Answer the following statements true (T) or false (F)

Question

1. At times, to be efficient in management means not using resources in the most cost-effective way.
2. One of the challenges of management is that problems and scenarios are seldom similar, so managers are not able to use past products and accomplishments as indicators of future success.
3. The ideal state that many people seek is an emotional zone somewhere between excitement and anxiety.
4. Organizations can gain a competitive advantage simply by matching their competition in terms of cutting costs and responsiveness to employees.
5. Innovation in business is defined as seeking ways to deliver less costly goods but in similar ways, maintaining employee morale.

Answer 1

1. FALSE
Efficiency is the means of attaining the organization's goals. To be efficient means to use resources such as people, money, and raw materials wisely and cost-effectively.
2. FALSE
There are many rewards, apart from those of money and status, to being a manager. One of these is that you can build a catalog of successful products or services. Every product or service you provide becomes a monument to your accomplishments.
3. TRUE
The ideal state that many people seek is an emotional zone somewhere between boredom and anxiety, in the view of psychologist Mihaly Csikzentmihalyi. Boredom, he says, may arise because skills and challenges are mismatched. For example, someone exercising his or her high level of skill in a job with a low level of challenge, such as licking envelopes.
4. FALSE
The first challenge of a manager is to manage for competitive advantage. This means an organization must stay ahead in four areas: (1) being responsive to customers, (2) innovation, (3) quality, and (4) efficiency.
5. FALSE
Finding ways to deliver new or better goods or services is called innovation.