Tutorial 5- Nature of Management

_________make decisions about the use of an organization's resources and are concerned with planning, organizing, directing, and controlling the organization's activities.

• Managers

• Shareholders

• Creditors

• Consumers

• Suppliers

When a manager makes sure there is adequate funding to pay for essential activities, he or she is managing ________ resources.

• human

• intangible

• financial

• production

• biological

Determining an organization's objectives and deciding how to accomplish them is the management function known as _______.

• planning

• controlling

• staffing

• organizing

• factoring

Ross is one of the senior managers of a large company. He is part of a team that determines the objectives of the company based on future trends in the industry and decides how to accomplish them. Ross is involved in the management function of ______.

• staffing

• recruiting

• planning

• directing

• factoring

Which management function is crucial because it lays the foundation for all other management functions?

• planning

• organizing

• staffing

• controlling

• directing

Before an organization can plan a course of action, it must first _______

• take corrective action.

   

   

• develop a blueprint of the plan.

• decide on the people to be involved in the plan.

• determine what it wants to achieve.

• allocate and organize the required resources.

A declaration of an organization's fundamental purpose and basic philosophy is known as a(n) _____.

• statement of operations.

   

• mission statement.

• referendum.

• operating agenda

• goal statement.

 

Which question does the mission statement of an organization seek to answer?

•  What business are we in?

• How do we expand our business?

• What are our staffing requirements?

• Why are we not cost effective?

• How do we meet the annual sales target?

Trevor is setting goals for his sales team. What should Trevor keep in mind when developing his goal?

• He should not overwhelm the sales team with multiple goals.

• Like a mission statement, any goal should answer five basic questions.

• He should make sure any goal states exactly what is to be achieved.

• He should keep his goals broad in nature so they can easily be changed.

• Attaching a time frame to a goal will be less motivating for his sales team.

A company objective related to ________ is generally stated in terms of percentage of sales increase and market share, with the goal of increasing those figures.

• opportunity costs

• efficiency

• competitive advantage

• employee turnover

• raising capital