Mnb1501 - Assessment 5 - Expected Questions And Answers - 2024

The following is under classical approaches {Ans: 1. The scientific school 2. The management process 3. The behavioral school 4. The quantitative school 5. The systems approach}4 supporting management activities {Ans: 1. Gathering and processing of information to make decisions possible. 2. Decision-making 3. Communication 4. Negotiation}Non-exclusive directors {Ans: Are not involved in the day-to-day operation of the business of the company and do not receive any remuneration other that their director's fees. They are independent of management and should be free from any significant business or other relationship with the company that could materially hamper their independence.}Management {Ans: The process of accomplishing the goals of an organization through the effective use of people and other resources.}4 basic resources in company {Ans: 1. Human resources (managers) 2. Financial resources (Shareholders) 3. Physical resources (Buildings) 4. Information resources (Market research reports)}Organizational goal/objective {Ans: A desired state of affairs that the organization attempts to reach}3 management skills {Ans: 1. Conceptual skills: the mental capacity to view the business and its parts in a holistic manner. 2. Interpersonal skills/ humsn relationd skills: the ability to work with people. 3. Technical skills: The ability to use the