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Exam 5: Planning and Decision Making

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Question 61

Multiple Choice

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When decision making is done in groups, the job of a devil's advocate is to create

A) potentially destructive conflict.
B) the likelihood of constructive conflict.
C) a structured debate.
D) a task-related conflict.
E) process-related problems.

F) A) and D)
G) A) and C)

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Question 62

Multiple Choice

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EatWell Inc., a chain of sub shops, periodically compares the quality of its food and service with its competitors in order to continually improve its performance. This corporate strategy is known as

A) brainstorming.
B) diversification.
C) benchmarking.
D) vertical integration.
E) horizontal integration.

F) A) and E)
G) A) and B)

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Question 63

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"The last three years of severe drought conditions have been brutal to our lawn care business. We survived, but our business is too concentrated," said Rocco Camanetti, owner of Camanetti & Sons. "I propose that we expand in new areas-trucking, catering, and dry cleaning-to minimize our risks due to market fluctuations in one industry." Rocco is advocating a(n) ________ strategy.

A plan to integrate employees into a new payroll system, assuming that it is not likely to be repeated in the foreseeable future, is an example of a ________ plan.

The level of planning involving the longest time horizon, usually ranging from three to seven years, is ________ planning.

List and describe the six steps of a formal decision-making process.

Belinda has to select the right paper clips to purchase for her office. She looks at the office supply catalog and picks the first one that is priced reasonably. Belinda is using the ________ method of decision making.

A strategic control system must encourage efficient operations while allowing flexibility to adapt to changing conditions.

Standing plans are designed to achieve a set of short-term goals.

To be effective, an organization's strategic plans should focus on goals that are

The ________ step in the formal planning process, monitoring and controlling performance, identifies the priorities and trade-offs among the goals and plans.

Pettigrew Inc. recently decided to expand from its original base in real estate to several wide-ranging industries such as trucking, lawn mower manufacturing, and catering. Pettigrew is using the ________ corporate strategy.

Rothan Corp. is evaluating the purchase of a small firm, Lemm Inc., which manufactures products involving advanced technology. These products are expected to revolutionize the home construction industry. Lemm has only a minor share of this growing market, but the market is expected to grow rapidly. Substantial investment will be required. In the BCG matrix, Lemm Inc. would be placed in the ________ category.

Leaders of decision-making groups who want to encourage constructive conflict should

Business strategy based upon technology leadership has advantages and disadvantages. List three examples of each.

During a managers' meeting, there is difficulty reaching a conclusion on which project to fund in the upcoming year. In arguing for funding for her project, Vivian states that she has experience in making all projects succeed. She even states that she is immune to failure. Vivian is displaying

The senior management of Jupiter Corporation has conducted a strategic planning meeting. Based upon the discussion, decisions were made regarding

In the context of a SWOT analysis, describe at least five elements of an environmental analysis.

Forge Right Inc., a manufacturing company, developed a strategic plan that assumed improved growth in its industry. Additionally, it generated several ________ for different economic settings. When a recession started, Forge Right Inc. quickly implemented the plan based on those conditions. As a consequence, it survived more easily than other firms in the industry.

"Roger, the operator's manual has a purpose-to allow the equipment to meet its performance goals and endure for a long time," said Chuck Nolan, plant manager. "You didn't perform scheduled maintenance on the equipment as specified in the manual, and now the equipment is ruined." The operator's manual is an example of a ________ plan.