Mgt 300 Exam 1 Study Guide

Management is the allocation of scarce resources against an organization 's objective, the setting of priorities, the design of work and the achievement of results. Most important, it 's about controlling.

Capital Power is an independent power producer, based in Edmonton, Alberta, but with operations across North America. It has an aggressive growth strategy with the goal of tripling its

In many ways, empowerment embodies principles effective managers and leaders have practiced for years. Two new driving forces in business, increased diversity and high-speed change, magnify the need for empowerment. Empowering people is now indispensable for effective personal productivity and maximum team success.

Employee empowerment is defined as giving employees a degree of autonomy and responsibility for decision-making. The benefits are

Competitive advantage exists when a firm has strategy, product or an attribute that makes the firm capable of delivering similar benefit to that of competitors at a cheaper cost. Having competitive advantage is not enough the company should be capable of sustaining that particular competitive advantage for a longer period of time.

Empowerment is when individuals are given greater control over decisions and actions that will affect their health. Empowerment is important when working in partnership within health and social care settings, as it can allow honest relationships to develop between service users and

Empowerment is an issue that is imperative to the change process. We touched on the idea of empowerment while exploring power, and politics in the workplace. Empowerment is important in regards to The Heart Of

Controlling is monitoring the performance of the organization, identifying deviations between planned and actual results, and taking corrective action when necessary. With all these four functions that are involved in the process of management, if all are followed correctly the organization will be properly ran and will have few complications.

Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.

Employee empowerment can be described as giving employees' accountability and ability to make choices about their work without managerial authorization. Good managers are expected to

A Competitive Advantage is a peculiarity for an organization between it's competitors . It's achieved either by lowering prices or by greatening the value of the product or by offering luxury service and benefits to cope with high prices .

Competitive advantage is that a company has better ability in earning profit and profit growth compared to its competitors for the same group of customers in one industry.

Competitive advantage(CA) is an advantage competitors gain by providing or offering customers or consumers greater value for their money through product and service differentiation or through lower prices. Maintaining competitive advantage is crucial to many businesses or organizations' success in order to survive in the market. Competitive advantage is characterized by superior performance which could be an attribute to outperform the competitors whether current or potential; or gaining a higher market share in a particular industry thereby ensuring market leadership; or ultimately, maximization of profit.(JOBBER 2010)

The success or failure of an organization falls back on the top manager (Jones & George, 2011).

Competitive advantage is explained by Mahoney and Pandian (1992) as the function of industry analysis, organizational governance and the firm’s effects in the form of resource advantages and strategies. In order for a firm to be competitive it must adapt to the volatile business environment and through strategic management decisions establish a competitive advantage that will ultimately produce superior performance relative to its competitors (Akimova 2000).