UNIVERSITY OF TORONTO < Faculty of Arts and Science & Rotman School of Management Winter 2009 EXAMINATIONS, py, RSM100V1Y wv Duration - 3 hours ‘Aids Allowed: Quiet calculators that cannot store text or communicate are allowed, No other aids are permitted. 100 Multiple Choice Questions worth one point each Total of 100 points NAME: STUDENT # MULTIPLE CHOICE INSTRUCTIONS Please read carefully! ‘Answer the multiple choice questions on the computer sheet. (Circled answers on the test paper will NOT be accepted). On the computer sheet, make sure you: + Use an HB pencil; + Write and BUBBLE IN your student number; + Fill in your last name and the initial(s) of your given name(s); + Completely bubble in your answers; + Do not make any extra marks on your sheet. If you fail to follow all of these instructions, it could mean your sheet will not be read properly and that you will not get all the marks you deserve. Remember : Choose the best answer. There is no penalty for guessing.Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question, 1) Strategy formulation is the: y) AA) creation of a broad program for defining and meeting an organization's goals B) creation of abroad program for defining and structuring an organization's goals, ©) creation of a broad program for planning and meeting an organization's goals ) creation of a small program for defining and meeting an organization's goals ) creation ofa small program for defining and structuring an organization's goals 2) Strategic formulation involves, in order: 2» ‘A) (1) creating a mission statement, 2) analyzing the organization and its environment, and (3) setting strategic goals, B) (1) creating a mission statement, (2) setting strategic goals, and (3) analyzing the organization and ts environment © (2) analyzing the organization and its environment, (2) matching the organization and its environment, and (3) setting strategic goals D) (1) setting strategic goals, 2) analyzing the organization and its environment, and (3) creating a mission statement ) (1) setting strategic goals, 2) analyzing the organization and its environment, and (3) matching the organization and its environment 3) American Express is formulating a strategy when it makes decisions about how best to 3) compete A) functional B) business © growth D) retrenchment B) stability 4) Which ofthe following would be classified as an opportunity for an organization? 9 A) strong reputation with consumers B) changing consumer tastes, © government regulations D) competition E) recall of a competitor's product5) Each business unit in an organization will develop a strategy that focuses on how itwill 5) achieve corporate goals. A) corporate B) mission ©) business D) fundamental ®) functional 6) An example of a business that must follow a differentiation strategy is: A) a resource-industry business B) a discount retailer © an aluminum siding installer D) a local trucking company B) a fashion designer 7) What is corporate culture? |A) the shared experiences, stories, and beliefs that characterize a firm B) the extent to which the organization is accommodating to those of different races and creeds © the shared experiences, stories, and beliefs of the management ofa firm ) the ethnic background of most of the employees in an organization B) the ethnic background of most of the managers in an organization 8) Which of the following would usually be considered a corporate weakness? ‘A)a large base of satisfied customers, 8) B) increased government regulation ©) an economy that was tuming down, D)a strong competitor ) a small bank account 9) Which term is defined as the specification of the jobs to be done and the ways in which those jobs relate to one another? % A) organizational determinants B) span of control, © organizational structure D) chain of command E) organizational strategy cont'd... 2 6)110) When a business wants to develop an organizational structure, it first has to look at, and 10) A) organization chart, job specialization B) job specialization, chain of command ) organization chart, chain of command 1D) chain of command, departmentalization ) job specialization, departmentalization 11) Which of the following is an advantage of customer departmentalization? n) {A) greater expertise can be developed when specialists of one function work together B) top managers can easily see how the production process is working ©) top managers can determine when resources need to be changed because of increasing, demand in a particular geographic area ) the business benefits from efficiencies and customers get better service E) employees will make more money and have more job security 12) Which of the following best describes accountability? 2) ‘A) the number of people supervised by one manager B) the duty to perform an assigned task (© the liability of subordinates for accomplishing tasks assigned by managers ) the power to make the decisions necessary to complete a task B) the assignment of a task, responsiblity, or authority by a manager to a subordinate 13) What are the circumstances under which decision-making authority is likely tobe decentralized?” 13) ‘A) acompany where the top managers control everything 3) a large organization where top snanagers cannot personally supervise every detail ©)a company where managers practice little delegation D) when high dollar value decisions are made a small owner-operated company 14) In reviewing the firm's organization chart, Martin, who is an attorney, notices that there isa dotted 14) line between him and the V.P. of Sales. This means that: A) Martin has a line responsibility to the V.P. B) Martin and the V.P. serve on the same committee or work team, (©) Martin will assist the VP. but the V.P. will make the final decision. D) the VP. is Martin’s boss. E) Martin has the final decision regarding any legal matters in Sales. cont'd15) The following are either advantages or disadvantages ofthe functional structure except: 15) 'A) no single function is responsible for overall organizational performance B) focuses attention on the key activities that must be performed ©) employees have clearly defined career paths D) increases accountability F) conflicts may arise among the functional areas 16) Which organizational structure is used in the following situation? The firm is making a sales 16) proposal which must include suggested computer hardware, software, an overall systems design, and estimated costs. A project manager is assigned who assembles a group of company specialists from various departments to prepare the proposal to the customer. {A strategic business unit structure B) centralized structure ©) product departmentalization 1D) matrix structure E) geographic departmentalization 17) Which of the following is considered the starting point of effective human resource management? ‘A) human resource planning B) advertising (©) recruitment D) financing E) extemal staffing 18) Noah’s Pottery wants to complete a job analysis of the company. This will involve studying: 18) |A) the time and motions it takes to complete specific tasks B) the specific duties in a particular job ©) the requirements of a job for purposes of determining wage rates D) the relationship a job has with others in the business E) the demand for labour in the future 19) Joe manages 15 workers on a production line. He has asked each of them to create a checklist of all the duties they perform. Joe is working on: A) person-job matching 19) B) job analysis. ©) job description D) job relatedness B) job specification20) Which of the following is NOT a form of external recruiting? A) employee referrals 8) use ofa skill inventory ) use of employment agencies D) campus interviews E) advertising a vacancy in the newspaper 21) What is the process of evaluating, in writing, an employee's job performance? A) performance appraisal B) job analysis ©) performance analysis D) orientation ) mentoring 22) Wages are paid for while salary is paid for ‘A) number of units produced, getting a job done B) getting ajob done, time worked ©) time worked, number of units produced ) time worked, getting a job done EF) time worked or number of units produced, getting a job done 23) After a very successful year when the firm exceeded targeted earnings levels by 10 percent, each ‘employee received extra pay equal to 10 percent of what they eared for the year. This plan is called: A) merit salary B) gainsharing, ©) pay-for-knowledge D) profit-sharing ) pay-for-performance 24) Organizations which tend to work towards getting all employees to think and behave in similar ways is practicing A) homogenizing 8) affirmative action © robotics ) equal employment ) reverse discrimination 20) 21) 2) 23) 24) cont'd...25) What isthe term for the process of dealing with employees ho are represented by a union? 25) A) labour relations B) lack of workers © collective bargaining D) public opinion E) Parliament 26) Many Japanese manufactures in North America have been able to resist unionization by providing 26) all of the following except: A) job security B) a work environment in which employees are allowed to participate and be actively involved. in plant management ©) higher wages D) family-tike culture ) all of the above 27) What is a work place in which an employer may hire only workers already belonging toa union? 27) ‘A)open shop B) union shop ) management shop D) closed shop 1) agency shop 28) When does collective bargaining occur? 28) |A) when management requests a meeting with a union official to discuss a grievance ') when union and management representatives meet to aegotiate a new contract © when all employees (not just the bargaining committee) get involved in bargaining, D) when a mediator is asked to help resolve a deadlock in negotiations E) when the employee presents a grievance 29) What is COLA? A) a contract clause relating wage increases to inflation B) the consumer price index 29) C)a promise by management that wages will increase semi-annually D) another name for 7-Up E) a method used to measure wages vs. GDP cont'd...30) If union-management negotiations are not successful, a person might be called in to enforce a 30) solution. This person is called a(n): A) shop steward ) mediator © arbitrator D) union steward F) conciliator 31) In terms of psychological contracts, employee. ‘A) contributions refer to what the organization provides to the 3) B) inducements © commitments D) relations F) promises 32) Which isnot one ofthe ways that a firm can benefit from satisfied employees? 32) ‘A) more committed and loyal 'B) more likely to miss work for minor illness ©) tend to have fewer grievances D) more likely to remain with the organization ) more likely to work hard 33) Which ofthe following is NOT mentioned as an organizational benefit of satisfied workers? 33) {A) increased commitment tothe employer 'b) more loyalty to the organization C) high tumover D) higher level of effort E) fewer grievances 34) A management method of increasing employees job satisfaction by giving them a voice inhow 34) they do ther jobs is called: A) management by objectives, 8B) goal setting theory ©) participative management D) theory x B) reinforcement theory cont'd...35) The Hawthome effect is: 35) A) the tendency for workers’ productivity to increase when they feel they are receiving special attention from management B) a management approach based on the belief that people want to be productive ©) the paying of workers a set rate for each piece of work produced ) the analysis of jobs and finding better, more efficient ways to perform them E) a management approach based on the belief that people must be forced to be productive 36) Tim League seeks to motivate his employees by making sure that pay and working conditions meet 36) employee expectations and then providing employees with responsibility and recognition. Tim likely subscribes to the theory of motivation. A) two-factor B) scientific ©) expectancy D) hierarchy of needs 5) equity 37) Larry's subordinates are neither satisfied nor dissatisfied. Of the following, which is the best move to create satisfaction among his subordinates? AA) increase everyone's pay B) spend more time with them to get to know them better ©) delegate more responsibility to them D) get everyone new desks and equipment ) improve the company policies on vacation time 37) 38) Tina is the most productive employee in her department. When her manager retires, Tina doesn't 38) apply for the job, in spite of her excellent record and the pay and prestige associated with the job. ‘She believes that the job will go to someone who has more seniority. Based on expectancy theory, ‘Tina doesn't apply for the job based on A) the effort-performance issue. B) the performance-rewards issue. ©) the rewards-personal goals issue. 1D) her personal goals. E)allof the above cont'd39) The contingency approach to leadership means that a manager should: 39) |A) shift his or her managerial style based upon the situation that the manager faces B) use a free-rein style when managing a group of inexperienced, young workers ©) use a democratic style when a rapid decision has to be made D) use an autocratic style when a rapid decision has to be made ) use an autocratic style when managing a group of technicians 40) The fist step in establishing an effective MBO program is to: 40) {A) meet with subordinates to establish goals B) communicate organizational goals to subordinates find out what the subordinate’s goals are 1D) set goals for each subordinate E) establish overall organizational goals 41) The quality of a product that satisties a human need during its consumption is known as: 41) A) time utility 8) form utility © place utility D) need utility E) ownership utility 42) Identify a method of classifying an operations process. 2) {A) survey of owners to determine feedback B) by the transformation process ) by the fabrication processes D) by the purchasing method used to obtain resources E) by the service processes 43) Cheque processing at your local bank is a(n) A)active system, 8) B) low-contact (©) high-contact D) low- interaction ) high-interaction cont'd.44) What is the most logical sequence of steps in a production planning and control system? 44) ‘A) business plan, operations control, operations schedules, output to customers, long range operations plan B) business plan, operations control, operations schedules, long range operations plan, output to customers. ©) business plan, long range operations plan, operations schedules, operations control, output to customers D) operations control, operations schedules, output to customers, long range operations plan, business plan ) business plan, long range operations plan, operations control, operations schedules, output to customers 45) Which layout is most likely to depend upon general-purpose machinery and skilled labour to 45) perform a variety of jobs for different customers? A) customer B) cellular ©) product D) fixed-position ) process 46) Which of the following is a reason for conducting a service flow analysis? 46) ‘A) a good service flow analysis identifies only wasteful activities B) a good service flow analysis reduces the petishability of the service ©) a good service flow analysis attracts customers to the facility 1D) each process is a potential contributor of good or bad service; therefore, all processes must be known F) a good service flow analysis permits the manager to plan for peak capacity 7) is a measure of economic performance that compares how much is produced relative 4 with the resources used to produce it. — A) Productivity B) Quality ©) Re-engineering ) Total quality management B Services 48) An artist over the period of a day converts 8 Ibs. of steel bought at $10/lb, and 2 Ibs. of plastic 48) bought at $5/Ib. into 4 lamps that he sells for $50 per lamp. What is the productivity for that artist over the period of one day? A) 120 BA 90 D) 200 5) 222 10 cont'd49) The concept that emphasizes that no defects are tolerable and that all employees are responsible for maintaining quality standards is called: A) quality circle B) quality ownership 49) ©) performance quality 1D) quality reliability F) total quality management 50) The evaluation method that allows managers to analyze variations in a company's production activities to determine when adjustments are needed is called: A) upper/lower control limit analysis 5) internal failure analysis ©) quality circles 50) D) quality/cost study E) statistical process control 51) The process of analyzing and applying the best practices of other companies with whom they do 51) not directly compete to their own operations is called ‘A) competitive product analysis. B) benchmarking, © quality/cost studies. ) quality reliability analysis. ) performance quality analysis. 52) Supply chain management is 52) A) a program certifying that a factory, laboratory, or office has met the quality management standards of the International Organization for Standardization. ) a certification program attesting to the fact that a factory, laboratory, or office has improved environmental performance. ) the redesigning of business processes to improve performance, quality, and productivity. ) the concept that all employees are valuable contributors to a firm's business, and should be entrusted with decisions regarding their work, E) the principle of looking at the supply chain as a whole in order to improve the overall flow through the system. cont'd... u'53) Employee empowerment is 53) A) an ongoing commitment to improving products and processes in the pursuit of ‘ever-increasing customer satisfaction. B) the principle of looking at the supply chain as a whole in order to improve the overall flow through the system, ©) a certification program attesting to the fact that a factory, laboratory, or office has improved. environmental performance. D) a program certifying that a factory, laboratory, or office has met the quality management standards of the International Organization for Standardization. E) the concept that all employees are valuable contributors to a firm's business, and should be entrusted with decisions regarding their work. 54) Information is 5a) A) the useful interpretation of facts and figures. B) names and numbers from a large phonebook. ©) controlled flow of words for a useful purpose. D) raw facts and figures, ) proven facts. 55) The operating managers who formerly communicated company policies, procedures, or work 55) instructions to lower-level employees are being replaced by: A) Internet service providers 8) electronic conferencing ©) intranets D) groupware E) firewalls '56) Products ranging from cell phones to auto parts are created using. software because it 56) allows faster designs at lower costs compared to manual modeling methods. — ‘A) application 8B) computer-aided design © computer-aided manufacturing ) operations E) computer-aided simulation cont'd...57) A decision support system is 57) |A) a system that supports an organization's managers by providing daily reports, schedules, plans, and budgets that can be used for making decisions. B) a system of hardware and software that imitates human behavior. ©) an interactive system that locates and presents information needed to support the decision-making process. 1D) a quick-reference, easy-access application of information systems specifically designed for instant access by upper-level managers. ) an information processing application for routine business activities involving well-defined processing steps. 58) When Wal-Mart depends upon its private satellite network to link more than 2.000 retail storesto 58) its headquarters, itis using a: A) local area network 3B) mainframe ©) supercomputer D) wide area network B) decentralized system 59) Marketing of insurance, airlines, investment counsellors, and health clinics are examples of: 59) A) industrial marketing B) idea marketing C) relationship marketing ) consumer marketing E) service marketing 60) One ofthe results of adopting the marketing concept is that the firm: 60) |A) develops a strong production orientation ') hires more top leaders for research and development ) spends more money on marketing, D) spends more time determining what customers want ) becomes much more profit oriented 61) What results are expected from a successful product differentiation program? 6) {A) promotional plans will not change B) differentiation requires that prices be mid-level in order to generate a high volume of sales © differentiation requires that prices be high in order to generate a high volume of sales D) customer response to the product will change 5) the manner in which the product functions must be changed cont'd... 1362)__ is the most highly visible component of the marketing mix. A) Promotion B) Product © Place D) Profit B) Price 62) 63) Which segment of a market will consider consumer characteristics such as their motives, opinions, 63) interests, and attitudes? A) geographic variables B) psychographic variables ©) consumographic variables D) demographic variables ) product-use variables 64) Which category of influences on consumer behaviour includes family, opinion leaders, friends, 64) co-workers, and associates? A) psychological B) cultural ©) personal D) past experience E) social 65) Accessing a Web site in search of magazine articles about a product before its purchase is an 65) example of what part of the consumer-buying model? 'A) evaluation of alternatives 8) need recognition © post-purchase evaluation ) purchasing the product ) information seeking “66) When a firm is considering entering the international market with one or more ofits products, 66) which ofthe following is the most important? 'A) the marketing manager must select a local sales representative from within the foreign nation B) the marketing managers must learn the language which is used in that market, e, » Korean, Japanese, Spanish ©) marketing managers must travel to the international market each month in order to evaluate the effects of their work D) marketing managers must change the manufacturing process to lower manufacturing costs so as to offset higher shipping costs B) marketing managers must reconsider each of the elements in the marketing mix 67) Identify the categories of consumer goods and services. 67) A) impulse, convenience, coincidental B) pre-teens, teens, adults ©) ideas, products, services D) convenience, shopping, specialty high, medium, and low-priced 68) Which of the following does not apply to specialty goods? 68) ‘A) will accept limited substitutes 8) customers know exactly what they want ©) customers will often go from store to store looking for what they want ) will spend a lot of time finding them B) are very expensive 68) What is the purpose of the screening stage of the product development process? 6) AA) toactively seek out ideas for new products B) to compare costs and benefits of the proposed product to identify the benefits which consumers want D) to eliminate all ideas that do not mesh with the firm's objectives, abilities, or expertise E) to identify potential production problems 70) How does the product life cycle mesh with the product development process? A) the two do not mesh 70) B) product commercialization is the stat ofthe introduction stage of the life cycle © prototype development is the start ofthe introduction stage of a life cycle ) product testing and test marketing take place during the growth stage of the life cycle ) commercialization indicates that the product has become a "star" cont’ 15. 71) Automobiles, colour TVs, and DVD players are in the A) development B) introduction ©) growth D) maturity ) decline 172) What are the three stages of brand loyalty? 'A) brand insistence, tamper resistant packaging, and label requirements 8) brand recognition, brand preference, and brand insistence © question marks, stars, dogs D) licensed brands, generic products, and trade marks ) national brands, private brands, and generic brands 73) What is the strategy behind the use of reminder advertising? 2) A) to use a direct comparison of products in the hope of convincing consumers to switch products B) to develop an awareness of the differences between the company’s product and a competitors product ©) to develop an awareness of the company and the product 1D) to influence consumers to buy the company’s products instead of a competitor's products, ) to keep the product's name in the mind of the consumer, especially during the maturity and decline stages of the product life cycle 174) For sellers, which of the following is not an advantage of internet marketing? 74) A) Elimination of intermediaries B) feedback ©) flexibility D) convenience E) Reduced costs, 75) A music storeowner would begin to price CDs by taking into consideration all of the following 7) costs except: A) utilities and insurance B) market share objectives © store rent and staff salaries D) product displays E) cost of buying CDs from the manufacturer cont'd 16 stage of their product life cycle. ™ 72)76) A highly successful bakery specializes in making cherry tarts. The bakery workers are paid by the 76) ‘umber of tarts that they make and sell. Which of the following costs at the bakery is NOT - variable? A) sugar B) flour for tarts ©) cherries D) rental fee on bakery's building E) none of the above 77) Pricing below prevailing market price can succeed for a firm if ™ AA) the firm has effective promotional tactics and gimmicks. B) the firm can effectively criticize its competitors’ products. © the firm can offer a product of acceptable quality. D) the public doesn't learn that the firm's product is indeed inferior. E) none of the above 78) Psychological pricing involves 78) {A) setting an initial low price to establish a new product in the market. B) setting an initial high price to cover new product costs and generating a profit. ©) setting a limited number of prices for certain categories of products D) setting prices in uneven dollar amounts. E) taking advantage of the fact that consumers do not always respond rationally to stated prices. 179) Which of the following intermediaries represents several producers and is paid a commission 2) based on invoice values? A) sales office B) collective agent-distribution ©) agent/broker D) sales branch ) merchant wholesaler 80) The warehouse operation that tracks what is on hand and ensures that an adequate supply isin 80) stock at all times is: A) inventory control 8) materials handling ©) unitzation D) containerization ) distribution control cont'd... Ww+ 81) The owner of Fiama Electric overheard the manager of a competing firm discussing his new 81) exclusive distribution strategy. You explain to him what this strategy entails. ‘A)a firm selects only those wholesalers and retailers who will give exclusive attention to their product (ex. sales effort, floor position) B) distributing the product through as many warehouses and retailers as possible, thereby excluding no one ©) only one trucking firm is given the exclusive transportation contract to deliver the products D) distributing through the use of a limited number of outlets for a product ) the manufacturer grants the right to distribute and sell the product to only one wholesaler or retailer in an area 82) What is the advantage of using trucks as a method of transporting goods? 82) {A) flexibility, dependable, and fast service to most parts of Canada B) lowest rates © fastest delivery times D) less packaging of the product is required: therefore, packaging costs are lower ) unaffected by weather conditions 83) Which of the following represents a stock's real value? A) profitability ratio 83) B) par value ©) book value D) price earings ratio E) market value 84) Which term represents the value of a common stock expressed as total shareholders’ equity divided 84) by the number of shares of common stock? A) price-earnings ratio B) par value ©) market value D) book value E) profitability ratio '85) Bonds that receive poor ratings are likely to: A) not be issued By have to pay higher interest rates ©) reduce the total amount issued 85) D) have to be registered ) require more underwriting 1886) Issuers of bonds are most likely to call them in when: 86) ‘A) when the government revises its capital gains tax law B) when investor confidence goes up ©) when investor confidence goes down 1D) the prevailing rate of interest is les than that stipulated on the bonds F) the prevailing rate of interest exceeds that stipulated on the bonds 87) Which investment has the greatest risk? A) stock options 87) 8) common stock ©) a safety of principal oriented mutual fund 'D) municipal bond 8) futures contracts in the commodities market 88) A__ isa period of generally falling stock prices. 88) A) blue sky market B) bear market ©) cash cow market D) bull market B) stock market 89) “Iam a chemist with the nation’s largest chemical company. We have secretly developed a cure for 89) three of the world's most serious epidemics. Before this news breaks out, 1am going to buy as many shares of stock in my company as lan get my hands on. Then TIl sit back and watch the stock price head for the sky." The person making this statement is about to engage in A) selling shares of stock B) further research. ©) anews conference. D) insider trading. E) open-market operations. 90) When a firm ensures that it always has enough funds on hand to purchase the materials and. 90) human resources that it needs to produce goods and services it is exercising: A) cash-flow management B) government tax reporting © financial planning ) financial control ) accounting cont'd 1991) Why is it in the firm's interest to withhold payment as long as it can? |A) the longer it withholds interest, the higher the amount that can be factored from accounts receivable B) withholding payment increases the value of the accounts payable that may be subsequently factored © the longer it withholds payments the more it can raise the selling price of its own goods D) the longer it withholds funds, the lower the interest rate will be B) the longer the firm withholds payment, the longer it will have cash available for investments or other uses 92) Secured, short-term loans are usually secured by: A) trade credit B) inventories ©) commercial paper D) fixed assets E) deposits with the bank 93) How may a firm obtain an unsecured short-term bank loan? A) pledge accounts receivable B) obtain open-book credit ) obtain a line of credit agreement D) obtain an inventory loan E) provide a fixed asset as a guarantee of payment 94) What i the difference between factoring accounts receivable and using accounts receivable as collateral fora short-term loan? {A) factoring involves selling the accounts receivable instead of using them to obtain a loan B) factoring involves agreeing to repurchase accounts receivable at a future date instead of using, them as collateral to obtain a loan. ©) factoring accounts receivable is accomplished through a finance company whereas using them as collateral is arranged with a bank D) factoring is the collateral used when issuing commercial paper ) there is no difference st) 92) 93) 94)95) The mix of debt and equity funding that a firm uses is called its: 95) A) debt-to-equity ratio 8B) corporate capital mix ©) financial mix D) long-term funding mix E) capital structure 96) One of the four characteristics of an insurable tisk is. from an accident, not an intentional act by the policy-holder. A) verifiability B) profitability © casualty D) unconnectedness E) predictability ‘This means that the loss must result 96) 97) The ability to type, to create a spreadsheet, oF to write a computer program are examples of which 97) basic management skill? ‘A) conceptual B) technical © time-management ) decision-making E) human relations 98) The technical skills, human relations skills, and conceptual skills of managers: 98) |A) shift so that the conceptual skills become less important to the higher level manager B) shift so that the technical skills become more important to the higher level manager C) retain the same degree of importance as a manager progresses “up the organization ladder" to the top D) shift so that human relations skills become more important than conceptual skills to the higher level manager 5) shift in their degree of importance as the manager rises tothe top of the organization 99) Selection of the best course of action in a particular situation is known as: 99) A) decision making 8) planning © controlling 'D) management E) organizing cent’'d a100) Two management skills required for the 21st century willbe: 00) eee ‘A) teamwork skills and global management skills B) teamwork skills and diversity skills ©) diversity skills and technology skills, D) teamwork skills and technology skills E) global management skills and technology skills