremonies and serving other social and legal demands)

Informational roles
Monitor: seeking and receiving information to develop a thorough understanding of the organization and its environment; serving as the “nerve center of communication”

Disseminator: Transmitting information from source to source, sometimes interpreting and integrating divers perspectives

Spokesperson: Speaking on behalf of the organization about plans policies, actions, and results

Decisional roles:
Entrepreneur: searching for new business opportunities and initiating new projects to create change

Disturbance handler: Taking corrective action during crises or other conflicts

Resource allocator: Providing funding and other resources to units or people; includes making or approving significant organizational decisions

Negotiator: Engaging in negotiations with parties outsid the organization as well as inside