Question

1. Is there a difference between a leader and a manager and if so, what is it?

2. Define efficiency and effectiveness.

3. What are the seven challenges for managers?

4. Name the four Functions of management

5. What are the levels of management?

6. What is the difference between a Functional vs. General Manager?

7. Define for profit, non-profit, mutual benefit organizations

8. What are the three managerial roles?

9. What is an entrepreneur?

10. What skill sets do managers need?

Answer 1

Is there a difference between a leader and a manager and if so, what is it?

While any business organization needs both good leaders as well as managers to be successful, there is a clear distinction between the two.

While the leader envisions a future and inspires others to follow the vision for success, a manager formulates goals/objectives and defines steps that employees would take to achieve the set goals.

While managers work within the standard system and process to perform the work as efficiently as possible, the leader tries to bring in change and innovative ideas to disrupt the system and process. This is done to find and develop a better way to perform the tasks.

Define efficiency and effectiveness.

Effectiveness refers to completing a set of activities in its due time and in the correct manner to achieve the objectives.

Efficiency refers to performing the activities in the most balanced or optimal way - it could either be the least expensive or less time-consuming but ,ultimately, efficiency leads to performing the activities in the best way possible.