Question 1

Differentiate Management by Objectives and the Balanced Scorecard.

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Question 2

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

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The answer of ________________ is a framework designed to translate...

Question 3

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

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Question 4

__________________ 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.

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The answer of __________________ is a systematic and organized approach...

Question 5

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

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Question 6

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

Accepted Answer

A Balanced Scorecard relies on the process of communicating and linking to bind short-term activities to long-term activities. This process involves communicating the long-term goals and objectives of the organization to all levels of the organization, and then linking these goals and objectives to short-term activities and decisions. By doing so, the organization can ensure that its short-term activities are aligned with its long-term objectives, and that all employees are working towards the same end goals. Performance metrics are a key part of the Balanced Scorecard process, but do not inherently bind short-term and long-term activities together. Communicating the vision is important, but does not necessarily create the linkages needed to ensure alignment. Succession planning is important for ensuring the long-term viability of the organization, but does not directly relate to the process of binding short-term and long-term activities together.

Question 7

MBO was first outlined by ________________.

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The answer of MBO was first outlined by ________________....

Question 8

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.

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Question 9

Characteristics of MBO includes which of the following?

Accepted Answer

MBO (Management by Objectives) is a systematic and organized approach to goal setting and performance evaluation. It involves setting specific objectives for each employee, and evaluating their performance based on how well they meet those objectives. MBO is not aimed at improving employee morale or centralizing decision making, nor is it used to track customers.

Question 10

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.

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Question 11

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

Accepted Answer

Attendance is easier to describe and quantify as it can be tracked and measured more objectively than commitment, knowledge, or motivation. Attendance can be looked at in terms of the number of days or hours the employee was present or absent, making it a more tangible aspect of performance.

Question 12

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

Accepted Answer

When a scorecard is disseminated to others in the organization, strategy becomes a tool for everyone in the organization, not just top management. It allows employees to understand the overall strategic goals and how their individual goals contribute to the success of the organization.

Question 13

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

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Question 14

What is the broader principle behind MBO

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Question 15

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

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Question 16

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

Accepted Answer

Assessing performance solely on financial returns only gives information about past performance and does not provide insight into future prospects or non-financial factors such as customer satisfaction or employee engagement.

Question 17

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

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Question 18

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

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Question 19

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

Accepted Answer

Most organizations conduct employee performance evaluations at least once a year, although some may conduct them more frequently.

Question 20

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

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The answer of By relying on _________________, the scorecard forces...

Quiz 6: Goals and Objectives