MGMT 3000 CH. 5

Operating plans (select all that apply) A. turn strategic plans into actionable short-term goals B. break long-term output into short-term targets or goals C. are also referred to as means-end chains

A,B

Strategic planning (select all that apply) A. should communicate general goals and ways to achieve them B. requires visionary and directional thinking C. should be done approximately every ten years D. focuses primarily on the organization's short-term goals

A,B

Setting a _________, Joy wants to sell 80 percent of her old merchandise prior to the new arrivals shipping. business plan norm goal vision mission statement

C

Organizations use ________ planning to determine what contributions the departments or work units can make toward the organization's strategic priorities and policies during the next 6 -- 24 months. A.operational B. mission C. strategic D. tactical

D

This plan encompasses a wide range of activities or projects. A. Program B. Procedure C. Single-use D. Standing E. Policy F. Rule G.Project

A

To grow the company by 50% over the next five years A. Strategic Planning B. Mission Statement C. Vision Statement D. Tactical Planning E. Operational Planning

A

Top managers use _______ planning to determine what the organization's long-term goals should be for the next one to five years with the resources they expect to have available. A. strategic B. informal C. operational D. tactical

A

What is the second step in management by objectives? A. The employee develops an action plan. B. The manager makes a performance appraisal and rewards the employee according to the results. C. The manager and employee periodically review the employee's performance. D. The manager and employee jointly set objectives for the employee.

A

A _____ goal is one that is specific, measurable, attainable, results-oriented, and has target dates. A. challenging B. long-term C. SMART D. good

C

A company's _____ is the purpose of the organization. A.plan B. vision C. mission D. strategy

C

A company's strategy can best be described as a(n) _______ about what long-term goals or direction to pursue for the survival or prosperity of the organization. A.placeholder B. shot in the dark C. educated guess D. after thought

C

A document that outlines a proposed firm's goals, its strategy for achieving those goals, and the standards for measuring success is known as a _______. A.SMART goal B. vision statement C. business plan D. mission statement

C

Based on what you know about the types of plans, self-driving cars would be an example of which of the following? A. procedure B. project C. program D. policy E. rule

C

A _____ plan is developed for activities that occur repeatedly over time. A. standing B. tactical C. process D. single-use

A

A business strategy, also known as a strategic _______, sets the long-term goals and direction for an organization. A.plan B. model C. goal D. mission

A

A company's ______ statement should provide a clear sense of the future and the actions needed to get there. A. vision B. mission C. values D. operational

A

A(n) ________ provides a guide for a company's long-term goals. A. strategic plan B. mission statement C. operations plan D. vision statement

A

Goals should be unambiguous and not vague. Dylan tells his interns that he would like for them complete their data entry work more efficiently. A.Specific B. Results oriented C. Measurable

A

In the office of every general manager of Sleep Tight Motels there is a small poster that reads, "We want to become the only place our customers want to stay for the night while traveling." This is the vision statement for Sleep Tight Motels. True False

A

Prior to opening his business, Francois, the owner of The Crepe Factory, is writing a document that explains the reason for his business. This statement would be a part of his mission statement. True False

A

The ______ statement expresses the purpose of an organization. A.mission B.operational C.values D.vision

A

The document that details how a company's goals are to be met is called a(n)_____. A. plan B.investment C. mission D.vision

A

The letter S in the acronym SMART goal stands for what aspect of a good goal? A. specific B. specialized C. statistical D. standard

A

The purpose of management by objectives (MBO) is to ______ subordinates. A. motivate B. organize c. scrutinize D. control

A

A _____ plan directs activity, such as a project, that is unlikely to be repeated. A. rocket B. single-use C. standing D. tactical

B

A business plan is a document that outlines A.the need the firm will fill, the operations of the business, and its expected revenues and expenses. B.a proposed firm's goals, strategy for achieving them, and standards for measuring success. C.the organization's long-term goals and direction. D.a firm's resources or capabilities along with their competitive strategic potential.

B

Cascading goals is the process of A.motivating employees by properly appraising goal-directed performance B. ensuring that strategic goals at the top align with the short-term goals set at lower levels in the organization C. gaining strong top and middle management commitment to the goal setting process D. implementing the management by objectives program organization-wide

B

Goals should somehow be linked to the organization's mission. Quinn's company is very customer-focused. She wants her customer service staff to decrease the time it takes to resolve a customer complaint by 10%. A.Specific B. Results oriented C. Measurable

B

His company makes professional-quality products that are accessible to the recreational angler. A. Strategic Planning B. Mission Statement C. Vision Statement D. Tactical Planning E. Operational Planning

B

In terms of SMART goals, an "attainable" goal is _____. A. one that meets cost guidelines B. challenging but achievable C. impossible to meet D. easily achieved by employees

B

It is the function of the _____ to take the strategic plan and develop actionable short-term goals that a business can achieve. A.mission statement B. operating plan C. vision statement D. tactical plan

B

Managers and subordinates jointly setting subordinate objectives is the _____ step in management by objectives. A.third B.first C. second D.fourth

B

Who is responsible for tactical planning? A.Middle management B. First-line management C. Top management

B

The company wants to provide a chance for every person to reach his or her highest fishing potential without sacrificing their retirement savings to do it. A. Strategic Planning B. Mission Statement C. Vision Statement D. Tactical Planning E. Operational Planning

C

The manager and employee periodically reviewing the employee's performance represents the _____ step in management by objectives. A.first B.fourth C.third D.second

C

This plan is used for activities that are not likely to be repeated again. A. Program B. Procedure C. Single-use D. Standing E. Policy F. Rule G.Project

C

What are two advantages for a company that establishes deadlines? A. Deadlines create competition among the staff B. Deadlines ensure excellent quality work C. Deadlines aid in making quicker decisions D. Deadlines motivate employees to focus on the goal

C,D

A firm's business _______ should include a description of the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses. A. strategy B. plan C. statement D. model

D

A firm's business _______ should include a description of the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses. A.strategy B.plan C. statement D.model

D

Goals that are challenging but are realistic and achievable within the scope of the resources available to a company satisfy which aspect of SMART goal criteria? A.Targeted B.Measurable C.Simplified D.Attainable

D

Her department plans to introduce 10 revolutionary new lures to the company's already exciting lineup of products over the next two years. A. Strategic Planning B. Mission Statement C. Vision Statement D. Tactical Planning E. Operational Planning

D

In business, a specific commitment to achieve a measurable result within a stated period of time is called a _____. A. tactic B. strategy C. plan D. goal

D

It is the function of the _____ to take the strategic plan and develop actionable short-term goals that a business can achieve. A. tactical plan B. mission statement C. vision statement D. operating plan

D

The company's mission statement tells us A. what the company wants to become. B. what the company cares most about. C. where the company wants to go strategically. D. the company's reason for being.

D

This plan is best for activities that occur over and over again. A. Program B. Procedure C. Single-use D. Standing E. Policy F. Rule G.Project

D

What is the first step in management by objectives? A.Managers make a performance appraisal and reward the employee according to the results. B. Managers and employees periodically review the employee's performance. C. Employees propose action plans. D. Managers and employees jointly set objectives for the employee.

D

Which of the following is an example of a rule? A. "We are committed to hiring a workforce whose diversity mirrors our customers." B. "We believe that the customer comes first." C. "Sexual harassment will not be condoned in this organization." D. "An employee who comes to work intoxicated will be terminated immediately." Correct E. "At their discretion, department managers can offer summer working hours to their employees."

D

Without having a plan in place, managers may focus only on _____ instead of keeping a long-range view and anticipating new opportunities. A. competitors' movements B. emerging opportunities for expansion C. overall company strategy D.whatever is in front of them

D

____ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters. A. Managers B. Cascades C.Employees D. Deadlines

D

Project managers have the designs complete now and are working to streamline the production tools to maximize efficiencies and thus bring costs down. A. Strategic Planning B. Mission Statement C. Vision Statement D. Tactical Planning E. Operational Planning

E

This plan gives a general idea of how to respond to a designated situation. A. Program B. Procedure C. Single-use D. Standing E. Policy F. Rule G.Project

E

Uber's expansion on the innovation front depends on its self-driving cars plan. The implementation of this plan would be the responsibility of which of the following managers? A.vice president B. chief executive officer C. team leader D. unit manager E. product-line

E

This plan designates a specific required action. A. Program B. Procedure C. Single-use D. Standing E. Policy F. Rule G.Project

F

This type of plan is smaller in scope and less complex. A. Program B. Procedure C. Single-use D. Standing E. Policy F. Rule G.Project

G

The vision statement should answer which of these questions? A. What do we want to become? B. How many people should we hire? C. How much profit do we want to make? D. What is our reason for being?

A

Which of these represent measurable goals? (select all that apply) A. Customer service agents should improve customer relations by making 10 follow-up calls each week. B. No more than 50% of cars should be sold below MSRP. C. Measures should be taken to drastically improve customer service.

A,B

Long-term goals (select all that apply) A. focus on achieving strategies in the company's strategic plan B. span one to five years C. are also referred to as tactical goals D. show how goals are linked across an organization E. are also referred to as strategic goals

A,B,E

What are two advantages for a company that establishes deadlines? A. Deadlines motivate employees to focus on the goal B. Deadlines ensure excellent quality work C. Deadlines aid in making quicker decisions D. Deadlines create competition among the staff

A,C

SMART goals (select all that apply). A. are specific B. have sustainability C. have target dates D. are attainable E .are impossible F. are measurable G. are results-oriented

A,C,D,F,E

Management by ______ is a four-step process in which managers and employees jointly set objectives, develop action plans, review performance, and appraise and reward employees. A.goals B. objectives C. means D. mission

B

Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the _____ step in management by objectives. A. second B. fourth C. first D. third

B

Strategic planning can help encourage new ideas by stressing the importance of ______ in achieving long-range success. A. competition B. innovation C. rigidity D. blinders

B

The fourth and final step in management by objectives involves _____. A.the manager and employee periodically reviewing the employee's performance B. the manager making a performance appraisal and rewarding the employee according to the results C.the employee developing an action plan D.the manager and employee jointly setting objectives for the employee

B

The process of ensuring that the strategic goals set at the top align with more specific short-term goals at lower organizational levels is known as _____ goals. A.organization-wide B. cascading C. SMART D. divisional

B

This plan outlines a set response to particular problems or circumstances. A. Program B. Procedure C. Single-use D. Standing E. Policy F. Rule G.Project

B

What would occur in the third step of management by objectives? A. You prepare action plans. B.You and your manager meet to review progress. C.You are compensated for your work achievements. D.You and your manager jointly set objectives.

B

What are three things that should be included in a firm's business model? (Select all that apply.) A.The firm's standards for measuring success B. A description of the industry the firm is entering C. The firm's expected revenues and expenses D. The firm's strategy for achieving its goals E. How the firm will market to customers

B,C,E

CEO Khosrowshahi's strategic goal is for Uber to raise funds via an Initial Public Offering (IPO) in 2019. Which of the following would be an example of an operational goal in support of this? A. redeveloping the company's mission statement B. increasing Uber Eats sales by 10 percent in the next six months C. settling a self-driving car trade secrets lawsuit with Waymo D.expanding to Indonesia by the end of the year E. developing a self-driving car prototype

C

Employees preparing action plans represents the _____ step in management by objectives. A.first B. fourth C. second D. third

C

Pietro, the county sheriff, told his deputies to "Think big and endeavor to be more detailed and caring while at work and in setting goals. Therefore, when you give me your goals, I want them to be specific, measurable, attainable, results-oriented, and have target dates." Pietro was asking for his deputies' synergy objectives. strategic goals. SMART goals. policies. focused heart statements.

C

The _______ process helps us to cope with uncertainty by formulating future courses of action designed to help achieve specified results. A.management B.assessment C.planning D.strategy

C

According to management scholar Gary Hamel, companies like Apple have succeeded because their spirit of _____ has allowed them to reinvent the basis of competition within an existing industry. A. operational planning B. sustainable advantage C. common ground D.strategy innovation

D

An organization's vision represents A.what the organization cares most about. B.the organization's purpose. C.the values the organization wants to emphasize. D.where the organization wants to go.

D

Cozy Café is a restaurant chain that offers a relaxing environment to enjoy quality coffees, teas, soups, and other menu items. A poster in the front of each restaurant reads, "We will always provide a quality product to help our customers better meet the challenges of their day and will always take the time to offer caring service one person at a time." This statement is Cozy Café's code of ethics. belief statement. management pledge. goals pact. mission statement.

D