Management Concepts Quiz

A strategic planning method used to identify internal strengths and weaknesses, and external opportunities and threats for a business or organization.

Evaluating a company's resources, capabilities, and structure.

Analyzing factors outside the company, such as the market, competition, and regulations.

A framework for analyzing external political, economic, social, technological, legal, and environmental factors that may impact a business.

A framework to analyze the competitive intensity and attractiveness of a market.

Managers' roles are changing from simply directing to leading, driven by increased work complexity, globalization, and the need for adaptation.

Managers organize and manage resources (human, financial, etc.) to achieve specific goals, being accountable for their own work and the work of others.

Managers have the power to make decisions regarding resources and direct the activities of others.

Focusing on management and leadership as skills emphasizes the importance of specific abilities over organizational titles or roles.

Effective leaders prioritize helping employees succeed as a key aspect of their job.

Employee turnover is often linked to the quality of management, emphasizing the importance of strong leadership qualities.

A key element of management is the execution of specific functions, such as planning/organizing/leading/controlling, to achieve organizational outcomes.

The most vital management skills are subjective and depend on the context. However, critical skills include communication, planning, and problem-solving.

Long-term aims of a business

Short-term steps to achieve goals

Specific, Measurable, Achievable, Relevant, Time-bound goals

Setting up the structure of a company

People and resources working together for business goals

Managers are evolving from directors to leaders, adapting to complex work, globalization, and constant change.

Managers are responsible for organizing resources (people, money, etc.) and ensuring everyone works together to achieve goals.

Effective leaders prioritize helping their employees succeed, seeing it as their primary role.

High employee turnover is often linked to poor management, highlighting the importance of strong leadership qualities.

Abilities needed to perform specific tasks related to the job, like using software or operating machinery. These skills are essential for lower-level managers and decrease in importance as you move up the management hierarchy.

Abilities to think strategically, analyze complex situations, and make decisions based on abstract ideas. These skills are crucial for top management and become more important as you go higher up in an organization.

Abilities to effectively communicate, motivate, and work with people. These skills are vital for all managers but especially important for lower-level managers who directly supervise and interact with employees.

Motivating and directing individuals toward a common vision. This is about influencing and inspiring others, not just giving orders.

Enhancing employee performance through motivation, engagement, and empowerment.

Focuses on order, stability, and efficiency within an organization. It's about keeping things running smoothly and productively.

Focuses on change, growth, and innovation. It's about inspiring and motivating others to achieve a vision and overcome obstacles.

A motivational theory that suggests individuals are motivated by five levels of needs: physiological, safety, love/belonging, esteem, and self-actualization. These needs must be met in a hierarchical order, from bottom to top.

The process of monitoring progress, providing feedback, and taking corrective action to ensure goals are met.

Specific and measurable targets that define what success looks like for a task or project.

Steps taken to address deviations from performance standards and get back on track.

A framework that uses multiple perspectives (financial, customer, internal processes, and learning/growth) to assess organizational performance.

Formal control systems provide structure and accountability, helping organizations operate efficiently and achieve their goals.

Establishing clear performance standards is the crucial first step in creating a functional control system.

A management tool that monitors performance from various angles, including financial, customer, internal processes, and learning and growth.

Corrective action is crucial to address issues and ensure continuous improvement within an organization.