MGT 300 - Quiz 1

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Management

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40 Terms

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Conceptual Skills

The ability to think through complex systems and problems

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Controlling

The process of monitoring activities, measuring results and comparing them with goals, and correcting performance when necessary

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Creativity

The generation of meaningful ideas by individuals or teams

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Critical Thinking

The ability to diagnose situations and predict patterns of behaviors, which result in better decision-making

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Decisional Roles

Managerial roles in which managers are responsible for making judgments and decisions based on available information and analysis of the situation

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Effectiveness

The level to which people or organizations achieve agreed-upon goals

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Efficiency

The means of using the smallest amount of resources to achieve the greatest output

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Entrepreneur

Individuals who plan, organize, and lead high-risk business opportunities

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Entrepreneurial Mindset

The ability to quickly sense opportunities, take action, and get organized under uncertain conditions

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First-Line Managers

Managers who direct daily activities for producing goods and services

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Fixed Mindset

The belief that talents, intelligence, and abilities are set traits

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Growth Company

An organization that increases its annual revenue faster than its competitors in the same industry or market

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Growth Mindset

The belief that talent, intelligence, and abilities can be developed through dedication, effort, and persistence

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Habit

Something that is done often or regularly, sometimes on an unconscious level

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Improvisation

The art of spontaneously creating something without preparation

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Informational Roles

Managerial roles in which managers gather, assess, and communicate information to individuals and teams in support of the organization’s values, mission, vision, and goals

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Interpersonal Roles

Managerial roles in which managers build relationships with the people they work with and act as a public symbol for the many people they represent

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Large Organizations

Organizations with more than 500 employees

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Leading

The process of effectively motivating and communicating with people to achieve goals

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Management

The process of working with people and distributing an organization’s resources to achieve goals efficiently and effectively

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Managerial Roles

Organizational expectations that determine the actions of managers, including interpersonal, informational, and decisional roles

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Middle Managers

Managers who direct the work of first-line managers and are responsible for divisions or departments

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Midsize Organizations

Organizations with between 100 and 500 employees

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Mission

An organization’s central purpose, why it exists and what type of organization it is (for-profit or nonprofit)

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Multinational Corporation

An organization with operations in multiple countries and usually more than 10,000 employees that designs, develops, and sells products and services to customers all over the world

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Nonprofit Organizations

Organizations that are required by the Internal Revenue Service (IRS) to reinvest all profits back into the organization, as opposed to distributing that money to investors or employees

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Organization

A group of people working together to achieve a specific goal

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Organizing

The process of orchestrating people, actions, resources, and decisions to achieve goals

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Planning

The process of setting goals for the future, designing strategies, and deciding on the actions and resources needed to achieve success

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Relational Skills

The ability to collaborate and communicate effectively with others

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Self-efficacy

The belief and confidence in our own abilities to deal with certain situations

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Self-leadership

A process through which people intentionally influence their thinking and behavior to achieve their objectives

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Skills

Talents or abilities that enable a person to complete a particular task, interaction, or process effectively and efficiently

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Small Organizations

Organizations with fewer than 100 employees

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Start-up

A newly formed organization with limited or no operational history

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Student Organization

An organization formed to engage students further in the college experience through academic, political, religious, sports, environmental, and social action

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Technical Skills

The ability to perform job-specific tasks

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Top Managers

Managers who set the organization’s direction and make decisions that affect everybody

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Values

The core ethics and principles of an organization through meaningful statements and beliefs

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Vision

A description of what the organization hopes to achieve in the long term