Management Fundamentals Quiz - EMA1011

The four main categories of resources that all organizations use.

The skill and expertise of individuals within an organization.

The financial capital used by an organization to fund its daily operations and long-term projects.

The physical assets like buildings, equipment, and raw materials used by an organization.

Data and information used for decision-making within an organization.

The main activities of management: planning, organizing, leading, and controlling.

An acronym describing the dynamic and complex environment in which contemporary organizations operate.

Includes activities like planning, organizing, staffing, directing, and controlling.

The process of setting future goals and defining strategies to achieve them.

Arranging resources, tasks, and people to efficiently achieve organizational goals.

The process of finding, hiring, and retaining qualified employees for an organization.

The process of motivating and guiding employees to achieve organizational goals.

The continuous process of monitoring progress towards goals and taking corrective actions.

Involves creating and managing systems that produce products and services.

Ensuring a competent and stable workforce for an organization.

Utilizing information systems strategically to support an organization and its employees.

The ability to perform a task successfully and efficiently.

The overall health of the economy where a business operates. It includes factors like unemployment, government spending, and interest rates.

The methods used to transform resources into products and services. This includes advancements in technology, materials, and processes.

Everything outside of a company's boundaries that can influence its operations. This includes the general environment and the specific industry.

The set of broad dimensions and forces that impact all organizations within a society. This includes economic, technological, and societal trends.

The economic conditions that affect a company's profitability, such as the overall market and competition.

The largest and most important employer in most countries, providing essential services like healthcare, education, transport, and law enforcement.

Public service agencies operate at national (central), regional, and local levels to ensure efficient delivery of services to citizens.

Public services must prioritize delivering high-quality services to citizens while providing decent working conditions for employees.

The significant changes in the workplace that require adjustments from organizations and individuals, impacting workforce dynamics.

The increase in the age of workers due to longer lifespans and declining birth rates, requiring organizations to adapt to the skills and experiences of older employees.

The growing presence of women in the workforce, challenging traditional gender roles and opening up opportunities for women in various fields.

The increasing diversity of the workforce, including a rise in Hispanic and African American employees, as well as the integration of immigrant workers.

The legal framework that ensures equal opportunities for disabled individuals in the workplace, promoting inclusivity and accessibility.

Organizations actively seeking out qualified workers from diverse backgrounds, including those who might have been previously overlooked, to build a more inclusive and talented workforce.

Managers who are directly responsible for the production of goods and services. They supervise employees and ensure tasks are completed efficiently.

Individuals who oversee the financial aspects of an organization. They manage budgets, monitor cash flow, and ensure financial stability.

Managers who specialize in promoting and selling a company's products or services. They consider market trends and oversee advertising campaigns.

A situation where a company's founder performs all management roles due to its small size. There's no clear division of responsibilities.

In large organizations, management roles are divided into specific areas of expertise, creating functional areas with specialized managers.

First-line managers spend most of their time interacting with the employees they supervise, giving directions and providing guidance.

First-line managers typically possess a strong understanding of the technical aspects of their area of work.

Marketing focuses on the four Ps: product, price, place, and promotion. These elements are used to attract customers and build brand awareness.

Finance managers are responsible for monitoring the company's financial health, including expenses, profit margins, and cash flow.

Marketing managers identify current customers and research potential ones to expand their customer base and increase sales.