Module 3 Managing the Enterprise: Entrepreneurial Opportunities and Challenges

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What is one of the key functions of management according to the text?

Helping the jobless only

Maximizing profits for stockholders

Establishing goals of the enterprise and developing plans (correct)

Micromanaging all employees

Which type of managers need technical skills according to the text?

Only top-level managers

Managers don't need technical skills

Only lower-level managers

Both top-level and lower-level managers (correct)

Why are conceptual skills important for managers according to the text?

They help in micromanaging employees

Concepts are only important in technical fields

They are irrelevant for business success

Concepts differentiate success and failure in business (correct)

What is an essential interpersonal skill mentioned in the text for business success?

Relating well with people and showing compassion Signup and view all the answers

Which characteristic is NOT mentioned as a key function of management in the text?

Focusing solely on maximizing profits for stockholders Signup and view all the answers

Why do managers need diagnostic skills according to the text?

To evaluate, identify, and solve enterprise problems Signup and view all the answers

According to Joseph Massie, how does he define management?

A process by which a cooperative group directs actions towards common goals Signup and view all the answers

From an economist's point of view, what are the factors of production?

Management, land, labor, and capital Signup and view all the answers

What is one of the intended learning outcomes related to managing the enterprise?

Identifying opportunities and challenges for entrepreneurs Signup and view all the answers

What is NOT one of the factors of production according to the text?

Technology Signup and view all the answers

Why is risk management important in business?

To minimize potential negative impacts on business objectives Signup and view all the answers

What does the text suggest is a characteristic of successful management?

Demonstrating integrity in business activities Signup and view all the answers

How can business risks like fire and natural calamities be minimized?

Implementing proper safety equipment Signup and view all the answers

What is the essence of Theory Z?

High level of employee participation in decision-making Signup and view all the answers

What is the purpose of a risk and insurance program for entrepreneurs?

To eliminate non-criminal business risks Signup and view all the answers

Which type of risk is commonly addressed through fire insurance?

Natural calamities Signup and view all the answers

What are some measures businesses can take to reduce risks related to fire?

Installing fire alarms and sprinkler systems Signup and view all the answers

Why is it important for entrepreneurs to have a risk and insurance program?

To eliminate or minimize risks beyond their control Signup and view all the answers

What type of skills are needed to prevent situations from getting worse?

Analytic skills Signup and view all the answers

According to Peter Drucker, what is Management By Objectives (MBO) based on?

Teamwork and team results Signup and view all the answers

Who is referred to as the 'father of scientific management'?

Frederick Taylor Signup and view all the answers

What was the original objective of the Hawthorne Studies conducted by Elton Mayo?

Determine the effect of environment on productivity Signup and view all the answers

In scientific management, what did Frederick Taylor suggest each job should be broken down into?

Separate tasks Signup and view all the answers

What did the Hawthorne studies by Elton Mayo reveal about motivation?

Human factors are as important as pay rates Signup and view all the answers

What are the factors most frequently associated with satisfaction according to Herzberg?

Achievement, recognition, responsibility, advancement, growth Signup and view all the answers

Which theory integrates the features of Japanese and American firms considered most suitable for American business?

Theory Z Signup and view all the answers

What is an exclusive feature of Japanese corporations?

Lifetime employment Signup and view all the answers

What is one of the features of American firms mentioned in the text?

Rapid promotion Signup and view all the answers

Who is the author of Theory Z as mentioned in the text?

Professor William Ouchi Signup and view all the answers

What did Professor Ouchi study in the 1970s according to the text?

Characteristics of Japanese and American enterprises Signup and view all the answers