To be effective, goals need to meet five specific characteristics which may be remembered with the acronym:

1.

1.00 point

To be effective, goals need to meet five specific characteristics which may be remembered with the acronym:

SMART.

NOPAT.

LIBOR.

CAPEX.

GEICO.

2.

1.00 point

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

scenarios

roadmaps

financial reports

annual reports

3.

1.00 point

Which of the following is one of the six components of the strategic management process?

Technology assessment

Skill improvement plan

?

Strategy implementation

Stockholder reporting

Stakeholder analysis

4.

1.00 point

_____ are inputs to production that can be accumulated over time to enhance the performance of a firm.

Framing effects

Portfolios

Core capabilities

Plans

Resources

5.

1.00 point

_____ is the process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies.

Strategic planning

Situational analysis

Benchmarking

Brainstorming

Satisficing

6.

1.00 point

_____ refers to the acquisition or development of new businesses that produce parts or components of the organization’s product .

?

Vertical integration

Concentration

Horizontal integration

Insourcing

Greenfield venturing

7.

1.00 point

A competitive advantage typically results from a low-cost business strategy or a(n) _____ business strategy.

integrated

high-cost

differentiation

concentrated

dominant

8.

1.00 point

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.

framing effect

satisficing

groupthink

illusion of control

discounting the future

9.

1.00 point

Which of the following is a potential advantage of using a group to make a decision?

?

Participation in problem solving increases commitment to decisions.

Following a given set of rules can keep employees out of trouble.

Due to the phenomenon of groupthink, a positive team spirit can be maintained.

Goals get continually displaced as new ideas emerge.

A group produces a satisficing decision that is adequate for its needs.

10.

1.00 point

In the context of decision making, what is the role of a devil’s advocate in constructive conflict?

To suggest new ideas

To find consensus among participants

To consolidate previously suggested ideas

To criticize ideas and point out problems

To always agree with the group leader

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