Chapter 4 Online Notes: The Management Model

Question 1

True or False; resources cannot be exchanged for another

Answer 1

false

Question 2

What are 4 types of resources and define each

Answer 2

1) Intangible: Cannot be touched
2) Tangible: Resources that are real, touchable, or capable of being appraised
3) Human: Ski;;s, talents and abilities
3) Material: Natural phenomena

Question 3

What is key for resources

Answer 3

The recognition and allocation

Question 4

The economy influences or limits what

Answer 4

how one spends their resources

Question 5

Scarcity is

Answer 5

A shortage or insufficient amount or supply

Question 6

Scarce availability = what in price

Answer 6

Increase

Question 7

Does Scarcity directly relate to price?

Answer 7

Yes

Question 8

Define opportunity costs

Answer 8

The highest valued alternative that must be sacrificed to satisfy a want or attain something

Question 9

Define one law of supply and demand

Answer 9

Scarcity affects the price and worth of a resource

Question 10

As the price of an item rises the demand __

Answer 10

Drops

Question 11

As supply goes up price will ____

Answer 11

Fall

Question 12

Decision making is the process of

Answer 12

making a choice between two or more alternativities

Question 13

Decisions range from

Answer 13

small to large

Question 14

Lack of confidence in decision making can lead to

Answer 14

over reliance on others

Question 15

What are the 6 steps to deciding a plan

Answer 15

1) Define the decision
2) Esitmate resources needed
3) Consider the alternatives
4) Explore possible consequences of alternative course of action
5) Develop an action plan and implement
5) Evaluate plan

Question 16

What are two decision making models and define each

Answer 16

a) Central satellite model: Depicts a large decision in the center and prompts the necessity of many smaller decisions to follow
b) The chain model: Starts with one key decision and leads to a number of decisions that need to be completed in a particular order

Question 17

Decision making becomes more difficult when

Answer 17

interests of individual in a group vary

Question 18

A problem is

Answer 18

a question or situation that present uncertainty, risk, perplexity or difficulty and requires problem solving

Question 19

Problem solving is influenced by

Answer 19

a) Needs
b) Perceptions
c) Values
d) Available resources
e) Learning

Question 20

What are the 5 types of plans?

Answer 20

a) Directional
b) Contingency
c) Strategic
d) Proactive
e) Reaction

Question 21

Planning is an _______ Behaviour that takes ____ and _____

Answer 21

active behaviour that takes energy and effort

Question 22

Three factors affecting planning and implementation are

Answer 22

a) Situational
b) Personality characteristics
c) Knowledge

Question 23

What are two elements of planning

Answer 23

a) Timing of the project

b) Scheduling

Question 24

What are two key considerations one has to make when thinking about the timing of a project

Answer 24

a) Scheduling

b) Sequencing

Question 25

Implementing means

Answer 25

Putting a plan into motion and monitoring how the plan is unfolding to make adjustments

Question 26

The planner must do two things during a plan

Answer 26

a) Observe the process

b) Scanning

Question 27

What are three types of scanning

Answer 27

a) Actuating
b) Adjusting
c) Checking

Question 28

Strong plans are ___ and can be _____

Answer 28

Flexible and can be tweaked

Question 29

Evaluation of the plan is crucial for

Answer 29

improving skills