Exam 3 covers chapters 7-9 in the textbook, the video segments, and the accompanying class lecture presentations and discussions. In exam 3, you will answer any 3 of the following questions in essay format. For each selected question your answer should be at least a page in length. Your answers must be in your own words. Recall that plagiarized work will not be accepted and will result in a failing grade for the exam. Be sure that your exam is typed, doubled-spaced, and uses 12 point Times New Roman font. Your completed exam is due in class on Tuesday, March 31st. Late exams will not be accepted.
1. List and provide an example of three different tasks that a business manager faces in the workplace. Explain your answer.
2. Jack Welch, the former CEO of General Electric, has a unique theory about business management. Describe three key aspects about Welch’s ideas, including the 70/20/10 principle.
3. What is SWOT analysis? Explain how a business manager might employ this strategy in the analyzing the operation of a firm.
4. Explain three types of leadership. Which type of leadership style do you think is most effective in the workplace? What type of leadership do you think you possess? Explain your answer.
5. What is the role of human resource management within a business? Describe at least three functions that human resources management will perform within a business.
6. What is employee compensation? Describe three different types of wages, salaries, or benefits that employees might receive in compensation for their labor in the workplace.
7. What does the term empowerment mean in a business context? What role does empowerment play in the workplace? Can a workplace function effectively without empowerment? Explain your answer.
8. According to chapter 9, communication is essential to the success of a business. Describe three different types of communication that can be found within a business. Provide an example of what the lack of communication can do to a business.