Question 1

Which of the following best describes the preferred approach for managers confronted with risk?

Accepted Answer

A)   They avoid it by any means necessary.
B)   They eliminate it with a thorough understanding of the consequences of each option.
C)   They anticipate it, minimize it, and control it.
D)   They understand there is no way to manage it.
E)   They thrive on taking risks.F) All of the above
G) C) and E)

Question 2

To be effective, goals should be measurable, specific, attainable, relevant, and time-bound.

Accepted Answer

A) True 
 B)False

Question 3

The formal planning model emphasizes a _______ approach.

Accepted Answer

A)   bottom-up
B)   top-down
C)   left-right
D)   horizontal
E)   verticalF) A) and B)
G) A) and C)

Question 4

Individuals usually make higher-quality decisions when compared to groups, provided there is enough time.

Accepted Answer

A) True 
 B)False

Question 5

List and describe the six steps in the formal planning process.

Accepted Answer

Step 1: Analyze the situation by gatheri...

Question 6

In the context of the levels of planning, typical strategic goals involve

Accepted Answer

A)   updating the equipment used.
B)   increasing market share.
C)   estimating advertising expenditures.
D)   complying with civil rights laws.
E)   utilizing human resources.F) All of the above
G) A) and B)

Question 7

Which of the following is true of the strategic vision of an organization?

Accepted Answer

A)   The strategic vision provides a perspective on where the organization is headed.
B)   The strategic vision describes the organization as it currently operates.
C)   A strategic vision statement is a clear and concise expression of the organization's basic purpose.
D)   An effective strategic vision statement is strictly a financial statement.
E)   The strategic vision emphasizes the short-term gains of the organization.F) None of the above
G) C) and D)

Question 8

Differentiate between programmed and nonprogrammed decisions. Which type is more typical for managerial decisions?

Accepted Answer

With programmed decisions, the problem i...

Question 9

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

Accepted Answer

The ideal decision-making proc...

Question 10

_____ is a condition that occurs when a decision-making group loses sight of its original purpose and a new, less important aim emerges.

Accepted Answer

A)   Goal displacement
B)   Illusion of control
C)   Satisficing
D)   Brainstorming
E)   GroupthinkF) None of the above
G) B) and C)

Question 11

Which of the following corporate strategies does Lily advocate?

Accepted Answer

A)   concentration
B)   vertical integration
C)   related diversification
D)   unrelated diversification
E)   price skimmingF) A) and D)
G) All of the above

Question 12

In the context of the given scenario, which of the following is a strength of Raney Pharmaceuticals Corp.?

Accepted Answer

A)   New regulations have been passed limiting their ability to sell certain formulations over the counter.
B)   As compared to their competitors, their management team is by far the best in the industry.
C)   The company has inadequate financial resources to invest in their operations.
D)   They have fallen behind in research and development in the last few years.
E)   More people are becoming interested in natural alternatives to traditional chemical pharmaceuticals; this trend is expected to continue over the next decade.F) B) and D)
G) All of the above

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

Compare and contrast strategic, tactical, operational, and team-level planning.

Accepted Answer

Planning is used by managers at all four...

Question 15

The _____ matrix is not a substitute for management judgment; it helps managers of businesses evaluate their strategy alternatives.

Accepted Answer

A)   BCG
B)   BGC
C)   GBC
D)   GCB
E)   CGBF) B) and E)
G) B) and D)

Question 16

Julia is evaluating a new customer relationship management software solution for her business. She knows several business owners and managers who have implemented the software in their organizations. Instead of conducting a trial in her own company, she asks them for their advice. Julia is most likely searching for an)  _____ solution to her problem.

Accepted Answer

A)   experimental
B)   optimal
C)   ready-made
D)   statistical
E)   custom-madeF) None of the above
G) A) and B)

Question 17

Situational analysis, as part of the formal planning process,

Accepted Answer

A)   focuses on the internal forces at work within an organization and examines influences from the external environment.
B)   focuses on the external forces at work within an organization and examines influences from the internal environment.
C)   focuses on the internal forces at work within an organization and examines influences from the internal environment.
D)   focuses on the external forces at work within an organization and examines influences from the external environment.
E)   focuses on past conditions, current trends, and future events.F) C) and D)
G) B) and D)

Question 18

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) All of the above
G) A) and B)

Question 19

Functional strategies are implemented

Accepted Answer

A)   only at the top levels of management.
B)   by each appropriate area or unit.
C)   only at the employee level.
D)   at one time by the organization as a whole.
E)   by the stakeholders.F) A) and C)
G) C) and D)

Question 20

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 the problem.F) A) and E)
G) B) and C)

Exam 5: Planning and Decision Making

In the context of the given scenario, which of the following is a strength of Raney Pharmaceuticals Corp.?

Correct Answer
verified

Which of the following corporate strategies does Lily advocate?

Correct Answer
verified

The _____ matrix is not a substitute for management judgment; it helps managers of businesses evaluate their strategy alternatives.

Correct Answer
verified

Which of the following is true of the strategic vision of an organization?

Correct Answer
verified

Compare and contrast strategic, tactical, operational, and team-level planning.

Correct Answer
verified
Planning is used by managers at all four...
View Answer

The formal planning model emphasizes a _______ approach.

Correct Answer
verified

List and describe the six steps in the formal planning process.

Correct Answer
verified
Step 1: Analyze the situation by gatheri...
View Answer

In the context of the levels of planning, typical strategic goals involve

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

Individuals usually make higher-quality decisions when compared to groups, provided there is enough time.

Correct Answer
verified

Which of the following best describes the preferred approach for managers confronted with risk?

Correct Answer
verified

Differentiate between programmed and nonprogrammed decisions. Which type is more typical for managerial decisions?

Correct Answer
verified
With programmed decisions, the problem i...
View Answer

Functional strategies are implemented

Correct Answer
verified

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

Correct Answer
verified

Situational analysis, as part of the formal planning process,

Correct Answer
verified

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

Correct Answer
verified

To be effective, goals should be measurable, specific, attainable, relevant, and time-bound.

Correct Answer
verified

_____ is a condition that occurs when a decision-making group loses sight of its original purpose and a new, less important aim emerges.

Correct Answer
verified

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

Correct Answer
verified
The ideal decision-making proc...
View Answer

Exam 5: Planning and Decision Making

In the context of the given scenario, which of the following is a strength of Raney Pharmaceuticals Corp.?

Correct AnswerverifiedShow Answer

Which of the following corporate strategies does Lily advocate?

Correct AnswerverifiedShow Answer

The _____ matrix is not a substitute for management judgment; it helps managers of businesses evaluate their strategy alternatives.

Correct AnswerverifiedShow Answer

Which of the following is true of the strategic vision of an organization?

Correct AnswerverifiedShow Answer

Compare and contrast strategic, tactical, operational, and team-level planning.

Correct AnswerverifiedPlanning is used by managers at all four...View AnswerShow Answer

The formal planning model emphasizes a _______ approach.

Correct AnswerverifiedShow Answer

List and describe the six steps in the formal planning process.

Correct AnswerverifiedStep 1: Analyze the situation by gatheri...View AnswerShow Answer

In the context of the levels of planning, typical strategic goals involve

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

Individuals usually make higher-quality decisions when compared to groups, provided there is enough time.

Correct AnswerverifiedShow Answer

Which of the following best describes the preferred approach for managers confronted with risk?

Correct AnswerverifiedShow Answer

Differentiate between programmed and nonprogrammed decisions. Which type is more typical for managerial decisions?

Correct AnswerverifiedWith programmed decisions, the problem i...View AnswerShow Answer

Functional strategies are implemented

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Situational analysis, as part of the formal planning process,

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

To be effective, goals should be measurable, specific, attainable, relevant, and time-bound.

Correct AnswerverifiedShow Answer

_____ is a condition that occurs when a decision-making group loses sight of its original purpose and a new, less important aim emerges.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedThe ideal decision-making proc...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Planning is used by managers at all four...
View Answer

Correct Answer
verified

Correct Answer
verified
Step 1: Analyze the situation by gatheri...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
With programmed decisions, the problem i...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The ideal decision-making proc...
View Answer