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What is the common entry-level job in business management?
Management Trainee
What is the four primary functions of Management?
Planning, organizing, leading, and controlling
What is the first step in the Managerial planning process?
Setting Objectives
What's the main goal of organizing in management?
To arrange resources and tasks to achieve tasks
What is the main advantage of a flat organizational structure?
Faster decision-making authority to lower levels
Which position is responsible for the financial health of a company?
Chief Financial Officer (CFO)
What is a key skill for effective management?
Communication
What is a common tool used in planning?
SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)
What is an organizational chart?
A diagram that shows the structure of an organization
Whats a functional organizational structure?
It groups employees by their functions or roles
What does a Sales Manager typically do?
Manages the sales team and sets sales targets
Name the difference between leadership and management.
Leadership involves inspiring people, while management focuses on organizing and coordinating tasks
What type of plan is designed for a single-use.
A project plan
What Is meant by "span of controll"?
The number of employees a manager supervises
Whats a common characteristic of a tall organizational structure?
What is a key responsibility of a Marketing Manager.
To develop and execute marketing strategies
Who is known as the "father of modern management"?
Peter Drunker
What is the purpose of contingency planning?
To prepare for unexpected events
Why is coordination important in Organizing?
To ensure all parts of the organization work together effectively.
What is a Matrix organizational structure?
It combines functional and project-based divisions/
What is the role of a Human Resources Manager?
To oversee recruitment, training and employee relations
What does the term "management" primarily refer to?
The process of dealing with or controlling things or people.
What is a strategic plan?
A long term plan that outlines an organization's overall goals.
What is delegation?
Assigning responsibility to others
What is decentralization?
Distributing decision-making authority to lower levels