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Exam 5: Planning and Decision Making

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Question 51

Multiple Choice

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Which of the following best describes the preferred approach for managers confronted with risk?

A) They avoid it by any means necessary.
B) They eliminate it with a thorough understanding of the consequences of each option.
C) They anticipate it, minimize it, and control it.
D) They understand there is no way to manage it.
E) They thrive on taking risks.

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Question 52

Multiple Choice

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In the context of managerial decision making, when one can estimate the likelihood of various consequences but still does not know with certainty what will happen, one is facing _____.

A) certainty
B) maximization
C) risk
D) optimization
E) framing effects

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Question 53

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The corporate strategy of concentration involves expanding the domain of the organization into supply channels and to distributors.

In an organization, the process of planning moves in a linear fashion.

Making decisions about the organization's short-term goals and tactics is known as strategic planning.

Discuss strategic, tactical, and operational planning. What are the characteristics of each in terms of managerial level and level of detail?

In the context of the planning process, which of the following statements is true of the final step that involves monitoring and controlling performance?

The process of translating broad strategic goals and plans into specific goals and plans relevant to a particular portion of the organization is known as:

The formal planning model emphasizes a bottom-up approach.

In _____ planning, frontline managers usually focus on routine tasks such as production runs, delivery schedules, and human resource requirements.

To be effective, goals should be measurable, specific, attainable, relevant, and time-bound.

A technique that helps managers summarize relevant and important facts from the internal and external analyses of an organization in order to formulate strategy is known as:

Managers throughout an organization may be involved in developing the strategic plan and contributing critical elements.

Discounting the future is a psychological bias that applies to students who do not study.

In the context of formal decision making, which of the following is indicated by negative feedback?

Use the information given below to answer the following questions. Scenario B. Chem-Free Natural Pharmaceuticals has completed a SWOT analysis as part of their ongoing strategic planning process. They have collected the following information: 1. New regulations have been passed limiting their ability to sell certain formulations over the counter. 2. As compared to their competitors, their management team is by far the best in the industry. 3. They have fallen behind in research and development in the last few years. 4. More people are becoming interested in natural alternatives to traditional chemical pharmaceuticals; this trend is expected to continue over the next decade. 5. The company has inadequate financial resources to invest in their operations. -In the context of the given scenario, which of the following is a strength of Chem-Free Natural Pharmaceuticals?

Use the information given below to answer the following questions. Scenario B. Chem-Free Natural Pharmaceuticals has completed a SWOT analysis as part of their ongoing strategic planning process. They have collected the following information: 1. New regulations have been passed limiting their ability to sell certain formulations over the counter. 2. As compared to their competitors, their management team is by far the best in the industry. 3. They have fallen behind in research and development in the last few years. 4. More people are becoming interested in natural alternatives to traditional chemical pharmaceuticals; this trend is expected to continue over the next decade. 5. The company has inadequate financial resources to invest in their operations. -In the context of the given scenario, which of the following is a threat for Chem-Free Natural Pharmaceuticals?

Leaders of decision-making groups should:

Managers usually face novel and unstructured problems, leaving them uncertain about how to proceed.

In order to reduce production costs, Everlasting Tire decided to buy out a rubber plant and begin manufacturing their own rubber for their tires. The corporate strategy adopted by the company is known as: