Lecture 1

Question 1

What are the 7 managerial sciences

Answer 1

accounting
finance
economics
human resources management
value creation
operations management
marketing

Question 2

What are the roles associated with accounting

Answer 2

keeping the books
recording the financial transactions
preparing financial statements
managing cash flows
analysis of profitability
determining business strengths and weaknesses

Question 3

What are the roles associated with finance

Answer 3

determining financial needs
identifying sources of capital
developing operated budgets
investing profits
managing assests

Question 4

What are the roles associated with economics

Answer 4

determining optimal mix of capital and labor
determining optimal output
determining levels of investment into risk management
determining optimal hours of business operation

Question 5

What are the roles associate with human resources management

Answer 5

conducting job analyses
hiring personnel
orienting and training personnel
motivating personnel
appraising personnel performance
terminating employment

Question 6

What are the roles of marketing

Answer 6

identifying competitive advantages
implementing competitive advantages
identifying target markets
evaluating promotional strategies
implementing promotional strategies

Question 7

What are the roles of operations management

Answer 7

designing workflow
control of purchasing and inventory
performing quality assurance initiatives

Question 8

What are the roles of value creation

Answer 8

selling yourself and your ideas to stakeholders
leveraging knowledge and skill sets to enhance success
developing or enhancing a process or good that enhances a stakeholder’s position