1. Which of the following is not one of the steps in planning and strategic management? * Monitoring efficiency
2. The vision statement answers the question, “What do we want to become? “ It provides a clear sense of the future and the actions needed to get there. 3. Which of the following are 4 benefits of planning?
* Planning helps you coordinate activities
* Planning helps you cope with uncertainty
* Planning helps you check on your progress
* Planning helps you think ahead
4. Management by objective (MBO) is a process that includes all of the following EXCEPT: * managers punish the employees that fail to reach their goals 5. So, they include:
* Managers and employees periodically review employee performance * Action plans are developed for each employee to follow
* Managers and employees jointly set objectives for the employee * Employees are rewarded according to their performance
6. A mission statement answers the question, “What is our reason for being?” 7. For management by Objectives to be successful, which of the following must occur? Check all that apply. * Cost must be considered
* Objectives must cascade
* Top management must be committed
* It must be applied organizational wide
8. What is step three in the planning and strategic management process? * Formulate strategic, tactical, and operational plans
9. Planning helps an organization for situations that might occur. 10. The mission statement expresses the purpose of the organization. 11. Coping with uncertainty by formulating a future course of action to achieve specified results is: * Planning
12. Which of the following are strategies organizations could use to respond to uncertainty in their environment? * Defenders
13. A(n) vision statement expresses what the organization wants to become and where it wants to go strategically. 14. A mission statement addresses which one of the following questions? * What is our reason for being?
15. Define operating plan.
* Typically designed for a 1-year period, this plan defines how a manager will conduct his or her business based on the action plan; the operating plan identifies clear targets such as revenues, cash flow, and market share. 16. The vision statement answers which one of the following questions? * What do we want to become?
17. Which of the following is NOT a type of planning conducted by top, middle, or first-line management? * Enterprise planning
18. What does strategic planning require?
* Visionary thinking
* Directional thinking
19. Operational planning is performed by first- line managers. 20. Which of the following is not one of the steps in planning and strategic management? * Monitoring efficiency
21. The planning/control cycle exists for which level of planning? Check all that apply. * operational
22. A goal is a specific commitment to achieve a measurable result within a stated period of time. 23. In order for management by objectives to be successful, top management must be committed. TRUE 24. Which of the following is correct regarding planning? Check all that apply * Managers may have to make decisions without a lot of time to plan * Planning requires managers to set aside time to do it
25. Which type of planning refers to determining how to accomplish specific tasks with available resources within the next 1-52 weeks? * operational
26. Management by objectives is a four step process in which managers and employees jointly set objectives, develop action plans, review performance, and appraise and reward employees. 27. Standing plans are plans developed for activities that occur repeatedly over a period of time. 28. Which of the following are the steps that make up the control...