Chapter 5 - Management

Question 1

is net profit of loss relative to capital investment expressed as a percentage.

Answer 1

ROI

Question 2

3 main management objectives:

Answer 2

-Performance
-Cost
-Schedule

Question 3

Effective Managers:

Answer 3

-emphasize the process
-have a system view of the organization
-drive to attain and maintain effectiveness and efficiency

Question 4

____ is how well a manager accomplishes goals

Answer 4

effectiveness

Question 5

_______ is a measure of how resources are used to accomplish goals

Answer 5

efficiency

Question 6

_____ is the Ends

Answer 6

effectiveness

Question 7

____ is the Means

Answer 7

Efficiency

Question 8

Six mangement functions:

Answer 8

-planning
-budgeting
-organizing
-controlling
-problem solving
-time management

Question 9

process of allocating resources to accomplish specific tasks within the fiscal constraints of the organization

Answer 9

Budgeting

Question 10

budget is prepared in advance

Answer 10

proactive budgeting

Question 11

example of proactive budgeting:

Answer 11

new carrier construction

Question 12

a reactionary process that often is accomplished with limited time and resources

Answer 12

reactive budgeting

Question 13

example of reactive budgeting

Answer 13

overhaul