What are the four functions of management?

• Planning, organizing, leading, and controlling

• Interpersonal, informational, and decisional

• Strategic plans, quantitative forecasts, qualitative forecasts, and goals

• Mission statement, values statement, forecasts, and objectives

Answer explanation

The four functions of management are planning, organizing, leading, and controlling. These actions are necessary for effective management. The other options list different concepts or elements related to management but do not represent the fundamental functions.

What are the three types of managerial roles?

• Interpersonal, informational, and decisional

• Planning, organizing, and leading

• Quantitative, qualitative, and strategic

• Mission, values, and goals

Answer explanation

The three types of managerial roles as defined by Henry Mintzberg are interpersonal, informational, and decisional. Interpersonal roles involve relationships with coworkers. Informational roles involve handling, sharing, and analyzing information. Decisional roles require decision-making. Therefore, the correct answer is 'Interpersonal, informational, and decisional'.

What is the purpose of a mission statement?

• To define why an organization exists and what it aims to accomplish

• To establish objectives and goals for an organization

• To gather information from inside and outside the organization

• To make decisions on the spot

Answer explanation

The purpose of a mission statement is to define why an organization exists and what it aims to accomplish. This statement encapsulates the organization's reason for being and its primary objectives. This option was chosen as the correct answer because it best aligns with the definition of a mission statement.

What are strategic plans?

• Plans that establish the actions and resource allocation required to accomplish strategic goals

• Behavioral patterns and activities involved in carrying out the functions of management

• Gathering information from inside and outside the organization

• Facing an endless stream of decisions

Answer explanation

Strategic plans are those plans that outline the steps and resource allocation required to achieve strategic goals. As the question asks about strategic plans, it's clear that the correct option is the one that directly addresses this by stating that strategic plans establish the actions and resource allocation required to achieve strategic goals. The other options, while relevant to management, do not specifically address strategic plans.

What is the difference between a goal and an objective?

• A goal is a broad, long-range target while an objective is a specific, short-range target

• A goal is a specific, short-range target while an objective is a broad, long-range target

• A goal is a target for customers, investors, and stakeholders while an objective is a target for employees

• A goal is a target for employees while an objective is a target for customers, investors, and stakeholders

Answer explanation

The question asks about the difference between a goal and an objective. The correct answer explains that a goal is a broad, long-range target, indicating a big picture or an end result that one wants to achieve. On the other hand, an objective is a specific, short-range target, signaling a step or milestone towards achieving the broader goal. Therefore, it clarifies the distinct roles and scales of goals and objectives.

What is the purpose of a mission statement?

• To define why an organization exists and what it aims to accomplish

• To establish objectives and goals for an organization

• To gather information from inside and outside the organization

• To make decisions on the spot

What is the difference between a goal and an objective?

• A goal is a broad, long-range target while an objective is a specific, short-range target

• A goal is a specific, short-range target while an objective is a broad, long-range target

• A goal is a target for customers, investors, and stakeholders while an objective is a target for employees

• A goal is a target for employees while an objective is a target for customers, investors, and stakeholders

What are the three types of managerial roles?

• Interpersonal, informational, and decisional

• Planning, organizing, and leading

• Quantitative, qualitative, and strategic

• Mission, values, and goals

What are the four functions of management?

• Planning, organizing, leading, and controlling

• Interpersonal, informational, and decisional

• Strategic plans, quantitative forecasts, qualitative forecasts, and goals

• Mission statement, values statement, forecasts, and objectives

What are strategic plans?

• Plans that establish the actions and resource allocation required to accomplish strategic goals

• Behavioral patterns and activities involved in carrying out the functions of management

• Gathering information from inside and outside the organization

• Facing an endless stream of decisions