Deck 6: Goals and Objectives

Question 1

Success and progress in achieving goals and objectives will be indicated by how well the vision and mission are achieved.False: Success and progress in achieving its mission and vision will be indicated by how well the goals and objectives are achieved.Hard;Comprehension

Answer 1

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

Question 2

It is not only the top managers who set goals and objectives for the entire organization.

Answer 2

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

Question 3

Financial outcomes are often short-term in nature,so they omit other key factors that might be very important to the longer-term viability of the organization.

Answer 3

True

Question 4

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

Question 5

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 6

Goals are typically not set for the organization but for the stakeholders outside the organization.False: Goals are typically set for the organization as a whole.Medium;Comprehension

Question 7

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

Question 8

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.

Question 9

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

Question 10

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 11

Historic financial goals and objectives,even though financial outcomes are wide ranging in scope,are also purely historic.False: Historic financial goals and objectives,even though financial outcomes are narrow ranging in scope,are also purely historic.Hard;Comprehension

Question 12

Kaplan and Norton's Balanced Scorecard,Accenture's Performance Prism,and Skandia's Intellectual Capital Navigator are examples of boilerplate versions of financial measurement.

Question 13

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

Question 14

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

Question 15

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.

Question 16

Goals are outcome statements that define what an organization is trying to accomplish:

A)Programmatically
B)Organizationally
C)Both programmatically and organizationally
D)Internal

Question 17

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 18

The role of goals and objectives are achieved only in the planning stage.False: The role of goals and objectives are not only achieved in the planning stage.Medium;Comprehension

Question 19

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

Question 20

Goals and objectives provide the foundation for ________________.

Question 21

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

Question 22

The performance plan is more complex than the Balanced Scorecard.False: The performance plan is less complex than the Balanced Scorecard.Medium;Comprehension

Question 23

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

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

Question 24

MBO was first outlined by the management guru ________________.

Question 25

When a scorecard is disseminated,strategy becomes a tool specifically for top management.False: When a scorecard is disseminated,strategy becomes a tool available to everyone.Medium;Comprehension

Question 26

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

Question 27

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 28

One MBO criticism is:

A)That it seemed disconnected from a firm's strategy
B)Linked employee goals to corporate goals
C)Did not place managers into a rigid enough performance system
D)Tied achievement to compensation and promotion

Question 29

The manager should be directed and controlled by the objectives of performance rather than by his/her boss.

Question 30

The performance plan will include a section that identifies all of the following EXCEPT:

A)Expectations of how employees deal with problems
B)The reward or promotion objectives
C)How the employees interact with internal and external customers
D)How proactive the employees are in respect to changing work

Question 31

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.

Question 32

_______________ is the net profit divided by total sales.

Question 33

In the POLC framework,what stage is setting and managing goals and objectives? Within the planning facet of POLC,goals and objectives serve a growing function in product/service.If goals and objectives are to be achieved,and improve the competitive position of the firm,then the organizing,leading,and controlling stages must address goals and objectives as well.Easy;Knowledge

Question 34

__________________ is a systematic and organized approach that allows management to focus on achievable goals and to attain the best possible results from available resources.

Question 35

At the beginning of the year,the manager and employee discuss the employee's goals or objectives for the year and this will form the basis for ongoing discussion recorded in a document called the _________________.

Question 36

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

Question 37

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

Question 38

Throughout the year,the supervisor must give performance evaluations to all employees to see if they meet their individual goals and objectives.

Question 39

In MBO systems,goals and objectives are written down for each level of the organization.

Question 40

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

Question 41

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

Question 42

One of the key litmus tests for the setting of goals,objectives,and measures is whether or not they are linked in some way to the key factors driving an organization's success or competitive advantage.

Question 43

Eisenhardt suggests that organizations should have ___________ key goals or rules which guide how the firm operates,identify which opportunities to pursue,set priorities,manage timing of actions,and even inform business exit decisions.

Question 44

Goals and objectives are difficult to set because:

A)We might not know what they should cover
B)We lay out too many of them with the hope that at least we are covering all the bases
C)They are set by managers without the approval of employees
D)Objectives can proliferate in organizations because new ones are set,while old ones are not discarded

Question 45

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,and branching out beyond purely financial goals and objectives.

Question 46

What do individual managers need to know and understand in order for MBO to be effective?

Question 47

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

Question 48

Both MBO and the Balanced Scorecard fit in the larger collection of tools called ___________________.

Question 49

Characteristics of the approach to setting and managing goals and objectives include which of the following?:

A)More is better
B)Measures should be linked to the capabilities of each employee.
C)Measures should only include the present to ensure success
D)Measures should be based around the needs of customers,shareholders and other key stakeholders

Question 50

Characteristics of appropriate goals and objectives include which of the following?:

A)Confirm
B)Simplify
C)Cascade objectives into goals
D)Base objectives on expectations

Question 51

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

Question 52

How does the manager assist employees in developing their objectives?

Question 53

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

Question 54

What are the steps to performance management?

Question 55

__________________ is when a problem arises either in the way that success is being measured or in the nature of the objectives,and is identified in advance of any review.

Question 56

While goals may sometimes be general,the objectives and the metrics that gauge them should be specific.

Question 57

The main challenge with fact-based objectives is that many firms find future opportunities in markets where there is an existing set of customers.

Question 58

What are performance management systems? Such systems outline the process through which companies ensure that employees are working towards organizational goals,and they include tools such as MBO and Balance Scorecard.Medium;Comprehension

Question 59

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

Question 60

Metric guru Graham Brown suggests that managers should not try to follow any more than _______ measures of performance,in terms of performance on objectives.

Question 61

One of the organizational challenges with CSR is that it requires firms to measure and report on aspects of their operations that were unmonitored or don't clearly map into the firm's strategy.

Question 62

What measure does GE use to help it forecast future growth,as well as evaluate the performance of each business unit?

Question 63

The following is NOT considered a best practice when managing performance evaluations:

A)Determine how best to use the Balanced Scorecard
B)Ensure that all key staff are involved in the development of the performance management processes
C)Provide additional training for supervisors on how to conduct the mid-year and year-end performance reviews
D)Plan to modify the performance management system over time

Question 64

Why do managers use some form of a Balanced Scorecard in their businesses?

Question 65

Why is it valuable to understand who the organization's key stakeholders are? Stakeholders can gain information relevant to their particular interests.Some stakeholders may never be entirely satisfied with companies' performance,but they can be placated with transparent reporting of what a company is doing.Easy;Comprehension

Question 66

Why is it important to capture past performance in setting goals and objectives? Many stakeholders like investors,owners,customers,and regulators have an interest in how the firm has lived up to its obligations.The best systems track the past,present,and future.Medium;Knowledge

Question 67

The most common performance appraisal error is ____________,and managers often realize they are committing it.

Question 68

KPMG's 2008 International Survey of Corporate Responsibility Reporting reflects the growing importance of corporate responsibility as a key indicator of non-financial performance.

Question 69

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 70

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

Question 71

What should you take away from a performance review?

Question 72

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 an ________________.

Question 73

Most organizations conduct employee evaluations at least once a year.

Question 74

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 75

How do you prepare for an upcoming review? Document your achievements and list anything you want to discuss at the review.If you haven't kept track of your achievements,you may have to spend some time figuring out what you have accomplished since your last review,and most importantly,how your employer has benefited.Medium;Knowledge

Question 76

Why limit the number of goals and performance measures?

Question 77

A _________________ is a constructive process to acknowledge the performance of an employee.

Question 78

The GRI guidelines are intended to complement GAAP by providing the basis for credibility and precision in financial reporting.False: The GRI guidelines are intended to complement GAAP by providing the basis for credibility and precision in non-financial reporting.Medium;Comprehension

Question 79

What should you do if you get a poor review?

Question 80

The Global Reporting Initiative is the internationally accepted standard for TBL reporting.