chapter 9 warm up bus 450

What are the five issues, beyond financial, a firm uses to evaluate its strategies when developing a balanced scorecard?

customers, managers/employees, operations/processes, community/social responsibility, and business ethics/natural environment

What are the basic activities of the strategy-evaluation process?

examine the underlying bases of a firm's strategy, compare expected results with actual results, and take corrective actions to ensure the performance conforms to plans

The balanced scorecard strategy evaluation and control technique derives its name from the need of firms to balance

financial and nonfinancial measures

The act of oversight and direction provided by a board of directors is referred to as

governance

Which of the following is suggested to make strategic planning more effective?

it should be a people process more than a paper process

Which strategy-evaluation activity includes comparing expected results with actual results, investigating deviations from plans, evaluating individual performance, and examining progress toward meeting stated objectives?

measuring organizational performance

Most strategy literature advocates that strategic management is

more a science than an art

Which of the following is a current trend in the U.S. regarding Boards of Directors?

much greater board member accountability with smaller boards

Strategy-evaluation activities should be performed _____

on a continuing basis

when conducting strategic planning, some firms prefer to keep strategies hidden because

participants in a visible strategic process become more attractive to rival firms, which may lure them away

The strategic planning process should

strengthen the "good ethics is good business" policy

Which strategy-evaluation activity requires making changes to competitively reposition a firm for the future?

taking corrective actions