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Exam 5: Planning and Decision Making

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Question 41

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Which stage of the planning process is Axis Corp. involved in if it is assessing how well alternative plans meet high-priority goals while considering the cost of each initiative and the likely investment return?

A) Implementing goals and plans
B) Selecting goals and plans
C) Analyzing the situation
D) Monitoring and controlling performance
E) Evaluating goals and plans

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

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Question 42

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An organization's operational plans serve as the foundation for its strategic plans and tactical plans.

A) True
B) False

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Question 43

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An organization's mission statement focuses on long-term goals while its strategic vision focuses on short-term plans.

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

To be effective, the organization's strategic plans should focus on goals that are different from those of its tactical plans and operational plans.

An organization's mission statement describes the company's basic purpose and scope of operations.

Managers who use the method of optimizing to make their decisions will attempt to choose:

Use the information given below to answer the following questions. Scenario B. Chem-Free Natural Pharmaceuticals has completed a SWOT analysis as part of their ongoing strategic planning process. They have collected the following information: 1. New regulations have been passed limiting their ability to sell certain formulations over the counter. 2. As compared to their competitors, their management team is by far the best in the industry. 3. They have fallen behind in research and development in the last few years. 4. More people are becoming interested in natural alternatives to traditional chemical pharmaceuticals; this trend is expected to continue over the next decade. 5. The company has inadequate financial resources to invest in their operations. -In the context of the given scenario, which of the following is an opportunity for Chem-Free Natural Pharmaceuticals?

In the context of making decisions in a group, when a strong leader makes his or her preferences clear, and the result is the same as it would have been if the leader had made the decision alone, it leads to a situation known as _____.

Discounting the future refers to:

Describe low-cost and differentiation strategies, and how a business can achieve competitive advantage with either of them.

In an attempt to make a conflict between two employees less personal and emotional, their manager instructs them to approach the same problem from a different viewpoint. They have a structured debate and come to a conclusion that suits both employees. This is an example of using the _____ approach.

In which step of the planning process do managers identify the priorities and trade-offs among goals and plans?

In the context of planning scenarios, a different contingency plan is attached to each scenario.

Resources are a source of competitive advantage only when they are valuable, rare, difficult to imitate, and organized.

When a group accepts an alternative without taking the time or effort to explore many options, the group has reached a _____ decision.

In brainstorming, group members generate as many ideas about a problem as they can.

In an effort to combat groupthink and an overall lack of creativity, the group leader assigned Tiffany the job of criticizing ideas, for the sake of argument, throughout the meeting. Tiffany is playing the role of a:

Scenario D. Use the information given below to answer the following questions. Healthy Day Regional Medical Center's management team has several decisions to make. They are: 1. Determine which patients have to be admitted the next day. 2. Decide whether to purchase the only other medical center in the region. 3. Decide which candidates will meet the requirements for the nursing training program. 4. Determine whether the medical center should diversify to include more advanced (and substantially more costly) technologies. -In the context of decision 3, if the authorities select the first candidate who meets the minimum requirements without examining every candidate's file to see if anyone else has better qualifications, they are adopting the method of:

Which of the following is true of managerial decision making?