Question 1

Using examples, explain what is meant by "all levels of planning should be aligned"?

Accepted Answer

It means that they must be con...

Question 2

The most effective strategy that can be adopted by strategy managers is one that

Accepted Answer

A)   cannot be described in detail.
B)   competitors are unable to imitate.
C)   is based on the principle of rigidity.
D)   cannot be deconstructed.
E)   can be purchased at a reasonable cost.F) C) and E)
G) D) and E)

Question 3

In the context of managerial decision making, decision evaluation is useful

Accepted Answer

A)   only if negative feedback has been received.
B)   only if positive feedback has been received.
C)   whether the conclusion is positive or negative.
D)   whether the manager or the employee is involved.
E)   only if the employee is involved.F) B) and E)
G) D) and E)

Question 4

Which stage of the planning process is Jekyll 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?

Accepted Answer

A)   implementing goals and plans
B)   selecting goals and plans
C)   analyzing the situation
D)   monitoring and controlling performance
E)   evaluating goals and plansF) C) and D)
G) A) and D)

Question 5

TJ said it did not matter which way the company went because one had a 40% loss and the other had a 60% profit last year. TJ was displaying the bias of

Accepted Answer

A)   illusion of control.
B)   framing effects.
C)   discounting the future.
D)   bargaining.
E)   benchmarking.F) A) and B)
G) A) and C) B

Question 6

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

Accepted Answer

A)   maximizer.
B)   devil's advocate.
C)   dialectic.
D)   strategic planner.
E)   dominator.F) A) and B)
G) A) and C)

Question 7

Discounting the future refers to

Accepted Answer

A)   focusing on gains in the long run.
B)   failing to consider inflationary costs.
C)   underestimating the short-term effects of a decision.
D)   valuing short-term benefits more heavily than long-term benefits.
E)   failing to consider the effects of new entrants into the industry.F) C) and D)
G) All of the above

Question 8

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.

Accepted Answer

A)   standing
B)   single-use
C)   start-up
D)   contingency
E)   subjectF) B) and C)
G) C) and E)

Question 9

A company recently made changes to its organizational structure. While deciding upon the changes to be implemented, the company invited many employees to discuss the issue with the senior management. This enabled the employees to hear the relevant arguments both for the chosen alternative and against the rejected alternatives. An advantage of using employees in the group discussion was that

Accepted Answer

A)   the employees dominated the discussions and promoted their ideas.
B)   the phenomenon of groupthink was encouraged.
C)   the satisficing method of decision making was employed.
D)   goal displacement was furthered.
E)   the employees understood why the decision was made.F) A) and D)
G) B) and C)

Question 10

What are the major functional areas used to support the business strategy? Give examples.

Accepted Answer

Major functional areas include...

Question 11

A meeting was being held at a company, and was attended by five executives. A decision needed to be made about the following year's marketing campaign. Paul, an outspoken and aggressive person, insisted that his ideas be followed since there could not be a better alternative. No one else contributed to the discussion, and Paul's views were accepted. This group discussion suffered from

Accepted Answer

A)   groupthink.
B)   domination.
C)   satisficing.
D)   brainstorming
E)   goal displacement.F) C) and E)
G) A) and B)

Question 12

Gallaway 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. Gallaway is using the _____ corporate strategy.

Accepted Answer

A)   vertical integration
B)   unrelated diversification
C)   related diversification
D)   concentration
E)   low-costF) B) and C)
G) B) and E) B

Question 13

________________ is a psychological bias that applies to students who do not spend sufficient time studying.

Accepted Answer

A)   Illusion of control
B)   Farming effects
C)   Discounting the future
D)   Time pressures
E)   Social realitiesF) A) and D)
G) C) and D)

Question 14

In the context of the BCG matrix, a star represents a company

Accepted Answer

A)   with high growth and a strong competitive position in the market.
B)   that requires substantial investments to improve its position in the market.
C)   with low growth and a strong competitive position in the market.
D)   that generates excess revenues and funds other businesses.
E)   that will be divested as soon as possible.F) A) and C)
G) A) and E)

Question 15

In the context of the strategic planning process, a critical task in environmental analysis is _____ future trends.

Accepted Answer

A)   reporting
B)   forecasting
C)   avoiding
D)   justifying
E)   creatingF) B) and D)
G) C) and E)

Question 16

According to the _____ plan of Neon Inc., if expansion to new markets in Australia does not materialize, the company will strive for expansion in Asia.

Accepted Answer

A)   operations
B)   internal
C)   contingency
D)   standing
E)   start-upF) C) and D)
G) C) and E) C

Question 17

List and describe the four related steps involved in strategy implementation.

Accepted Answer

1. Setting Objectives: The first step in...

Question 18

In the context of the given scenario, which of the following is a threat for 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) A) and C)
G) B) and E)

Question 19

When a problem is frequent, repetitive, and routine, with much certainty regarding cause-and-effect relationships, a _____ decision may be taken.

Accepted Answer

A)   qualitative
B)   programmed
C)   non-economic
D)   risky
E)   nonprogrammedF) A) and E)
G) A) and B)

Question 20

Which of the following is true of managerial decision making?

Accepted Answer

A)   Most managerial decisions lack structure.
B)   Managerial decisions are always free of risks.
C)   Managerial decisions are taken under conditions of perfect certainty.
D)   Managers show consistency in their decisions in response to novel problems.
E)   A manager's decisions have the characteristics of programmed decisions.F) None of the above
G) B) and D)

Exam 5: Planning and Decision Making

Using examples, explain what is meant by "all levels of planning should be aligned"?

Correct Answer
verified
It means that they must be con...
View Answer

The most effective strategy that can be adopted by strategy managers is one that

Correct Answer
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In the context of managerial decision making, decision evaluation is useful

Correct Answer
verified

Which stage of the planning process is Jekyll 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?

Correct Answer
verified

TJ said it did not matter which way the company went because one had a 40% loss and the other had a 60% profit last year. TJ was displaying the bias of

Correct Answer
verified
B

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

Correct Answer
verified

Discounting the future refers to

Correct Answer
verified

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.

Correct Answer
verified

Correct Answer
verified

What are the major functional areas used to support the business strategy? Give examples.

Correct Answer
verified
Major functional areas include...
View Answer

Correct Answer
verified

Gallaway 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. Gallaway is using the _____ corporate strategy.

Correct Answer
verified
B

________________ is a psychological bias that applies to students who do not spend sufficient time studying.

Correct Answer
verified

In the context of the BCG matrix, a star represents a company

Correct Answer
verified

In the context of the strategic planning process, a critical task in environmental analysis is _____ future trends.

Correct Answer
verified

According to the _____ plan of Neon Inc., if expansion to new markets in Australia does not materialize, the company will strive for expansion in Asia.

Correct Answer
verified
C

List and describe the four related steps involved in strategy implementation.

Correct Answer
Answered by ExamLex AI
1. Setting Objectives: The first step in...
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In the context of the given scenario, which of the following is a threat for Raney Pharmaceuticals Corp.?

Correct Answer
verified

When a problem is frequent, repetitive, and routine, with much certainty regarding cause-and-effect relationships, a _____ decision may be taken.

Correct Answer
verified

Which of the following is true of managerial decision making?

Correct Answer
verified

Exam 5: Planning and Decision Making

Using examples, explain what is meant by "all levels of planning should be aligned"?

Correct AnswerverifiedIt means that they must be con...View AnswerShow Answer

The most effective strategy that can be adopted by strategy managers is one that

Correct AnswerverifiedShow Answer

In the context of managerial decision making, decision evaluation is useful

Correct AnswerverifiedShow Answer

Which stage of the planning process is Jekyll 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?

Correct AnswerverifiedShow Answer

TJ said it did not matter which way the company went because one had a 40% loss and the other had a 60% profit last year. TJ was displaying the bias of

Correct AnswerverifiedB

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

Correct AnswerverifiedShow Answer

Discounting the future refers to

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

What are the major functional areas used to support the business strategy? Give examples.

Correct AnswerverifiedMajor functional areas include...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Gallaway 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. Gallaway is using the _____ corporate strategy.

Correct AnswerverifiedB

________________ is a psychological bias that applies to students who do not spend sufficient time studying.

Correct AnswerverifiedShow Answer

In the context of the BCG matrix, a star represents a company

Correct AnswerverifiedShow Answer

In the context of the strategic planning process, a critical task in environmental analysis is _____ future trends.

Correct AnswerverifiedShow Answer

According to the _____ plan of Neon Inc., if expansion to new markets in Australia does not materialize, the company will strive for expansion in Asia.

Correct AnswerverifiedC

List and describe the four related steps involved in strategy implementation.

Correct AnswerAnswered by ExamLex AI1. Setting Objectives: The first step in...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

When a problem is frequent, repetitive, and routine, with much certainty regarding cause-and-effect relationships, a _____ decision may be taken.

Correct AnswerverifiedShow Answer

Which of the following is true of managerial decision making?

Correct AnswerverifiedShow Answer

Correct Answer
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It means that they must be con...
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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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B

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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Major functional areas include...
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Correct Answer
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B

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Correct Answer
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Correct Answer
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Correct Answer
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C

Correct Answer
Answered by ExamLex AI
1. Setting Objectives: The first step in...
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Correct Answer
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Correct Answer
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