Question 1

ASR Railway has plans in place to reroute trains in the event that floods or other natural disasters close some of the railroad's tracks. This is an example of _____ planning.

Accepted Answer

Contingency planning involves preparing alternative courses of action in case of unexpected events or emergencies. In this case, ASR Railway has a contingency plan in place to reroute trains in case some tracks are closed due to floods or natural disasters.

Question 2

_____ planning involves implementing the activities specified by strategic plans.

Accepted Answer

Tactical planning involves implementing activities specified by strategic plans. Tactical planning focuses on specific actions that will lead to the accomplishment of operational objectives, which in turn contribute to the achievement of overall strategic goals. Incident planning typically deals with unexpected events, contingencies involve preparing for potential future events, and exigency planning refers to urgent situations that require immediate attention.

Question 3

A logistics company began moving trucks and supplies into position nearly a week before a hurricane hit the city, as specified in the company's _____ plan.

Accepted Answer

In this scenario, the logistics company is preparing for an unpredictable event (a hurricane) by implementing a plan for a potential crisis, which is a contingency plan. The other options (tactical, strategic, operational) refer to plans that are ongoing and regular, rather than anticipatory responses to a specific event.

Question 4

Tactical planning is primarily the responsibility of _____.

Accepted Answer

Tactical planning involves developing specific short-term plans to achieve goals and objectives set by the organization's strategic plan. This task is typically delegated to middle managers who are responsible for implementing strategies and ensuring that resources are allocated effectively to meet organizational objectives.

Question 5

Generally, _____ planning is undertaken by top executives in a company.

Accepted Answer

Strategic planning refers to long-term planning that aims to define the direction of the organization and allocate resources accordingly. This type of planning is typically done by top executives who have a broader understanding of the company's goals and objectives. Tactical planning, on the other hand, is short-term planning that is focused on achieving specific objectives, while operational planning is concerned with the day-to-day management of the organization. Contingency planning is a type of planning that involves preparing for unexpected events and circumstances.

Question 6

Cameron sets the deadlines for an upcoming project. This depicts _____ planning.

Accepted Answer

The answer of Cameron sets the deadlines for an upcoming...

Question 7

A home furnishing store issued a recall notice for a defective appliance. Before the notice was publicly issued, the company had assembled a crisis management team to enact a(n) _____ plan.

Accepted Answer

A contingency plan is a plan created in preparation for potential emergencies or unexpected situations. In this case, the home furnishing store assembled a crisis management team, which indicates that they were preparing for a potential crisis or emergency, leading to the conclusion that they were enacting a contingency plan. Tactical, operational, and strategic plans are more long-term and ongoing, whereas a contingency plan is specific to handling unexpected situations.

Question 8

_____ set guideposts by which managers define an organization's desired performance.

Accepted Answer

Objectives set specific, measurable goals for an organization's desired performance.

Question 9

Karl is a member of his firm's strategic planning team. He has identified several untapped markets that exist in other countries. In a SWOT analysis, his observation should be listed as a(n) _____.

Accepted Answer

Karl's observation of untapped markets in other countries is an opportunity that the firm can capitalize on. SWOT analysis is used to evaluate the internal and external factors that can impact a company's success or failure. Opportunities and threats are considered external factors, while strengths and weaknesses are internal factors. Therefore, the best choice is option A) opportunity.

Question 10

Simone reviews the applications received for a new position in finance. This is an example of _____ planning.

Accepted Answer

The answer of Simone reviews the applications received for a...

Question 11

Angelo is part of a strategic planning team. He has identified that his company is a low-cost producer in its industry. This should be listed on a SWOT analysis as a(n) _____.

Accepted Answer

Being a low-cost producer is considered a strength as it provides a competitive advantage in the industry by being able to offer products or services at a lower price than competitors.

Question 12

Daily and weekly plans, rules, and procedures for each department are examples of _____ planning.

Accepted Answer

Daily and weekly plans, rules, and procedures for each department are part of the operational planning process. Operational planning involves the development of specific, detailed plans and procedures to achieve the objectives set out in the strategic plan. Tactical planning involves making decisions on how to allocate resources to achieve the objectives, while contingency planning involves preparing for unforeseen events that may require a change in the plan.

Question 13

Julian owns a bakery and is creating a SWOT analysis to see where he can make improvements and increase sales. All of the following are threats to the success of his company EXCEPT _____.

Accepted Answer

Economies of scale are not a threat to the success of Julian's bakery. In fact, they could potentially be a benefit as the bakery grows and is able to produce goods more efficiently and at a lower cost. The other options (B, C, D) are all valid threats as a downturn in the economy, regulatory changes, and enhanced market competition can all negatively impact the bakery's sales and success.

Question 14

A _____ evaluates a firm's strengths and weaknesses and attempts to define the major opportunities and threats the firm is likely to face.

Accepted Answer

A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis evaluates a firm's internal strengths and weaknesses and external opportunities and threats. It helps managers formulate strategies based on the organization's unique characteristics and the conditions it faces. A mission statement describes the organization's purpose and values. A matrix is a tool used to analyze data, and a contingency plan outlines alternative courses of action to be taken if circumstances change.

Question 15

What is the first step in the strategic planning process?

Accepted Answer

The first step in the strategic planning process is to define an organization's mission, which describes its purpose and reason for existence. This provides a foundation for the development of the organization's objectives and strategies. Without a clear understanding of the mission, it is difficult to develop effective plans for achieving success.

Question 16

Vaida, a manager, sets up delivery schedules for the logistic team for the orders received online, as part of their new e-Commerce strategies. In this scenario, Vaida is most likely to be involved in _____ planning.

Accepted Answer

Vaida's role in setting up delivery schedules for online orders suggests involvement in the operational planning, which focuses on day-to-day activities and execution of established strategies. The other options, such as incident planning (dealing with emergencies or unforeseen events), tactical planning (more long-term and high-level decision making), and contingency planning (preparing for potential future events), are less applicable to Vaida's role in setting up delivery schedules for e-Commerce orders.

Question 17

Which of the following decisions is NOT directly the result of a company's strategic planning?

Accepted Answer

Strategic planning typically involves long-term decisions about the overall direction of a company, such as mergers, acquisitions, and major shifts in product focus. The decision to include additional service lines to a particular city is more operational and tactical, rather than strategic.

Question 18

Which of the following best defines a mission statement?

Accepted Answer

A mission statement is a written explanation of an organization's business intentions and aims. It outlines the organization's purpose, values, and goals, and serves as a guide for decision-making and strategy development.

Question 19

_____ planning guides the current and near-term activities required to implement overall strategies.

Accepted Answer

Tactical planning focuses on the specific actions and steps necessary to implement the broader strategic plan. It typically covers a shorter time frame than strategic planning, generally one to three years. Contingency planning is focused on responding to unexpected events or potential crises, while operational planning deals with the day-to-day activities of a business.

Question 20

By implementing a regular flight schedule between two cities, Swift Airlines is using _____ planning to complete its goals.

Accepted Answer

Swift Airlines is using operational planning as it involves establishing standard procedures or processes to carry out day-to-day activities of an organization, such as implementing a regular flight schedule. Contingency, strategic, and exigency planning are all types of planning, but they focus on different levels and situations, such as dealing with unexpected events or long-term goals.

Quiz 7: Management, Leadership, and the Internal Organization