Management Exam Study Guide - Lindenwood Michael Short
What are the components of strategic management?
(6) establishment of mission, vision & goals, analysis of internal strength/weaknesses, analysis of external opportunities & threatss, SWOT analysis & strategy formulation, strategy implementations, strategic control.
A system that calls for subassemblies and components to be manufactured in very small lots and delivered to the next stage of the production process just as they are needed is referred to as
(JIT) Just In Time
Which of the following is a step in the strategy implementation process?
1. define strategic tasks. 2. assess organization capabilities, develop and implementation agenda, 4. create implementation plan.
Implementing a decision must be planned carefully. Adequate planning most often requires what steps?
1. determine how things will look after 2. chronologically order the steps as necessary 3. use the resources required to implement 4. estimate time needed for each step. 5. assign responsibility for each step.
A technique for assessing the organization's internal and external environments in order to formulate strategy is called a
SWOT analysis
What are the ways in which an organization may attain competitive advantages through diversity?
ability to attract & retain motivated employees, better perspective on differentiated market, ability to leverage creativity & innovation, enhance organizationl flexibility.
The legitimate right to make decisions and to the other people what to do is referred to as
authority
A process in which group members generate as many ideas about a problem as they can and criticism is withheld until all ideas have been proposed is called
brainstorming
The assignment of authority and responsibility to a subordinate at a lower level is referred to as
delegation
A form of leadership in which the leader solicits input from subordinates is referred to as
democratic leadership
The capability, such as knowledge, expertise, or skill that underlies a company's ability to be a leader in providing a range of specific goods or services is called
organizing around core capabilities
The four traditional management functions, still relevant today, include ____________, _____________, _____________, and ___________.
planning, organizing, leading, controlling.
What are the ways that firms become true learning organizations?
review successes & failures looking for lesson & deeper understanding
Characteristics of managerial decisions include which of the following?
risk , uncertainty, lack of structure or conflict.
The competitive environment consists of ___, ___, ___, _______, _____ & _______.
rivals, suppliers, buyers, new entrants, subsititutes & compliments.
Which of the steps in the formal planning process involves studying past events, examining current conditions, and forecasting future trends?
situational analysis
What are the characteristics of an effective goal?
specific, measurable, attainable, relevant, time-bound, SMART.
The final component of the strategic management process is strategic
strategic control
A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies is called
strategic management
Which of the following lists represent skills that managers need?
technical, conceptual & decision skills, interpersonal & communication skills.
Coordination refers to
the procedures that link the various parts of an organization for the purpose of acheiving the organizations overall mission.
The sequence of activities that flows from raw materials to the delivery of a product or service, with additional value created at each step, is called
value chain
The final stage in the decision making process is _______.
evaluating the decision.
A phenomenon that occurs in decision maing when group memebers avoid disagreements as they strive for consensus is known as what?
group think
Which of the following statements about delegation is true?
helps develop effective subordinates
The initial step in the decision making process it to ___________.
identify and diagnose the problem.
Advantages in using a group for decision making include ______.
larger pool of information, more perspective & approaches, intellectual stimulation, people understand the decision, and people are committed to the decision.
A managers ability to stimulate people to be high performers is reffered to as ______________.
leading
An organization skilled at creating, acquiring, and transfering knowledge and at modifying its behavior to reflect new knowledge and insights is a
learning organization
__________ is the process of working with people and resources to accomplish organizational goals.
management
Understanding and appreciating employee differences to build a more effective and profitable orgainzation is known as
managing diversity
The flat world has required managers to operate in a an enviroments that ______ complex and offers more _______.
more, opportunities.
What are potential disadvantages of group decisions?
one person dominates, satisficing, group think, goal decision.