Management: Intro to Resp Business mgmt Flashcards

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created 7 years ago by javan
book cover
Chapters 1, 2
intro to responsible business management
updated 7 years ago by javan
mgt 101
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What is considered a​ manager's primary​ responsibility?

To oversee the work of other people so organizational goals can be accomplished


Which statement best explains why it is difficult to differentiate between managerial and nonmanagerial​ employees?

Many traditional nonmanagerial jobs now include managerial activities.


Which of the following is considered the most important variable in employee productivity and loyalty within an​ organization?

The quality of the relationship between an employee and a direct supervisor


Managers play a crucial role in identifying and responding to all of the following organizational challenges

changing workforce dynamics

increasing globalization

worldwide economic climate

changing technology


Which statement BEST explains how managerial job performance should be​ evaluated?

Effectiveness and efficiency go hand in​ hand, and a good manager accomplishes both.


Fayol identified the management functions as​ planning, organizing,​ commanding, coordinating, and controlling. Which of the following accurately describes the control​function?

The control function involves monitoring and evaluating performance to ensure goals are met and work is done as it should be.


Which of the following statements about the changing nature of management in​ today's marketplace is most likely​ true?

Taking​ risks, exploring new​ territories, and trying new methods are innovative tactics that management can use to be more successful in the marketplace.


​Today's marketplace is very fluid with an increase in competition and customers who are more discerning and better informed. How has management changed in​response?

Managers are recognizing that delivering​ consistent, high-quality customer service is essential for survival and success in​ today's competitive environment and that employees are an important part of that equation.


What is the value of studying management even if you plan to pursue a career that requires a professional certification such as a​ CPA, doctor, or​ attorney?

Management is universally needed in all organizations.


Which statement about studying management is most likely​ true?

Studying management is important because by learning management​ theory, one will be able to apply these concepts in a variety of​ situations, to maximize​efficiency, productivity, employee​ satisfaction, and personal success.


Which of the following best defines​ evidence-based management?

Using the best available information to improve management practice


You​ aren't looking for the​ "sharpest needle in the​ haystack"; you only want one that is sharp enough to sew with.



A manager who is fully​ informed, completely​ logical, and makes choices that are intended to maximize value is utilizing​ ________.

rational decision making


What does it mean to be a​ "rational" decision​ maker?

A rational decision maker is fully objective and​ logical, has a clear and specific​ goal, and knows all possible alternatives and consequences.


According to the concept of bounded​ rationality, managers make decisions​ ________.

​rationally, but are limited by their ability to process information


Intuitive decision making involves making decisions on the basis of​ ________.

​experience, feelings, and accumulated judgment


Which of the following best defines​ evidence-based management?

Using the best available information to improve management practice


Structured problems are​ ________.

​straightforward, familiar, and easily defined


A clerk at a department store cannot issue a refund for a customer unless the customer produces a store receipt. The customer informs the clerk that he never received a receipt in the first place. The clerk escalates the issue to a manager for resolution. The​ manager's resolution is an example of a​ ________.

nonprogrammed decision


Generally​ speaking, the decision most closely associated with a structured problem is referred to as a​ ________.

programmed decision


In uncertain​ conditions, a decision is influenced by available information and by the psychological orientation of the person making the decision. Jordan is an optimistic​ individual; thus, we would think he will most likely opt for a​ ________ choice.



In uncertain​ conditions, a decision is influenced by the information that is available and by the psychological orientation of the person making the decision. A pessimistic manager will most likely opt for a​ ________ choice.




maximize the minimum payout


When managers have and use information that allows them to determine the probabilities of different​ alternatives, this is most likely an attempt to deal with​ ________.



Which of the following statements about effective decision making is​ true?

Good decision making is a learned skill.


The 3Vs of big data

volume, velocity, and​ variety


What is the LEAST likely reason that making decisions in​ today's business environment is​ difficult?

Decisions are rarely risky.


why is making decisions in todays business environment difficult?

Market landscapes can shift dramatically overnight along several dimensions.

Decisions are usually made with incomplete information.

Competitors enter and exit markets quickly.

Customers come and go with the click of a mouse or the swipe of a screen.


All of the following are guidelines to help you be a better decision maker EXCEPT​ ________.

relying on an intuitive​ decision-making process


When making a​ decision, managers who use design thinking look at problem identification collaboratively and integratively. Which of the following do they also​ consider?

Both the rational and emotional aspects


​"Big data" is best characterized as​ ________.

high​ volume, high​ velocity, and/or high variety information assets


The gap between an existing state and a desired state is referred to as​ ________.

a problem


Andrew must buy a new office copier. He lists the features the copier must​ have, such as a​ built-in scanner, color​ copying, and an automatic document​ feeder, along with how much he can spend. Which step of the​ decision-making process does this​ represent?

Identifying decision criteria


Andrew goes to the office supply store and talks to a sales​ representative, who shows him several copiers that can meet his needs. Which step of the​ decision-making process does this​ represent?

Developing alternatives


Factors that are important or relevant to resolving a problem are referred to as​ ________.

decision criteria


After looking at several​ copiers, Andrew decides to buy one. He knows other models might be available​ elsewhere, but he​ doesn't have time to keep​ looking, and the one he is buying seems to meet his needs. This is an example of​ ________.



The​ saying, "throwing good money after​ bad," meaning that you continue to waste money on a losing​ proposition, best describes​ ________.

escalation of commitment


​__________ refers to the concept that many managers lack the time and the ability to process all of the alternatives to solve a problem.

Bounded Rationality


Heidi is the marketing manager at a large winery. The expensive ad campaign she planned has flopped so​ far, but instead of scrapping it and trying something​ else, Heidi decides to invest more money in the campaign and run ads in even more publications. This is an example of​ ________.

escalation of commitment


Alicia is convinced that she can tell more about a job applicant in a​ 5-minute interview than through​ pre-employment tests or reference checks and insists that her gut instincts are never wrong. Alicia is using​ ________.

intuitive decision making


The​ data-driven, systematic use of the best available facts and information to improve management practice is referred to as​ ________.

​evidence-based management​ (EBMgt)


The office manager has to place another order for copy​ paper, so he checks the office supply​ company's website to see if either of his preferred brands is on sale before placing the order. This is an example of​ a(n) ________.

programmed decision


​Brandi's Bakery has received its first major commercial​ order, and the owner needs to determine if she can fill this order on her own or if she needs to hire an employee. This is an example of​ ________.

an unstructured problem


A sign in the college bookstore states that students can return a textbook only if it is still​ shrink-wrapped and returned within the first 10 days of the semester. This is an example of​ a(n) ________.



Cashiers at the supermarket are allowed to adjust the price of an item up to a maximum of​ $5.0 without getting the​ manager's approval. This would best be described as​ a(n) ________.



In order to make exchanges or returns at a clothing​ retailer, customer service representatives must follow an established series of​ steps, such as checking the​ receipt, inspecting the item for​ damage, and issuing a store credit. This is an example of​ a(n) ________.



A manager can make the most accurate decision under a situation of​ ________ because the outcome of every alternative is known.



In making​ decisions, global managers need to consider the​ values, beliefs, and attitudes of the people involved. Which guideline for effective decision making does this​represent?

understand cultural differences


Instead of identifying and evaluating alternatives with logic and deductive​ reasoning, a manager using​ ________ would try to envision and entertain new and innovative solutions to a problem.

design thinking


Which of the following managers is using big data in decision​ making?

A large retailer uses software to adjust prices in real time for more than 70 million items based on demand and inventory.