MGT 300 - Quiz 1

Conceptual Skills

The ability to think through complex systems and problems

Controlling

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

Creativity

The generation of meaningful ideas by individuals or teams

Critical Thinking

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

Decisional Roles

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

Effectiveness

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

Efficiency

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

Entrepreneur

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

Entrepreneurial Mindset

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

First-Line Managers

Managers who direct daily activities for producing goods and services

Fixed Mindset

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

Growth Company

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

Growth Mindset

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

Habit

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

Improvisation

The art of spontaneously creating something without preparation

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

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

Large Organizations

Organizations with more than 500 employees

Leading

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

Management

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

Managerial Roles

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

Middle Managers

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

Midsize Organizations

Organizations with between 100 and 500 employees

Mission

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

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

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

Organization

A group of people working together to achieve a specific goal

Organizing

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

Planning

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

Relational Skills

The ability to collaborate and communicate effectively with others

Self-efficacy

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

Self-leadership

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

Skills

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

Small Organizations

Organizations with fewer than 100 employees

Start-up

A newly formed organization with limited or no operational history

Student Organization

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

Technical Skills

The ability to perform job-specific tasks

Top Managers

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

Values

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

Vision

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