Question 1

For the decision-making process in an organization, those who ________ a decision must understand the choice and must be committed to its successful implementation.

Accepted Answer

A)   make
B)   influence
C)   implement
D)   finalize
E)   createF) C) and D)
G) None of the above

Question 2

Karina viewed her staff as a competitive advantage. They had the necessary academic degrees, the necessary experience, and competitive salaries. Jean, her division manager, said, "Karina, until you have staff with rare and valuable academic research experience and corresponding degrees, and with talents that are world-class and in extremely high demand by your clients, such that they are willing to pay top dollar for that talent, your staff do not represent a competitive advantage. Your staff are too ________ by your competitors."

Accepted Answer

A)   expensive to be recruited
B)   academic to be desired
C)   hard to replicate
D)   easy to imitate
E)   experienced to be soughtF) A) and E)
G) B) and D)

Question 3

In managerial decision making, when one can estimate the likelihood of various consequences but still does not know with certainty what will happen, he or she is facing

Accepted Answer

A)   irresolution.
B)   maximization.
C)   risk.
D)   optimization.
E)   framing effects.F) B) and D)
G) B) and E)

Question 4

The four related steps involved in strategy implementation are: (1) define strategic tasks; (2) assess organization capabilities; (3) develop an implementation agenda; and (4) create an implementation plan. Implementing the strategy using these steps requires communication, involvement, training/coaching, and monitoring. What are some difficult situations that may develop in implementing strategy, and how would a manager address them?

Accepted Answer

The answer of The four related steps involved in strategy...

Question 5

In the BCG matrix, a star represents a company

Accepted Answer

A)   with high growth and a strong competitive position in the market.
B)   that requires substantial investments to improve its position in the market.
C)   with low growth and a strong competitive position in the market.
D)   that generates excess revenues and funds other businesses.
E)   that will be divested as soon as possible.F) C) and D)
G) A) and B)

Question 6

The strategic vision of an organization

Accepted Answer

A)   provides a perspective on where the organization is headed.
B)   describes the organization as it currently operates.
C)   can be expressed as a clear and concise expression of the organization's basic purpose.
D)   is expressed as strictly a financial statement.
E)   emphasizes the short-term gains of the organization.F) A) and B)
G) A) and C)

Question 7

List and explain the components of a strategic control system.

Accepted Answer

A strategic control system inc...

Question 8

The first step in an ideal decision-making process is to

Accepted Answer

A)   make a choice.
B)   evaluate alternatives.
C)   implement the decision.
D)   generate alternative solutions.
E)   identify and diagnose the problem.F) A) and E)
G) C) and D)

Question 9

An organization's mission statement describes all of the following EXCEPT

Accepted Answer

A)   the company's basic purpose.
B)   what the organization does.
C)   its basic good or service.
D)   its morals.
E)   its values.F) B) and D)
G) A) and B)

Question 10

"Boss, you know that my plan will make us an absolutely unheard amount of money, and it's by far the best plan offered this week!" JB Lynfield exclaimed excitedly. Mateo Garcia, division manager, replied, "Yes, your statement is technically true. However, your plan has no data or facts, and the other two plans specified gains of 15 and 22 percent, respectively, and, as you know, they were submitted last week." JB was displaying ________ to sell his position.

Accepted Answer

A)   illusion of control
B)   framing effects
C)   discounting the future
D)   groupthink
E)   devil's advocacyF) B) and D)
G) A) and D)

Question 11

When a group accepts an alternative in order to end a meeting, the group has reached a(n)  ________ decision.

Accepted Answer

A)   maximizing
B)   innovative
C)   satisficing
D)   constructive
E)   optimizingF) None of the above
G) A) and B)

Question 12

Barbara Meyer, CEO of Luxury Living Corporation, said, "I like what I heard from our SWOT analysis. It found: (1)  We have an excellent sales staff. (2)  Our management team is one of the best in the industry. (3)  Demand for our products in the underserved overseas market is projected to soar. (4)  Our factories use the latest and most efficient equipment. (5)  And our cost control system is world class." An opportunity for Luxury Living, per the SWOT analysis, is that

Accepted Answer

A)   they have an excellent sales staff.
B)   their management team is one of the best in the industry.
C)   demand for their products in the underserved overseas markets is projected to soar.
D)   their factories use the latest and most efficient equipment.
E)   their cost control system is world class.F) A) and B)
G) All of the above

Question 13

The tangible assets of an organization include

Accepted Answer

A)   patents.
B)   real estate.
C)   company reputation.
D)   technical knowledge.
E)   learning and experience.F) A) and E)
G) A) and D)

Question 14

Businesses using a ________ strategy try to be efficient and offer a standard, no-frills product.

Accepted Answer

A)   high return
B)   low-cost
C)   high-cost
D)   low return
E)   high profitF) C) and D)
G) B) and C)

Question 15

A company recently made changes to its organizational structure. While deciding upon the changes to be implemented, the company invited many employees to discuss the issue with the senior management. This enabled the employees to hear the relevant arguments both for the chosen alternative and against the rejected alternatives. An advantage of using employees in this group discussion was that

Accepted Answer

A)   the employees dominated the discussions and promoted their ideas.
B)   the phenomenon of groupthink was encouraged.
C)   the satisficing method of decision making was employed.
D)   goal displacement was furthered.
E)   the employees understood why the decision was made.F) D) and E)
G) A) and D)

Question 16

During the ________ step of the planning process, managers identify the priorities and trade-offs among goals and plans.

Accepted Answer

A)   evaluation of goals and plans
B)   selection of goals and plans
C)   implementation of goals and plans
D)   monitoring of goals and plans
E)   generating alternative goals and plansF) A) and C)
G) A) and B)

Question 17

Discounting the future refers to

Accepted Answer

A)   focusing on gains in the long run.
B)   failing to consider inflationary costs.
C)   underestimating the short-term effects of a decision.
D)   weighing short-term benefits more heavily than long-term benefits.
E)   failing to consider the effects of new entrants into the industry.F) A) and E)
G) None of the above

Question 18

________ refer(s)  to a decision bias influenced by the way in which a problem or decision alternative is phrased or presented.

Accepted Answer

A)   Framing effects
B)   Discounting the future
C)   An illusion of control
D)   Social realities
E)   Time pressuresF) B) and E)
G) D) and E)

Question 19

In the context of the planning process, ________ are the targets or ends a manager wants to reach.

Accepted Answer

A)   goals
B)   plans
C)   scenarios
D)   strategies
E)   contingenciesF) C) and D)
G) None of the above

Question 20

After Barb's department performed poorly two years, she reviewed her plan and saw that the flaws in it were inadequate funding and unclear priorities. The next year she acquired sufficient funds and incentivized her top managers with bonuses for goals met. The results made Barb ecstatic, showing how the implementation of plans is successful when

Accepted Answer

A)   the planning process is limited to senior managers.
B)   limited financial resources are made available to the manager.
C)   they are linked to other organizational systems like budgets and rewards.
D)   they are converted into strict rules for employees to follow.
E)   they are projected as confidential issues concerning top management.F) B) and E)
G) None of the above

Exam 5: Planning and Decision Making

During the ________ step of the planning process, managers identify the priorities and trade-offs among goals and plans.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

An organization's mission statement describes all of the following EXCEPT

Correct Answer
verified

In managerial decision making, when one can estimate the likelihood of various consequences but still does not know with certainty what will happen, he or she is facing

Correct Answer
verified

In the context of the planning process, ________ are the targets or ends a manager wants to reach.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

________ refer(s) to a decision bias influenced by the way in which a problem or decision alternative is phrased or presented.

Correct Answer
verified

The strategic vision of an organization

Correct Answer
verified

Correct Answer
verified

Discounting the future refers to

Correct Answer
verified

Businesses using a ________ strategy try to be efficient and offer a standard, no-frills product.

Correct Answer
verified

The tangible assets of an organization include

Correct Answer
verified

List and explain the components of a strategic control system.

Correct Answer
verified
A strategic control system inc...
View Answer

When a group accepts an alternative in order to end a meeting, the group has reached a(n) ________ decision.

Correct Answer
verified

The first step in an ideal decision-making process is to

Correct Answer
verified

In the BCG matrix, a star represents a company

Correct Answer
verified

Correct Answer
verified

For the decision-making process in an organization, those who ________ a decision must understand the choice and must be committed to its successful implementation.

Correct Answer
verified

Exam 5: Planning and Decision Making

During the ________ step of the planning process, managers identify the priorities and trade-offs among goals and plans.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

An organization's mission statement describes all of the following EXCEPT

Correct AnswerverifiedShow Answer

In managerial decision making, when one can estimate the likelihood of various consequences but still does not know with certainty what will happen, he or she is facing

Correct AnswerverifiedShow Answer

In the context of the planning process, ________ are the targets or ends a manager wants to reach.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

________ refer(s) to a decision bias influenced by the way in which a problem or decision alternative is phrased or presented.

Correct AnswerverifiedShow Answer

The strategic vision of an organization

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Discounting the future refers to

Correct AnswerverifiedShow Answer

Businesses using a ________ strategy try to be efficient and offer a standard, no-frills product.

Correct AnswerverifiedShow Answer

The tangible assets of an organization include

Correct AnswerverifiedShow Answer

List and explain the components of a strategic control system.

Correct AnswerverifiedA strategic control system inc...View AnswerShow Answer

When a group accepts an alternative in order to end a meeting, the group has reached a(n) ________ decision.

Correct AnswerverifiedShow Answer

The first step in an ideal decision-making process is to

Correct AnswerverifiedShow Answer

In the BCG matrix, a star represents a company

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

For the decision-making process in an organization, those who ________ a decision must understand the choice and must be committed to its successful implementation.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A strategic control system inc...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified