Exam 7: Functions and Skills of Management

________ plans depend on daily or weekly schedules and focus on specific departments or employees.

It is important for a marketing manager to have strong accounting skills.

A company might conduct full-scale practice drills, including closing a building and working from a remote location, in order to test its contingency plans.

Once managers have identified several alternative solutions, they must evaluate those alternatives based on various criteria. Name at least four of those criteria.

To make good decisions, a successful manager must be able to think abstractly in order to picture the organization as a whole and to understand its relationship to the rest of the business community. In other words, the manager must have ________.

In analyzing a company's strengths and weakness, management must analyze the company's internal resources. Name at least three aspects of these internal resources.

The majority of companies are structured with the more traditional vertical structure or the group-oriented horizontal structure.

A company that is organized around specific business functions and where there are several levels of first-line and middle managers is a ________ organization.

A vision statement is a current description of an organization's purpose, basic goals, and philosophies.

Whenever new market opportunities or potential threats arise, managers rely on their ________ to help them analyze the impending outcomes of their decisions.

Tactical plans are made with a six-month to one-year horizon in mind.

The specifics of carrying out tactical plans are ________.

A(n)________ organization has few people in power and many following.

The basic steps in a formal decision-making process are identifying and analyzing the problem, examining the alternatives, and finally implementing the best plan of action.

Which type of plan acts as a framework for decisions and assists in setting corporate benchmarks?

________ helps to identify and correct weaknesses and errors in the system by ensuring that plans and strategies set in place by management are properly carried out.

Explain the acronym SMARTER. It should be kept in mind by managers when designing and wording goals and objectives.

What are at least three of the interpersonal skills that a top manager must develop in order to work successfully with people both inside and outside an organizations?

At what stage in the decision-making process do the company's mission, values, and goals play the most important role?

When each division or group within a company with a horizontal structure works autonomously, it can create barriers to coordination across functions.