Intro to Management (Spring, 2014, Course Code: 44453)
Assignment: Chapter 5 Quiz
1.
To be effective, goals need to meet five specific characteristics which may be remembered with the acronym:
CAPEX.
NOPAT.
SMART.
LIBOR.
GEICO.
2.
Piece-Wise Parts, a manufacturing company, developed a strategic plan for 2008 that assumed improved growth in its industry. Additionally, it generated several _____ for different economic settings. When recession started, Piece-Wise Parts quickly implemented the plan based on those conditions. As a consequence, it survived more easily than other firms in the industry.
projection statements
roadmaps
financial reports
annual reports
scenarios
3.
Which of the following is one of the six components of the strategic management process?
Strategy implementation
Stakeholder analysis
Skill improvement plan
Technology assessment
Stockholder reporting
4.
_____ are inputs to production that can be accumulated over time to enhance the performance of a firm.
Resources
Core capabilities
Portfolios
Framing effects
Plans
5.
_____ is the process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies.
Satisficing
Situational analysis
Benchmarking
Strategic planning
Brainstorming
6.
_____ refers to the acquisition or development of new businesses that produce parts or components of the organization’s product .
Insourcing
Vertical integration
Concentration
Horizontal integration
Greenfield venturing
7.
A competitive advantage typically results from a low-cost business strategy or a(n) _____ business strategy.
high-cost
dominant
concentrated
integrated
differentiation
8.
In the context of the influence of psychological biases in decision making, _____ refers to a belief that one can influence events even when one has no control over what will happen.
illusion of control
satisficing
discounting the future
groupthink
framing effect
9.
Which of the following is a potential advantage of using a group to make a decision?
Due to the phenomenon of groupthink, a positive team spirit can be maintained.
Participation in problem solving increases commitment to decisions.
Following a given set of rules can keep employees out of trouble.
A group produces a satisficing decision that is adequate for its needs.
Goals get continually displaced as new ideas emerge.
10.
In the context of decision making, what is the role of a devil’s advocate in constructive conflict?
To always agree with the group leader
To find consensus among participants
To criticize ideas and point out problems
To suggest new ideas
To consolidate previously suggested ideas
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