Deck 6: Strategic Management

Question 1

Functional areas, like accounting and marketing, will need to have goals and objectives that help show how those functions are contributing to the organization's goals and objectives.

Answer 1

True

Question 2

Goals and objectives provide a form of control since they create a feedback opportunity regarding how well or how poorly the organization is executing its strategy.

Answer 2

True

Question 3

_______________ is the net profit divided by total sales.

Answer 3

Return on sales (ROS)

Question 4

Success and progress in achieving goals and objectives will be indicated by how well the vision and mission are achieved.

Question 5

Financial outcomes are often short-term in nature and consequently focusing too much on financial measures may lead managers to overlook other key factors that might be very important to the longer-term viability of the organization.

Question 6

It is usually top managers who set goals and objectives for the entire organization.

Question 7

______________ is a fundamental requirement and an integral part of strategic planning, and of principles of management more generally.

Question 8

Examples of measures used in objectives include which of the following?

A) Staff morale
B) Financial goals
C) Stock price
D) New product development

Question 9

_____________ are very precise, time-based, measurable actions that support the completion of a goal.

Question 10

What are the characteristics of good objectives ion 2

Question 11

The way that the firm is organized can affect goals and objectives in a number of ways.

Question 12

Objectives typically include which of the following?

A) Be related directly to the values of the company
B) Reflect in the strategic plan
C) Be clear, concise, and understandable
D) Be stated in terms of the corporate mission

Question 13

Management By Objectives (MBO) is a systematic and organized approach that aims to increase organizational performance by aligning the subordinate objectives throughout the organization with the overall goals set by management.

Question 14

_____________ are outcome statements that define what an organization is trying to accomplish.

Question 15

Goals and objectives serve to accomplish all of the following EXCEPT:

A) Gauge and report performance
B) Improve performance
C) Align effort
D) Align goals with objectives

Question 16

According to Drucker, managers should focus on the activity, not the result.

Question 17

Goals and objectives are a not a basis for reward systems.

Question 18

The actual metrics used to gauge performance on objectives are called ______________.

Question 19

Goals are typically not set for the organization, but for the stakeholders outside the organization.

Question 20

Goals and objectives are a basis for _______________ systems, and can align interests and accountability within and across business units.
Short

Question 21

________________ is a framework designed to translate an organization's mission and vision statements and overall business strategy into specific, quantifiable goals, and objectives.

Question 22

Assessing performance through financial returns only provides information about how well the organization did prior to the assessment.

Question 23

In a Balanced Scorecard, the internal area looks at production and _______________ measuring performance in terms of maximizing profit from current products and following indicators for future productivity.
Short

Question 24

__________________ is a systematic and organized approach that aims to increase organizational performance by aligning the subordinate objectives throughout the organization with the overall goals set by management.

Question 25

The discipline of creating a Balanced Scorecard forces companies to integrate what two functions?

Question 26

The Balanced Scorecard is aimed to make key improvements on a simple ________ system, particularly by more clearly tying goals and objectives to vision, mission, and strategy by branching out beyond purely financial goals and objectives.

Question 27

According to Drucker, one thing an MBO system should provide is _____________.

Question 28

Differentiate Management by Objectives and the Balanced Scorecard.

Question 29

By relying on _________________, the scorecard forces managers to come to agreement on the metrics they will use to translate lofty visions into realities.

Question 30

Individual employees understand how their own productivity supports the overall strategy using ______________.

Question 31

By supplying a mechanism for strategic feedback and review, the Balanced Scorecard helps organizations foster what kind of learning?

Question 32

A Balanced Scorecard relies on which of the following processes to bind short-term activities to long-term activities?

A) Communicating the vision
B) Performance metrics
C) Communicating and linking
D) Succession planning

Question 33

MBO was first outlined by ________________.

Question 34

Avoiding performance issues ultimately increases the organization's overall effectiveness,

Question 35

Most organizations conduct employee performance evaluations at least once a year.

Question 36

Characteristics of MBO includes which of the following?

A) Systematic and organized approach
B) Aims to improve employee morale
C) It improves communication by centralizes decision making
D) Used by managers to track their best customers

Question 37

In a Balanced Scorecard, the customer area looks at customer satisfaction and _______________.

Question 38

When a scorecard is disseminated to others in the organization, strategy becomes a tool specifically for top management.

Question 39

What is the broader principle behind MBO ion 3

Question 40

Which of the following indicators of performance is easier to describe and quantify?

A) Commitment
B) Knowledge
C) Attendance
D) Motivation

Question 41

CSR stands for ___________________.

Question 42

KPMG's 2011 International Survey of Corporate Responsibility Reporting reflects the growing importance of corporate responsibility as a key indicator of non-financial performance.

Question 43

The Dow Jones Sustainability index looks at competence in which of the following areas?

A) Customer loyalty
B) Technological
C) Financial
D) Employee retention

Question 44

What should you do if you get a poor review?

Question 45

Which of the following are critical components of effective performance evaluations?

A) Goals and objectives
B) Expectations and rewards
C) Skills and capabilities
D) Products and customers

Question 46

A general objective has a much greater chance of being accomplished than a specific one.

Question 47

In personal scorecard, the financial perspective:

A) captures your needs and aspirations about money.
B) reflects the goals related to your health and well-being.
C) reflects those strengths that you wish to be distinguishing features.
D) refers to your skills with regard to personal learning and growth.

Question 48

________________ is about how companies manage their business processes to produce an overall positive impact on society.

Question 49

In a personal scorecard, __________ reflects your values and philosophy of life.

A) vision
B) objective
C) goal
D) mission

Question 50

How do you prepare for an upcoming review?

Question 51

How does the Dow Jones Sustainability Index define CSR ion 5

Question 52

The Balanced Scorecard can be translated into an individual scorecard that helps toward the achievement of personal and professional goals and objectives.

Question 53

___________ reflects measures of an organization's commitment to individuals, communities, and the natural environment..
Short

Question 54

The most common appraisal error is __________, and managers often realize they are committing this error.

Question 55

All of the following statements regarding performance evaluations are true EXCEPT:

A) Performance reviews help managers feel more honest in their relationships with their subordinates.
B) Subordinates are assured clear understanding of what goals and objectives are expected from them.
C) Giving performance issues ultimately decreases morale.
D) Mangers feel better about themselves in their supervisorial roles.

Question 56

What should you take away from a performance review ion 4

Question 57

An agreed-upon set of goals and objectives as part of a formal discussion with each staff member to review individual activities to date is sometimes called a(n) ________________.
Short

Question 58

Which of the following is NOT one of the areas you should think about when having your own performance reviewed?

A) Preparation for the review
B) What to do if the review is negative
C) What should you ultimately take away from the review
D) Who should conduct the review

Question 59

A __________ is a constructive process to acknowledge an employee's performance.

Question 60

Research suggests that individual and organizational performance increase _______ when an evaluation system based on specific goals and objectives is implemented.

Question 61

What is the acronym SMART?

Question 62

What is a tangible objective?

Question 63

Which of the following questions should be addressed to determine whether your objective is measurable?

A) What do I want to accomplish?
B) How will I know when it is accomplished?
C) What are the requirements and constraints?
D) Who is involved Short

Question 64

List the questions addressed in setting a specific objective.