nature of management

Question 1

management

Answer 1

process of planning, organizing, leading, and controlling activities of an organization effectively and efficiently to achieve its goals.

Question 2

efficiency and effectiveness

Answer 2

managers apply to render excellent performance

Question 3

efficiency

Answer 3

ability to maximize output with minimum input, to avoid wasting time and effort

Question 4

effectiveness

Answer 4

capacity to attain an intended objective or result, to meet the desired goal regardless of the amount of input required

Question 5

doing things right

Answer 5

efficiency

Question 6

doing the right thing

Answer 6

effectiveness

Question 7

five factors influencing management

Answer 7

globalization
technology
sustainability and corporate social responsibility
psychology
ecosystem

Question 8

globalization

Answer 8

refers to the phenomenon of growing nations

Question 9

technology

Answer 9

main driving forces of business

Question 10

outsourcing

Answer 10

the transfer of an organizational function to a third party

Question 11

offshoring

Answer 11

when the third party is located in another country, the transfer is called

Question 12

sustainability

Answer 12

companies should plan and conduct long term business operations to ensure minimal negative impact on the social, cultural, etc

Question 13

corporate social responsibility

Answer 13

defined as the willingness of companies to run their business operations in a sustainable and responsible manner

Question 14

psychology

Answer 14

focuses on developing people and management skills, can help managers foster closer relations and better communication

Question 15

ecosystem

Answer 15

provide related products and services, has resulted in improvement and innovations in industries