Management Exam: Ch4-6

Which goal setting sequence is correct for the following steps

-REVIEW the mission and job tasks -EVALUATE resources -IDENTIFY goals -COMMUNICATE goals -BUILD feedback mechanisms -LINK rewards to goals

According to one study, about_______of men and women were somewhat creative

60%

Which phrase best summarizes the drawbacks of group decisions

A camel is a racehorse put together by a committee

What is heuristic?

A shortcut or rule of thumb that is used for decision making

Which of the following is the best definition for the word satisfice

Accepts a less than perfect solution

In most cases, strategic goals include

All objectives that are not financial

Directional plans________

Are flexible general guidelines

In manangement by objectives (MBO), goals_______

Are jointly determined by employees and managers

When dealing with international organizations, managers must be________in order to accommodate the managing styles of different cultures

As flexible as possible

French management style tends to be______in style

Autocratic

You are thinking of buying a tortilla factory in a nearby state. This action would be an example of

Backward vertical integration

Managers who fail to plan may

Be adversely affected by change

In traditional goal setting, as they work their way from top management to employees, goals are likely to

Become less clear

Which of the following tends to impede a person's creativity

Being watched while you work

A differentiaton strategy________

Can focus on a brand image

A low level manager is most likely to solve problems under which condition?

Certainty

If a car buyer knows the inventory dealer price of the same car at different dealerships, he or she is operating under what type of decision-making condition?

Certainty

Which three conditions do decision makers face

Certainty, risk, uncertainty

Which if the following is an example of an unstructured problem?

Choosing the best wardrobe for an executive

Structured problems are

Clear and straightforward

The______strategy occupies the level below the corporation strategy

Competitive

Together, an organization's resources and core comeptenicies make up which of the following

Competitive weapons

The three different types of strategies that managers implement are

Corporate, competitive, functional

Up to now your success has been based on selling high quality tacos and burritos at a price that others can't match. Your business is pursuing which of Porter's strategies?

Cost leadership strategy

Which of the following is NOT allowed in a brainstorming session

Criticism or dismissal of poor ideas

Remedies that all renewal strategies employ include which of the following

Cutting costs

The U.S federal trade commission monitors horizontal integration carefully to make sure that consumers aren't harmed by which of the following

Decreased competition

Which of the following best defines goals

Desired outcomes for the future

In forward vertical integration, a company becomes its own_________, while in backward vertical integration, the company is its own_________

Distributor; supplier

When Google purchased YouTube, a company that featured different, but related products, Google was engaging in which if the following

Diversification

The very last step Sondra should take, according to decision-making process, is to

Evaluate the decision's effectiveness

One well-accepted model states that individual creativity requires_______, or a commanding understanding of a subject matter

Expertise

A synonym for the word satisfice is maximize

False

All criteria are equally important in the decision making process

False

Capabilities are "what" an organization has; resources are "how" it uses what it has

False

Directional plans leave no room for interpretation

False

Managerial decisions are likely to become more programmed as managers rise in organizational hierarchy

False

One assumption of hounded rationality is that managers can analyze all relevant information about all alternative ma for a situation

False

Planning rarely improves teamwork and cooperation among employees

False

Research indicates that organizations that don't use formal planning always outperform organizations that do use formal planning

False

Successful planning depends more on whether managers plan than on the quality of their planning

False

The most drastic renewal strategy an organization can carry out is a retrenchment strategy

False

The second step in the decision making process is identifying a problem

False

One criticism of formal planning is that it focuses on how to beat the competition rather than how to

Focus on new opportunities

A judge consults guidelines before handing down an award for damages in a legal case. What kind of decision making is she doing

Following a policy

Which of the following is NOT a common decision making error or bias?

Forest for the trees

A sneaker company creating its own stores where it sells only its own brand is an example of which if the following

Forward vertical integration

One legislator sees decreased tax revenue as the key problem in the budget. A second legislator sees increased spending as the problem. Each of these legislators has a(n)

Framing bias

Managers in organizations make group decisions______

Frequently

MBO programs usually are successful largely because they_____

Give employees a sense of ownership of goals

______are important because they provide the standards against which all organizational accomplishments are measured

Goals

Which of the following makes up the three main types of corporate strategies

Growth, stability, renewal

A manger can faithfully execute the decision making process but still end up with nothing of value if______

He fails to identify the correct problem

Formal planning typically leads to which of the following

Higher profits

A manger is considering purchasing new computers for her department. The manager spends time assessing the computers her department now has. Which stage of the decision making process is she going through?

Identification of a problem

Decision making begins with

Identifying a problem

A banker opts for short term gain despite indications that his decision might not pay off in the long run. Which error or bias is the banker guilty of?

Immediate gratification

Planning gives organizations direction that primarily helps them

Improve teamwork and coordinate activities

Which model of decision making takes advantage of unconscious reasoning?

Intuitive

An organizations real goals and priorities are best revealed by

It's actions in the marketplace

Neural networks differ from expert systems in that they can

Learn from experience

Individualistic countries like the United States tend to have______than group oriented countries like Japan

Less conformity and less cooperation

Group decisions are usually_______individual decisions

Less efficient than

Top managers in an organization tend to_______

Make nonprogrammed decisions

All of the following are threats to a sustainable, long term competitive advantage EXCEPT

Market Stability

Mid level managers in a country with low uncertainty avoidance are_______than managers from a high uncertainty avoidance country

More likely to make risky decisions

A diversified corporation is likely to have

Multiple competitive strategies

It is assumed that in most cases the decisions of all managers are limited by

Not being able to analyze all information for all alternatives

Which of the following defines the time frame of a long-term plan

Over three years

Which of the following is a frequently cited criticism of formal planning?

Plans lock organizations into rigid Gia's and timetables

Following the directions to put together an elliptical exercise machine is an example of which way to solve a problem?

Procedure

The three main models that managers use to make decisions are_______

Rational, bounded rational, and intuitive

Which term refers to an organization's capital, workers, and patents

Resources

An internal analysis, the third step of the strategic management process helps identify

Resources and capabilities

Unstructured problems are

Situations in which all options are not known

The commitment concept states that plans should

Stake out a time period that is neither too long nor too short

Top managers, for the most part, focus on this type of planning

Strategic

Programmed decisions work well for solving_______

Structured problems

According to Michael Porter, a company with good products that has no clear competitive advantage is said to be

Stuck in the middle

A manager chooses to ignore a rigorous decision making process and selects TV monitor A over monitor B because he "trusts" company A more than company B. If the decision he made was rational, which of the following is true?

The manager should have included "trust" as a criterion

Which of the following is NOT a reason why managers often resort to using heuristics?

They thoroughly explore all alternatives

Which of the following is NOT a reason for managers to plan

To establish responisibility for mistakes

A heuristic can simplify the decision making process

True

A manger is more confident of his assessment of a situation if it involves risk rather than uncertainty

True

A rule is simpler than a policy or a procedure to implement

True

All managers plan in some way, either formally or informally

True

An advantage of group decisions is that they increase the perception of the legitimacy of the solution

True

Identifying the wrong problem is just as much a failure for a manager as identifying the right problem and failing to solve it

True

Strategic management is the act of figuring out how an organization will compete in the marketplace and attract loyal customers

True

The key to MBO, or management by objectives, is that managers and subordinate staff mutually agree on goals

True

Traditional goal setting requires top managers to set goals that are carried out by the organizational levels below

True

A company that is on the verge of collapse or bankruptcy might employ this strategy

Turnaround

A manager wants to invest in one of three start up companies. All three of the companies seem to have a good business plan. None of the companies has a track record. The manager is operating under which condition?

Uncertainty

A top level manager is most likely to solve problems under which condition?

Uncertainty

Growth strategies include

Vertical integration, horizontal integration, concentration, diversification

Which of the following would be a fairly objective criterion by which a bicycle buyer could assess different bike models?

Weight

An organization's capabilities identify______

What the organization can do

An organization's resources identify

What the organization has

It is assumed that a rational decision maker________

Would be objective and logical

A cost leadership competitive strategy focuses on which of the following

efficiency