Topics: Strategic management, Management, Forecasting Pages: 3 (683 words) Published: July 21, 2014
Mindy Sidwell

MG-495 Midterm Exam Student's Answer Sheet

Each Multiple Choice Question is worth 3 points. Please place the letter that corresponds with your answer(a, b, c, d, or e) in the appropriate box below.

1. b
14. b
2. a
15. a
3. a
16. a
4. a
17. d
5. c
18. a
6. e
19. e
7. b
20. d
8. a
21. b
9. b
22. c
10. a
23. c
11. a
24. c
12. a
25. b
13. c
. .

Each Short Answer/Essay Question is worth 8 points. (Feel free to use as much space as you need to answer these five (5) questions.)

26. The four basic elements of strategic management are:
Phase 1- Basic financial planning- this is when managers initiate budget planning for the year. The planning of a budget can be time consuming. Sometimes companies might suspend certain activities while they are working on the budget. (Wheelen, 5) Phase 2- Forecast-based planning- this is when managers try to plan for the next five years. This would include planning for projects that would take more than one year. This type of planning can also be time consuming; it may take from three to five years. (Wheelen, 5) Phase 3- Externally oriented planning- this is when the upper management will meet and talk about their strategic plan. The strategic plan needs to be updated once a year so the company can keep up with their competitors. (Wheelen, 5) Phase 4- Strategic management- A good top management team will know that any well made plans will not work out unless everyone knows about the plans and want to help carry out the plans. (Wheelen, 6)

27. Since there has been so many company scandals since 2000 the U.S. Congress passed the Sarbanes-Oxley Act in June of 2002. This act protects shareholders from excesses or failures of a company. Another element of the act is that there is more board independence and oversight. Another element is that boards may no longer give loans...
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