Management Quiz

Management: Coordinating the efforts of persons

• Management is the administration of organizations, including businesses, nonprofits, or government bodies.

• Management involves setting the strategy of an organization and coordinating the efforts of employees or volunteers to achieve its objectives using various resources.

• The two concepts used in management include “run the business” and “change the business” to differentiate between continued delivery of goods or services and adapting them to meet changing customer needs.

• Management specialists or experts, management researchers, and professors may complete the Doctor of Management (DM), Doctor of Business Administration (DBA), or PhD in Business Administration or Management.

• Larger organizations have three hierarchical levels of managers: top-level, middle-level, and first-line managers.

• Social scientists study management as an academic discipline, investigating areas such as social organization, organizational adaptation, and organizational leadership.

• The English verb “manage” has its roots in the XV century French verb ‘mesnager,’ meaning “to hold in hand the reins of a horse.”

• Theoretical scope of management involves identifying the mission, objective, procedures, rules, and manipulation of the human capital of an enterprise to contribute to the success of the enterprise.

• Top-level managers are responsible for making organization-wide decisions and establishing plans and goals that affect the entire organization.

• Middle-level managers are accountable to the top management for their department's function, executing organizational plans in conformance with the company's policies and the objectives of the top management.

• Line managers include supervisors, section leaders, forepersons, and team leaders and focus on controlling and directing regular employees.

• Colleges and universities worldwide offer bachelor's degrees, graduate degrees, diplomas, and certificates in management, generally within their colleges of business, business schools, or faculty of management, but also in other related departments.A Brief History of Management Theory

• MBA programs provide education in management and leadership for graduate students, and other master's degrees in business and management include Master of Management (MM) and the Master of Science (M.Sc.) in business administration or management.

• Specialized master's degrees in administration include the Master of Public Administration (MPA) degree and the Master of Health Administration.

• Management doctorates include the Doctor of Management (D.M.), the Doctor of Business Administration (D.B.A.), and the Doctor of Philosophy (PhD) in Business Administration or Management.

• Managers are being trained to encourage greater equality for minorities and women in the workplace, by offering increased flexibility in working hours, better retraining, and innovative (and usually industry-specific) performance markers.

• Evidence-based management entails managerial decisions and organizational practices informed by the best available evidence.

• Management has a pre-modern history, with ancient Sumerian traders and the builders of the pyramids of ancient Egypt demonstrating management-like thought.

• The field of management originated in ancient China, and influential Chinese Legalist philosopher Shen Buhai may be considered to embody a rare premodern example of abstract theory of administration.

• Classical economists such as Adam Smith and John Stuart Mill provided a theoretical background to resource allocation, production, and pricing issues.

• The Harvard Business School offered the first Master of Business Administration degree (MBA) in 1921.

• In the 21st century, observers find it increasingly difficult to subdivide management into functional categories in this way.

• Management programs related to civil-society organizations have spawned programs in nonprofit management and social entrepreneurship.

• Workplace democracy has become both more common and more advocated, in some places distributing all management functions among workers, each of whom takes on a portion of the work.Management: Functions, Roles, and Skills

• Profitable organizations aim to satisfy stakeholders, make a profit for shareholders, provide valued products for customers, and great employment opportunities for employees.

• Nonprofit management aims to keep the faith of donors.

• In most management and governance models, shareholders elect the board of directors who then hire senior management.

• The five basic functions of management are planning, organizing, commanding, coordinating, and controlling.

• The basic roles of management include figurehead, leader, liaison, nerve center, disseminator, spokesperson, entrepreneur, negotiator, allocator, and disturbance handler.

• Management skills include technical, human, and conceptual skills.

• Effective managers implement policies and strategies, and they must understand the organization's mission, vision, and goals.

• Policies and strategies are developed in the planning process, which involves determining the organization's objectives, analyzing the environment, developing strategies, and implementing plans.

• Other important aspects of management include decision-making, problem-solving, communication, motivation, and leadership.

• Management theories and practices have evolved over time, with contributions from various disciplines such as psychology, sociology, economics, and engineering.

• To be successful, managers must be adaptable, innovative, ethical, and able to handle complexity and change.

• There are various resources available to learn about management, including books, courses, conferences, and online resources.