Chapter 5: Nature Of Management

Question 1

Management is the process of coordinating a business’s resources to achieve its goals
Is this the traditional or contemporary definition?

Answer 1

Traditional

Question 2

Who is someone who coordinates the business’s limited resources in order to achieve specific goals?

Answer 2

A manager

Question 3

Management is the process of working with and through other people to achieve business goals in a changing environment
Is this the traditional or contemporary definition?

Answer 3

Contemporary

Question 4

There are 4 main resources:
• Information resources 
• Physical resources
• Financial resources
• \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
What is the other?

Answer 4

Human resources

Question 5

________ skills are those skills needed to work and communicate with other people and to understand their needs
What’s missing?

Answer 5

Interpersonal

Question 6

___________ is the exchange of information between people; the sending and receiving of messages
What’s missing?

Answer 6

Communication

Question 7

_______ thinking allows a manager to see the business as a whole and to take the broad, long-term view
What’s missing?

Answer 7

Strategic

Question 8

Which skill involves a manager to communicate, motivate, lead and inspire?

Answer 8

Interpersonal skills

Question 9

_____ is the clear, shared sense of direction that allows people to attain a common goal
What’s missing?

Answer 9

Vision

Question 10

_______ is the ability to influence people to set and achieve specific goals
What’s missing?

Answer 10

Leadership

Question 11

______ ______ is a broad set of activities involved in searching for, identifying and then implementing a course of action to correct an unworkable situation
What’s missing?

Answer 11

Problem solving

Question 12

_______ _______ is the process of identifying the options available and then choosing a specific course of action to solve a specific problem
What’s missing?

Answer 12

Decision making

Question 13

Management must be ________ and _______ to changing circumstances
What’s missing?

Answer 13

Flexible and adaptable

Question 14

Who is someone who interacts with a business and has vested interest in its activities?

Answer 14

Stakeholder

Question 15

What does the ‘triple bottom line’ refer to?

Answer 15

The economic, social and environmental performance of a business