UT Knoxville MGT 201 - Exam 1 Study Guide (17 pages)

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Exam 1 Study Guide



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Exam 1 Study Guide

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Pages:
17
School:
University of Tennessee
Course:
Mgt 201 - Intro/Business Management

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Management 201 Exam 1 Study Guide CHAPTER 1 Innovative Management for a Changing World Four Functions of Management o Planning Identifying goals for future organizational performance and deciding on the tasks and use of resources needed to attain them Defines where the organization wants to be in the future and how to get there o Organizing Involves assigning tasks grouping tasks into departments delegating authority and allocating resources across the organization o Leading Use of influence to motivate employees to achieve organizational goals Creating a shared culture and values communicating goals to people throughout the organization and infusing employees with the desire to perform at a high level o Controlling Monitoring employees activities determining whether the organization is on target toward its goals and making corrections as necessary Effectiveness vs Efficiency o An organization is a social entity that is goal directed and deliberately structured o Effectiveness The degree to which the organization achieves a stated goal or succeeds in accomplishing what it tries to do Providing a product or service that customers value o Efficiency Refers to the amount of resources used to achieve an organizational goal Based on how much raw material money and people are necessary for producing a given volume of output Management Skills o Conceptual The cognitive ability to see the organization as a whole system and the relationships among its parts Involves knowing where one s team fits into the total organization and how the organization fits into the industry the community and the broader business and social environment The ability to think strategically to take the broad long term view and to identify evaluate and solve complex problems Particularly important for managers at the top decision making resource allocation and innovation o Human Ability to work with and through other people and to work effectively as a group member Demonstrated in the way a manager



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