Question 1

In _____ planning, frontline managers usually focus on routine tasks such as production runs, delivery schedules, and human resource requirements.

Accepted Answer

A)   acquisition
B)   feasibility
C)   tactical
D)   operational
E)   strategic

Question 2

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 a threat for Chem-Free Natural Pharmaceuticals?

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.

Question 3

In an organization, the process of planning moves in a linear fashion.

Accepted Answer

A) True 
 B)False

Question 4

In order to reduce production costs, Everlasting Tire decided to buy out a rubber plant and begin manufacturing their own rubber for their tires. The corporate strategy adopted by the company is known as:

Accepted Answer

A)   concentration.
B)   vertical integration.
C)   related diversification.
D)   unrelated diversification.
E)   differentiation.

Question 5

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

Accepted Answer

A)   certainty
B)   maximization
C)   risk
D)   optimization
E)   framing effects

Question 6

A technique that helps managers summarize relevant and important facts from the internal and external analyses of an organization in order to formulate strategy is known as:

Accepted Answer

A)   BCG matrix.
B)   SWOT analysis.
C)   benchmarking.
D)   diversification.
E)   functional strategy.

Question 7

In the context of formal decision making, which of the following is indicated by negative feedback?

Accepted Answer

A)   Too much time has been dedicated in implementing the decision.
B)   Implementation of the decision may need more resources.
C)   The decision has been made under undue pressure from top management.
D)   The problem has been incorrectly diagnosed.
E)   The decision has been unfairly beaten down by competitors.

Question 8

Leaders of decision-making groups should:

Accepted Answer

A)   discourage constructive conflict among the group members.
B)   encourage groupthink to speed up decision-making.
C)   reach a decision by employing the satisficing method.
D)   encourage multiple alternatives from a variety of perspectives.
E)   discourage exploring new alternatives in order to reach a conclusion faster.

Question 9

Discounting the future is a psychological bias that applies to students who do not study.

Accepted Answer

A) True 
 B)False

Question 10

Making decisions about the organization's short-term goals and tactics is known as strategic planning.

Accepted Answer

A) True 
 B)False

Question 11

Discuss strategic, tactical, and operational planning. What are the characteristics of each in terms of managerial level and level of detail?

Accepted Answer

Strategic planning is the highest level ...

Question 12

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 a strength of Chem-Free Natural Pharmaceuticals?

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.

Question 13

Managers usually face novel and unstructured problems, leaving them uncertain about how to proceed.

Accepted Answer

A) True 
 B)False

Question 14

The formal planning model emphasizes a bottom-up approach.

Accepted Answer

A) True 
 B)False

Question 15

The corporate strategy of concentration involves expanding the domain of the organization into supply channels and to distributors.

Accepted Answer

A) True 
 B)False

Question 16

Managers throughout an organization may be involved in developing the strategic plan and contributing critical elements.

Accepted Answer

A) True 
 B)False

Question 17

The process of translating broad strategic goals and plans into specific goals and plans relevant to a particular portion of the organization is known as:

Accepted Answer

A)   strategic planning.
B)   operational planning.
C)   tactical planning.
D)   contingency planning.
E)   feasibility planning.

Question 18

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.

Question 19

In the context of the planning process, which of the following statements is true of the final step that involves monitoring and controlling performance?

Accepted Answer

A)   Monitoring and controlling performance is not as important as the other steps in the planning process.
B)   Managers must continually monitor the performance of their work units against the unit's goals and plans.
C)   It is the first step taken up by managers in the planning process.
D)   Managers need to re-start the planning process if plans are implemented improperly.
E)   Managers consider monitoring and controlling performance as the most important step in the planning process.

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 5: Planning and Decision Making

Correct Answer
verified

Making decisions about the organization's short-term goals and tactics is known as strategic planning.

Correct Answer
verified

Discuss strategic, tactical, and operational planning. What are the characteristics of each in terms of managerial level and level of detail?

Correct Answer
Answered by ExamLex AI
Strategic planning is the highest level ...
View Answer

Discounting the future is a psychological bias that applies to students who do not study.

Correct Answer
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The formal planning model emphasizes a bottom-up approach.

Correct Answer
verified

The process of translating broad strategic goals and plans into specific goals and plans relevant to a particular portion of the organization is known as:

Correct Answer
verified

In the context of the planning process, which of the following statements is true of the final step that involves monitoring and controlling performance?

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

The corporate strategy of concentration involves expanding the domain of the organization into supply channels and to distributors.

Correct Answer
verified

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

Correct Answer
verified

Leaders of decision-making groups should:

Correct Answer
verified

A technique that helps managers summarize relevant and important facts from the internal and external analyses of an organization in order to formulate strategy is known as:

Correct Answer
verified

Managers throughout an organization may be involved in developing the strategic plan and contributing critical elements.

Correct Answer
verified

Managers usually face novel and unstructured problems, leaving them uncertain about how to proceed.

Correct Answer
verified

In order to reduce production costs, Everlasting Tire decided to buy out a rubber plant and begin manufacturing their own rubber for their tires. The corporate strategy adopted by the company is known as:

Correct Answer
verified

In _____ planning, frontline managers usually focus on routine tasks such as production runs, delivery schedules, and human resource requirements.

Correct Answer
verified

In an organization, the process of planning moves in a linear fashion.

Correct Answer
verified

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

Correct Answer
verified

In the context of formal decision making, which of the following is indicated by negative feedback?

Correct Answer
verified

Exam 5: Planning and Decision Making

Correct AnswerverifiedShow Answer

Making decisions about the organization's short-term goals and tactics is known as strategic planning.

Correct AnswerverifiedShow Answer

Discuss strategic, tactical, and operational planning. What are the characteristics of each in terms of managerial level and level of detail?

Correct AnswerAnswered by ExamLex AIStrategic planning is the highest level ...View AnswerShow Answer

Discounting the future is a psychological bias that applies to students who do not study.

Correct AnswerverifiedShow Answer

The formal planning model emphasizes a bottom-up approach.

Correct AnswerverifiedShow Answer

The process of translating broad strategic goals and plans into specific goals and plans relevant to a particular portion of the organization is known as:

Correct AnswerverifiedShow Answer

In the context of the planning process, which of the following statements is true of the final step that involves monitoring and controlling performance?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The corporate strategy of concentration involves expanding the domain of the organization into supply channels and to distributors.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Leaders of decision-making groups should:

Correct AnswerverifiedShow Answer

A technique that helps managers summarize relevant and important facts from the internal and external analyses of an organization in order to formulate strategy is known as:

Correct AnswerverifiedShow Answer

Managers throughout an organization may be involved in developing the strategic plan and contributing critical elements.

Correct AnswerverifiedShow Answer

Managers usually face novel and unstructured problems, leaving them uncertain about how to proceed.

Correct AnswerverifiedShow Answer

In order to reduce production costs, Everlasting Tire decided to buy out a rubber plant and begin manufacturing their own rubber for their tires. The corporate strategy adopted by the company is known as:

Correct AnswerverifiedShow Answer

In _____ planning, frontline managers usually focus on routine tasks such as production runs, delivery schedules, and human resource requirements.

Correct AnswerverifiedShow Answer

In an organization, the process of planning moves in a linear fashion.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In the context of formal decision making, which of the following is indicated by negative feedback?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
Strategic planning is the highest level ...
View Answer

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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