Management 3 quiz

Operating plans accomplish which of the following?

Break long-term output into short-term targets or goals

Which of these represent measurable goals?

Customer service agents should improve customer relations by making 10 follow-up calls each week. No more than 50% of cars should be sold below MSRP.

What are advantages for a company that establishes deadlines?

Deadlines motivate employees to focus on the goal. Deadlines aid in making quicker decisions.

Which of the following statements about strategic planning are true?

It requires visionary and directional thinking.

______ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters.

deadlines

The question "what is our reason for being?" should be answered by the organization's ______ statement.

mission

A ______ sets the long-term goals and direction for an organization.

stragedy

Place the steps of the planning/control cycle in the correct order, with step one listed first (at the top) and step four listed last (at the bottom)

1.)Make the plan 2. Carry out the plan 3. Control the direction by comparing results with the plan 4. Control the direction by correcting deviations and/or improving future plans

Which of the following verbs would be appropriate for a results-oriented goal?

Acquire Complete Decrease

Which should be included in a firm's business model?

How the firm will market to customers and The firm's expected revenues and expenses and A description of the industry the firm is entering

Which of the following are reasons that employers value a proactive learning orientation?

It helps drive employee creativity and innovation. It helps employees refine and enhance their skills sets throughout their careers.

What is the first step in management by objectives?

Managers and employees jointly set objectives for the employee.

A ______ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.

SMART

According to management scholar Gary Hamel, companies like Apple have succeeded because their spirit of _____ has allowed them to reinvent the basis of competition within an existing industry.

STRAGEDY INNOVATION

What are characteristics of SMART goals?

Specific Results-oriented Have target dates Attainable Measurable

What is the second step in management by objectives?

The employee develops an action plan.

Which of the following are true about long-term goals?

They are also referred to as strategic goals. They focus on achieving the strategies identified in the company's strategic plan. They span one to five years.

Which of the following are career readiness competencies

Understanding a business Networking

One of the characteristics of SMART goals is that they are stated in specific rather than vague terms. Match each goal below to indicate whether it is vague or specific. Instructions

Vague: As many planes as possible should arrive on time. Specific: Ninety % of planes should arrive within 15 minutes of their scheduled arrival time.

A mission statement addresses which question?

What is our reason for being?

What would occur in the third step of management by objectives?

You and your manager meet to review progress.

A business plan is a document that outlines ______.

a proposed firm's goals, strategy for achieving them, and standards for measuring success

Goals that are challenging but are realistic and achievable within the scope of the resources available to a company satisfy which aspect of SMART goal criteria?

attainable

A document that outlines a proposed firm's goals, its strategy for achieving those goals, and the standards for measuring success is known as a _______

business plan

The process of ensuring that the strategic goals set at the top align with more specific short-term goals at lower organizational levels is known as ______ goals.

cascading

In terms of SMART goals, an "attainable" goal is ______.

challenging but achievable

A company's strategy can best be described as a(n) ______ about what long-term goals or direction to pursue for the survival or prosperity of the organization.

educated guess

Cascading goals is the process of ______.

ensuring that strategic goals at the top align with the short-term goals set at lower levels in the organization

Managers and subordinates jointly setting subordinate objectives is the ______ step in management by objectives.

first

Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the ______ step in management by objectives.

fourth

In business, a specific commitment to achieve a measurable result within a stated period of time is called a ______.

goal

A means-end chain is used in planning to show ______

how goals are connected across an organization

Strategic planning can help encourage new ideas by stressing the importance of ______ in achieving long-range success.

innovation

What are the types of goals in business?

long term and short term

Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the _______.A(n) ______ provides a guide for a company's long-term goals.

means-end chain

Who is responsible for tactical planning?

middle management

A company's _____ is the purpose of the organization.

mission

The ______ statement expresses the purpose of an organization.

mission

A firm's business _______ should include a description of the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses.

model

The purpose of management by objectives (MBO) is to ______ subordinates.

motivate

Management by ______ is a four-step process in which managers and employees jointly set objectives, develop action plans, review performance, and appraise and reward employees.

objectives

It is the function of the ______ to take the strategic plan and develop actionable short-term goals that a business can achieve.

operating plan

First-line managers are typically responsible for performing ______ planning within the organization.

operational

______ planning is used to determine how to accomplish specific tasks with available resources within the next 1 -- 52 weeks.

operational

What are steps anyone can take to become a more proactive learner?

participate in professional conversations, take initiative and rely on yourself, focus on solutions rather than problems, and set realistic goals

The document that details how a company's goals are to be met is called a(n) _____

plan

The _______ process helps us to cope with uncertainty by formulating future courses of action designed to help achieve specified results.

planning

You can use the continuous feedback loop known as the ______ cycle to ensure you're headed in the right direction once you've made plans.

planning/control

A(n) ______ learning orientation represents the desire to learn and improve one's knowledge, soft-skills, and other characteristics in pursuit of personal development.

proactive

To be an effective planner, you should be a(n) ________learner in areas beyond the technicalities of your profession.

proactive

The "measurable" aspect of a SMART goal refers to its ability to be ______.

quantified

When stating a goal, it is a good idea to start with the word "To" and follow with an action-oriented verb such as "increase" or "acquire." This describes the ______ aspect of SMART goals.

results oriented

Employees preparing action plans represents the ______ step in management by objectives.

second

The letter S in the acronym SMART goal stands for what aspect of a good goal?

specific

A(n) ______ provides a guide for a company's long-term goals.

strategic plan

Organizations use ______ planning to determine what contributions the departments or work units can make toward the organization's strategic priorities and policies during the next 6 -- 24 months.

tactical

What behavior would a proactive learner most likely exhibit?

taking initative

The company's mission statement tells us ______.

the company's reason for being

The fourth and final step in management by objectives involves ______.

the manager making a performance appraisal and rewarding the employee according to the results

The manager and employee periodically reviewing the employee's performance represents the ______ step in management by objectives.

third

Strategic planning is done by ______ managers.

top

True or false: One reason a company might create a bad strategic plan is because they make incorrect assumptions about what will happen in the market going forward.

true

A ______ statement expresses what the company stands for, its core priorities and what its products contribute to the world.

values

A company's ______ statement should provide a clear sense of the future and the actions needed to get there.

vision

the vision statement should answer which of these questions

what do we want to become

A company's values statement expresses which of the following things?

what the company stands for the values its employees embody the company's core priorities what its products contribute to the world

Without having a plan in place, managers may focus only on ______ instead of keeping a long-range view and anticipating new opportunities.

whatever is in front of them

An organization's vision represents ______

where the organization wants to go.