Management 300 Exam 3 Questions to Help Study

What is management?

Achieving goals through planning, organizing, leading, and controlling.

Efficiency vs effectiveness?

Efficency = doing things right

Effectiveness = doing the right things

POLC stands for?

Planning, Organizing, Leading, Controlling

Technical skills?

Job-specific knowledge

Conceptual skills?

Ability to think strategically

Interpersonal skills?

Ability to work with people

Competitive advantage?

What makes a firm outperform others

Core competence?

Unique strength of a company

Cost leadership?

Competing by being lowest cost

Differentiation?

Competing by being unique

Chain of command?

Line of authority

Unity of command?

One employee -> one boss

Delegation?

Assigning responsibility

Centralization?

Decisions at top

Decentralization?

Decisions spread out

Strategic plan?

Long-term direction

Operational plan?

Short-term actions

Contingency plan?

Backup plan

Stretch goal?

Extremely challenging goal

Mutual dependence?

Boss and subordinate rely on each other

Work style compatibility?

Matching how you and your boss work

Mutual expectations?

Clear understanding of roles

Strategic business unit?

Division with its own strategy

Related diversification?

Expanding into related businesses

Unrelated diversification?

Expanding into unrelated businesses

Vertical Integration?

Owning supply chain stages

Line vs staff?

Line = core work; Staff = support

Vertical linkages?

Connect levels of hierarchy

Horizontal linkages?

Connect departments

Task force?

Temporary team for a problem

Service technology?

Processes used to deliver services