ESSENTIALS OF CONTEMPORARY MANAGEMENT TAKE HOME TEST-CHAPTERS 1-3-4 DUE 10/1/201
ID: 394181 • Letter: E
Question
ESSENTIALS OF CONTEMPORARY MANAGEMENT TAKE HOME TEST-CHAPTERS 1-3-4 DUE 10/1/2018 1. What is organizational performance and what is its relationship with efficiency and effectiveness? 2. What are the building blocks of competitive advantage? Why is gaining a competitive advantage important to managers? 3. Identify and briely define the three major types of managerial skills. 4. Describe the relationship between ethics, law and business. 5. Explain why customers are considered to be the most critical stakeholder group. 6. Summarize the reasons why managers should behave ethically. 7. Describe the four ethical rules or principles and discuss their managerial implications. 8. Explain briefly a task environment. What effect does it have on managers? 9. The barriers to entry result from three sources. Explain in brief the three sources 10. What do economic forces include? How do they affect the general environment of the organization? What are the challenges that they present to managers? DUE 10/1/ 2018 NO PAPERS ACCEPTED LATEExplanation / Answer
Answer 1: Organizational Performance is measured as the actual outcomes of an organization with respect to its set goals and objectives and these outcomes are measured around organizational financial performance, shareholder return and performance in marketplace, and have strong linkage in the organizational strategic plan, economic contributions and customer satisfaction. It promotes the organizational mission and values. Business efficiency is based on the input and output performance ratio whereas organizational efficiency shows the internal processes improvement, such as organizational strategy, employee skill development, organizational structure, employee motivation and commitment, employee goals, etc. Effectiveness and Efficiency are exclusive in nature and to have better organizational performance, it is required to have success in both the areas. Efficiency relates with the resource allocation based on best alternative usage and effectiveness shows the capability to realize organizational long term goals. Hence, organizational performance can be depicted as,
Organizational performance = Efficiency * Effectiveness
Effectiveness covers the broader aspects of value creation, quality, employee satisfaction and relating output with external environment and its interaction. Whereas, the efficiency covers the best usage of input versus output.
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