buisness management
12. _____ is the extent to which a decision maker is willing to gamble when making a decision. a. Risk propensity b. Intuition c. Optimization d. Satisficing e. Bounded rationality
A
15. An organization that pursues a(n) _____ strategy seeks to stand out among competitors through the quality (broadly defined) of its products or services. a. differentiation b. divesting c. anti-competitive d. focus e. cost-leadership
A
17. Relish has a chain of outlets that sells baked products. Relish requires all its employees to complete a month's training before they could work in the kitchen. This is an example of a: a. standard operating procedure. b. contingency plan. c. regulation d. policy. e. standing plans.
A
23. An organization's _____ is a statement of its fundamental, unique purpose that sets a business apart from other firms of its type and identifies the scope of the business's operations in product and market terms. a. mission b. statement of qualification c. article of incorporation d. operational goal e. tactical plan
A
5. Which of the following illustrates a programmed decision? a. A cafe owner buys a hundred cartons of coffee every month. b. A fast food chain decides to enter into a new franchise agreement. c. A content development company decides to sue a competitor for copyright infringement. d. A health drink manufacturing company decides to launch a new product in the market. e. An IT company decides to lay off a hundred employees.
A
6. When decision making is under a condition of uncertainty: a. the alternatives are not known. b. no ambiguity is involved. c. errors are least likely to occur. d. the consequences of solutions are known. e. the decision situation is simple.
A
8. Christine, a teacher, notices that the performances of her students at class tests have been declining. While attempting to find a solution to the problem, she thinks of three choices: rewarding students who get good grades, holding class tests more often, or punishing students when they perform poorly in the tests. Which step of the rational decision-making process is Christine in? a. Identifying alternatives b. Implementing an alternative c. Defining the decision situation d. Selecting the best alternative e. Evaluating the decision effectiveness
A
11. _____ is an innate belief about something without conscious consideration. a. Optimization b. Intuition c. Logic d. Ethics e. Risk propensity
B
14. Tactical goals are set by: a. first-line managers. b. middle managers. c. assembly-line managers. d. stockholders. e. investors.
B
16. In the context of the GE Business Screen, a determinant of an organization's competitive position is: a. capital requirements. b. market growth. c. government policies. d. market size. e. product quality.
B
2. Which of the following statements is true about the decision-making process? a. It exclusively applies to problem situations. b. It requires that the nature of a particular situation be defined. c. It seldom applies to situations that are positive. d. It typically involves only one individual and seldom applies to groups. e. It results in the generation of only one alternative.
B
22. Goals set for and by line-managers are called _____ goals. a. strategic b. tactical c. developmental d. organizational e. operational
B
4. Decisions made by top managers involving strategy, such as signing mergers or making acquisitions, are examples of _____ decisions. a. frequent b. nonprogrammed c. structured d. operational e. programmed
B
7. Managers are most prone to error in a condition of _____. a. certainty b. uncertainty c. risk d. rationality e. perfect information
B
25. Give an example of a decision that you made today. Was it programmed or non-programmed and what condition of certainty did the decision have?
BRUSHED MY TEETH KNEW IT WAS GOING TO HAPPEN
13. Which of the following will be considered as an organizational strength in the context of SWOT analysis? a. Organizational opportunities b. New competitors c. Surplus capital d. High overhead costs e. New government policies
C
18. The _____ is the component of a strategy that specifies the range of markets in which an organization will compete. a. divestiture b. competency c. scope d. resource deployment e. deskilling
C
19. A _____ is the most general form of standing plan that specifies the organization's general response to a designated problem or situation. a. project b. standard operating procedure c. policy d. program e. single-use plan
C
20. Which of the following will help a company achieve an overall cost leadership? a. Manufacturing customized products in small quantities b. Increasing after-purchase services c. Using simple inexpensive product packaging d. Selling products at very high prices e. Increasing overhead costs
C
1. The process of choosing one alternative from among a set of alternatives is called _____. a. rational ignorance b. altruism c. bounded rationality d. decision making e. groupthink
D
10. An alternative should be eliminated during evaluation if: a. it is supported by the most number of individuals. b. it involves minimal costs. c. it is found to have passed the satisfactoriness test. d. it has several unaffordable consequences. e. it requires minimal resources.
D
21. Which of the following strategies will help companies succeed during the growth stage of a product cycle? a. Increasing overhead costs b. Focusing on developing new products or services c. Sacrificing product quality d. Focusing on creating product differentiation e. Increasing product prices significantly
D
24. Which of the following statements is true about strategic goals? a. They are set by an organization's middle managers. b. They are set by first-line managers. c. They provide plans for the day-to-day operations of an organization. d. They focus on broad and general issues. e. Their focus is on short-term issues.
D
9. Delta Corp. introduced a new set of policies, giving its employees more flexibility in work timings. This decision was made in response to complaints from employees about fatigue. Which step of the rational decision-making process is illustrated in the scenario? a. Defining the situation b. Evaluating the possible alternatives c. Selecting the alternative d. Implementing an alternative e. Evaluating decision effectiveness
D
3. A(n) _____ decision is a decision that is relatively structured or recurs with some frequency (or both). a. custom-made b. novel c. unstructured d. intuitive e. programmed
E
26. For the decision you described in #25, are you happy with the decision you made? How did you come up with your solution? Would you do anything differently next time?
YES, I DO IT EVERYDAY WOULDNT CHANGE A THING
