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