Deck 6: Goals and Objectives

Question 1

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 1

True

Question 2

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

Answer 2

False

Question 3

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

Answer 3

False

Question 4

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 5

What are the characteristics of good objectives?

Question 6

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 7

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 8

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

Question 9

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

Question 10

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

Question 11

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

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

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

Question 14

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

Question 15

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 16

_______________ is the net profit divided by total sales.

Question 17

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

Question 18

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

Question 19

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 20

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

Question 21

Differentiate Management by Objectives and the Balanced Scorecard.

Question 22

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

Question 23

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

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

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 27

MBO was first outlined by ________________.

Question 28

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 29

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 30

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 31

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

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

Question 32

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

Question 33

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

Question 34

What is the broader principle behind MBO

Question 35

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

Question 36

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

Question 37

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

Question 38

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

Question 39

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

Question 40

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

Question 41

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

Question 42

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

Question 43

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

Question 44

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?

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

How do you prepare for an upcoming review

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

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) ________________.

Question 49

CSR stands for ___________________.

Question 50

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 51

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 52

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

Question 53

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

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

Question 54

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 55

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 56

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

Question 57

How does the Dow Jones Sustainability Index define CSR

Question 58

What should you do if you get a poor review

Question 59

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

Question 60

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

Question 61

What is a tangible objective

Question 62

What is the acronym SMART

Question 63

List the questions addressed in setting a specific objective.