BUS 3010 Chapter 7, 8 & 9
Which three of the following are factors upon which the administrative model is based?
1. Bounded Rationality 2. Incomplete information 3. Satisficing
Goals that are effective should be ___________.
Time-limited, realistic & challenging
The product development plan specifies all of the relevant information that managers need to decide ____________.
Whether to go ahead with a complete product development effort
A strategy that is customized and marketed to accommodate particular national conditions is a(n) _________ strategy
multidomestic
A(n) ____________ is a manager who takes ownership of a project and guides a product from the idea stage to the final customer
Product champion
Examples of a single-use plan include ___________.
Projects and programs
When an individual attempts to inappropriately generalize using a small sample or a single event,this is known as _________ bias.
Representativeness
A business-level plan that extends over several years, then is amended and updated annually based on external conditions is called a ________ plan.
Rolling
The divisional managers' decisions pertaining to the goals and strategy of their unit are contained in a _______-level plan
Business
Managers create the need to make decisions by pursuing opportunities to utilize the organization's ____________.
Skills, competencies & knowledgeable resources
The development of a set of corporate, business and functional strategies that allow an organization to accomplish its mission and achieve its goals is ___________.
Strategy formulation
Frank continues to make the same mistake over and over again. It results in poor decision making. This is an example of a(n) __________ error.
Systematic
In an attempt to create a learning organization, Jordan needed to recognize the effects of one level of learning on another. This concept is known as encouraging _____________.
Systems Thinking
The risks associated with licensing are that the company granting the license ____________.
Has to give access to its technological know-how and risks losing control of its secrets
___________ are rules of thumb that simplify the process of making decisions.
Heuristics
What are the four characteristics of entrepreneurs?
High self-esteem, openness to experience, high need for achievement & internal locus of control
March and Simon believed that limitations on the ability of people to interpret, process, and act on information constrains:
Human decision making capability
The term hypercompetition applies to industries that are characterized by _________ competition.
Intense, ongoing & permanent
What are the four criteria for evaluating course of action?
Legal, ethical, economical & practical
By redesigning the manufacturing process so production equipment geared fir manufacturing one product can be quickly replaced with equipment geared to make another product,
Setup times can be reduced dramatically and costs can also be reduced dramatically.
Since managers must rely on both intuition and judgment to make decisions despite ambiguity and uncertainty, March and Simon propose that managerial decision making is often:
More art than science
_______ decision making occurs in response to unusual, unpredictable opportunities and threats
Nonprogrammed
An approach to decision making that explains why decision making is inherently uncertain and risky and why managers usually make satisfactory rather than optimum decisions defines the ___________ model.
Administrative
Because customers are vital to organizational survival, managers must
Correctly identify their customers and pursue strategies resulting in products that best meet customer needs
Managers periodically make ineffective decisions because they fail to specify the __________ for decision making.
Criteria
Arie was examining the different threats and opportunities for his company and figuring out how to respond to them. He was engaged in ________ _____________.
Decision Making
Managers can use _________ to regulate all routine organizational activities, thus making them programmed decisions.
Decision rules
Regarding decision making, the key to a good assessment of alternatives with a decision is to ________ and then __________ the opportunity or problem.
Define the opportunity or threat exactly, specify the criteria that should influence the selection of alternatives for responding to
Principal corporate-level strategies include ________________.
Diversification, vertical integration, international expansion & concentration on a single industry.
A major advantage of scenario planning is its ability to ____________.
Educate managers to think strategically and anticipate the challenges of an uncertain future.
Sam continues to commit organizational resources to a project that is failing. This is an example of _______ commitment.
Escalating
When an organization markets its product in one or a few markets, where the product is sure to stand out from its competitors, the organization is using a __________ strategy.
Focused differentiation