Intro to management course code: 44453 chapter 5 quiz

Intro to Management (Spring, 2014, Course Code: 44453)
Assignment: Chapter 5 Quiz
1.
 
To be effective, goals need to meet five specific characteristics which may be remembered with the acronym:
 
CAPEX.
 
NOPAT.
 
SMART.
 
LIBOR.
 
GEICO.
2.

 
Piece-Wise Parts, a manufacturing company, developed a strategic plan for 2008 that assumed improved growth in its industry. Additionally, it generated several _____ for different economic settings. When recession started, Piece-Wise Parts quickly implemented the plan based on those conditions. As a consequence, it survived more easily than other firms in the industry.
 
projection statements
 
roadmaps
 
financial reports
 
annual reports
 
scenarios
3.

 
Which of the following is one of the six components of the strategic management process?
 
Strategy implementation
 
Stakeholder analysis
 
Skill improvement plan
 
Technology assessment
 
Stockholder reporting

4.

 
_____ are inputs to production that can be accumulated over time to enhance the performance of a firm.
 
Resources
 
Core capabilities
 
Portfolios
 
Framing effects
 
Plans
5.

 
_____ is the process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies.
 
Satisficing
 
Situational analysis
 
Benchmarking
 
Strategic planning
 
Brainstorming
6.
 
 
_____ refers to the acquisition or development of new businesses that produce parts or components of the organization’s product .
 
Insourcing

Vertical integration
 
Concentration
 
Horizontal integration
 
Greenfield venturing
7.

 
A competitive advantage typically results from a low-cost business strategy or a(n) _____ business strategy.
 
high-cost
 
dominant
 
concentrated
 
integrated
 
differentiation
8.
 
 
In the context of the influence of psychological biases in decision making, _____ refers to a belief that one can influence events even when one has no control over what will happen.
 
illusion of control
 
satisficing
 
discounting the future
 
groupthink
 
framing effect
9.
 
 
Which of the following is a potential advantage of using a group to make a decision?
 
Due to the phenomenon of groupthink, a positive team spirit can be maintained.

Participation in problem solving increases commitment to decisions.
 
Following a given set of rules can keep employees out of trouble.
 
A group produces a satisficing decision that is adequate for its needs.
 
Goals get continually displaced as new ideas emerge.
10.
 
 
In the context of decision making, what is the role of a devil’s advocate in constructive conflict?
 
To always agree with the group leader
 
To find consensus among participants
 
To criticize ideas and point out problems
 
To suggest new ideas
 
To consolidate previously suggested ideas

 

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