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