Strategic Management Background B. C. Planners rarely know what they are doing. C. Thank her and tell her who authored the report. Protecting the company's financial position. 1.2.4.5 Process Groups - 7 cards. Recommendations for credit-granting scores from the American Council on Education. The company could lose a large amount of money if customers find out about the problem. In the food truck industry, for example, it is easy for new firms to enter and compete. The opacity of the language leaves the law open to manipulation on political grounds. -Parochial: narrow view in which people see things solely through their own views Focus on providing accurate and timely information to them as you get it. answer choices The process of getting things done effectively and efficiently with and through people. D. Leave the meeting so they can talk privately. C. Mary Parker Follett, 1. What is determining how best to group activities and resources known as? A. in your industry -McGregor: theory X: pessimistic view of workers, theory Y: optimistic view of workers, The Quantitative Management theory and its underlying principles, Quantitative management: application to management of quantitative techniques, such as statistic and computer stimulations..management science, operations management, The Management Science theory and its underlying principles, Stresses the use of rational, science based techniques to improve decision making and strategic planning.scheduling, planning, The Operations Management theory and its underlying principles, Managing the production and delivery of an organizations products or services more effectively, The Systems Viewpoint including the concept of open and closed systems, -Organization as a system of interrelated parts, subsystems, part of the larger environment In which of the following areas may records have value to the university? 1. The five components of industry environment are Quiz: What Will I Look Like When I'm Older? That is, it offers a A. require employees to choose their own work and train themselves What are the 6 areas on the General Environment that should be considered? Bureaucratic Management looked at how large organizations with layers of management could operate in an What type of plan does HR assist in developing that deals with benefits and bonuses? D. Further investigate the situation. What skills is setting the organizations goals and then deciding how to achieve them known as? WebWhat is management? answer choices Legal Financial Historical All the above Question 3 10 seconds Q. A. considering alternatives Engineers talk to each other across the organization. 1.2.4.4 -Project Management Processes - 4 cards. 1.2.4.4 -Project Management Processes - 4 cards. Strategic Management is about identification and description of the strategies that Business -Strategy Implementation -Risk: decision has clear goals, info is available, future outcomes are subject to chance The food truck industry would benefit if there were ________, such as required and restricted licenses. You know who created the problem. The exam contains approximately 100 questions to be answered in 90 minutes. Human Resources works with managers to do employee evaluations. Your team members are worried about some potential changes in the organization. D. Money, 0. WebWhich level of management has the primary functions of interpreting and integrating? Industries in which a large number of small or medium-sized firms operate and no small set offirms has dominant market share or creates dominant technologies are called ________ industries. 1.2.6.3 & 4 Project Charter/PMP, Success measures - 4 cards. Take up this quiz and prove your knowledge now. 1.2.4.2 Project Phase / 1.2.4.3 Phase Gate - 5 cards. -Three phases: 1. What should you do? Manage the actions of each of their staff members Planning activities provide an opportunity for input from the departments and people affected. Statements: These are, C. planning, organizing, leading, and controlling. Cost-leadership and product-differentiation strategies are so widely recognized that they are oftencalled, When managers committed to an incorrect course of action increase their commitment to this actioneven as its limitations become manifest, this is known as, Cost-leadership firms are typically characterized by very ________ cost-control systems, The ability of companies that produce complex software packages to tailor these packages to thespecific needs of their customers is an example of product differentiation through. -More economic value than competitors. A. political, economic, social, technological, environmental, and legal Processes that create products answer choices Planning, directing, organizing and delegating 1.00 - 27 cards. Masculinity/femininity-how much do people embrace stereotypical male or female traits, The Globe Projects nine cultural dimensions, -Power distance, uncertainty avoidance, institutional collectivism, in group collectivism, gender egalitarianism, assertiveness, future orientation, performance orientation, and human orientation, The definition of culture: Values, beliefs and norms, -Culture: values, beliefs, and norms that a set of people shares Efficiency. Customers complained, saying they could not buy the product if it was not on the shelves. 1. -Global Village: shrinking of time and space as air travel and the electronic media have made it much easier for the people of the globe to communicate with one another B. economic B. senior management process without any middle management involvement B. C. organization, so that everyone knows their role, A. plans, which can direct everyone's actions toward desired outcomes, 1. 1.2.4.4 -Project Management Processes - 4 cards. C. Thank her and tell her who authored the report. (Choose multiple) A. 1.2.4.5 Process Groups - 7 cards. A. plans, which can direct everyone's actions toward desired outcomes A group of Japanese investors is visiting your office. The quiz below consists of some basic questions about management processes and functions. This is Google's B. in your target market A. answer choices The process of getting things done effectively and efficiently with and through people. B. branded One way to temper the profit goal is an explicit statement of -Juran and Deming: u of m alum 1904-2008, Carlson school hosts Juran center for quality and leadership founded with help of Dr. Juran, The concept of the Learning Organization and its importance, -Organization that actively creates, acquires, and transfers knowledge within itself and is able to modify its behavior to reflect new knowledge C. negotiator, 1. B. owners are directly involved in management to protect their interests C. Determine the financial impact before taking action. D. To set vacation benefits, 9. -Incremental Model: managers take small, short term steps to alleviate a problem, rather than steps that will accomplish the long term solution 2. Leading. B. a core competency The threat of direct competition tends to be high when. These tools can help auditors make sense of the increasing amount of data, beyond just the traditional financial statements, available from their clients. C. Provides smaller, more manageable teams, An example of leading and directing would be, A. But Google still has the basic levels of management, including, top, middle, and first-level management and team leaders, 1. ________ decides how best to attain a company's mission and vision through the coordinated efforts to achieve specific goals and objectives. You have created 2 folders. WebQ. Ask if they have more questions. A. Jim Roth, dell worker, related to his factory team by doing what? Model of firm performance that focuses on the resources and capabilities controlled by a firm as sources of competitive advantage. Strategic management Workers were concerned the increased efficiency would mean less work and less pay. Its primarily effectiveness oriented Which managers are more expendable in corporate downsizing? D. All stakeholders except clients. In the Great Recession, General Motors went bankrupt, but Ford had acquired long-term financing beforehand that carried it through the downturn. Which is an advantage of a tall organizational structure? B. C. barriers to entry, 1. B. Henry Ford Then explain one harm associated with both expected and unexpected inflation. 1.2.6.3 & 4 Project Charter/PMP, Success measures - 4 cards. -Satisficing models: managers seek alternatives until they find one that is satisfactory, not optimal, -Bounded rationality and satisficing model: managers seek alternatives until they find one that is satisfactory A. environmental Employees Solve the problem without assigning blame, 8. Provides more opportunities for advancement B. Some of these are pretest questions that will not be scored. All of the following are elements of the general environment except. -Must provide info about the results of operations and peoples performance, -Physical, HR, informational, financial, structural, cultural, The seven key components of a performance management system, -1. B. worker productivity by scientific analysis What types of managers are associated with specific areas within the organization? Substitutes are an issue due to the fact that the retail industry offers a wide range of products (Investopedia Staff, n.d.). A. quality assurance and quality control programs firms are unable to differentiate their products. Choose the most appropriate option after reading the following statements. Only Project Manager. SitemapCopyright 2005 - 2023 ProProfs.com. This is an example of: The general environment areas include The percentages next to the main topics indicate the approximate percentage of exam questions on that topic. Whatskills refer to the manager's ability to prioritize work, to work efficiently, and to delegate appropriately? This refers to the lightweight design and the advanced tech inside. In the S-C-P model, ________ refers to the strategies that firms in an industry implement. C. Performing employee reviews. Provides more opportunities for advancement B. Planning Contact your college to find out the score required for credit and the number of credit hours granted. Raw materials are widely and readily available at a competitive price. The best example of a firm following a cost-leadership business strategy is. What is one of the most important things you should focus on? Develop products and services 4. B. scheduling chart A. strategic partnerships, research and development Questions on the Principles of Management exam require test takers to demonstrate one or more of the following abilities in the approximate proportions indicated. Management function that involves working with and through people A. industry analysis -Decision-making: process of identifying problems and opportunities and then resolving them, Programmed (rational) versus non-programmed (non-rational) decisions, -Programmed (rational) decisions: rules developed from frequent occurrences, response to recurring organizational problems C. Stay quiet until they break the silence, 3. B. -Accountability: mechanism through which authority and responsibility are brought into alignment Google's management has chosen an unusual, 1. Which of the following is a characteristic of a good manager? D. Let customers know about the high quality, B. Individualism/collectivism 2. Talk to your coworkers. Effectiveness. Competitive Advantage. These are aspects of his rule called The classical management perspective major branches are as follows: What management function needs setting goals and objectives, and creating specific plans for creating them? -Uncertainty: managers know which goals they wish to achieve, info is incomplete, may need to develop creative alternatives Testing to ensure quality products Competition between employees Pretax accounting income for 2021 was$50 million. WebProject management is the art of handling the work and its deliverables with an aim to create finished products or services. Only Project Manager. Knowledge and Skills Required Questions on the Principles of Management exam require test takers to demonstrate one or more of the following abilities in the approximate proportions indicated. B. C. Insurance. You manage a department with ten employees. There is a long-standing debate in the business world about the purpose of a company. B. However, more advanced virtualization techniques are required to understand Big Data. Quiz: Are You A Lion, A Tiger, Or A Bear? can increase the firms cost of developing its products or services - specifically by either charging a higher price or providing a lower quality, can decrease the price a firm is able to charge for its product or service, Meet approximately the same needs but do so in a different manner place a ceiling on the price a firm can charge for its products or services, The intensity of competition among the firms competitors often results in a reduction of price a firm can charge for its product or service. If so, try out our well-researched quiz. I. You should schedule the call at a time that limits the inconvenience to: You manage a department with many employees. answer choices Legal Financial Historical All the above Question 3 10 seconds Q. However, she has no marketing goal or patient referral projections for the future. (Choose multiple) A. The Gilbreth's research provided many important principles that were later incorporated into Leading. Employees should be hired on the basis of their interest and desire in the work. The process of delegating instruction without consent of the employees Question 8 30 seconds Q. This is called B. -Fayol: French engineer and industrialist, first to identify major functions of management, Bureaucracy: Max Weber believed: rational, efficient, ideal organization based on the principles of logic, The Classical viewpoint and the problem with it and why it is important, -Problem: mechanistic, tends to view humans as cogs within a machine -Unity of command: each employee accountable to one supervisor A. WebThe exam contains approximately 100 questions to be answered in 90 minutes. {"cdnAssetsUrl":"","site_dot_caption":"Cram.com","premium_user":false,"premium_set":false,"payreferer":"clone_set","payreferer_set_title":"Strategic Management Ch. If you are in the management field and looking for a well-researched 'Introduction to Management' practice quiz with answers, you've reached the right place. Financial managers C. Operations managers D. Human resource managers E. Administrative managers F. Top managers G. Middle managers H. First-line managers 2. C. federal regulations, 1. By increasing the perceived value of a firm's products or services, a firm will be able to. At December 31, 2021, the book value of the equipment was $28 million. producer surplus? B. Heartily cooperate with the men to ensure all the work is done in accordance with the science that has been developed. C. competitive analysis, 1. In which of the following areas may records have value to the university? B. Assume an income tax rate of 25%. answer choices True False Question 2 20 seconds Q. WebManagement. Can increase employee motivation and satisfaction C. Allows organizations to be more self-sustaining D. Makes it harder to expand the organization Follow a product through its lifecycle Research shows that when actions are coordinated and focused on specific outcomes, they are much more effective. Correct Answer: C. You, as a project manager, need to collect as much input and feedback is time and resources for Risk Management allows. A. One of your team members actually authored the report. The pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organizations resources. Web1. C. To adjust compensation Firm profitability is driven by the structure of assets within the firm two assumptions of RBV: Tangible and intangible assets that a firm controls to implement strategy, Plant, Equipment, Natural Resources, IT, etc, Training, intelligence, insight of individuals. Principles Of Management Quiz Questions With Answers, Integrated Management of Childhood Illness (IMCI) Quiz. These include 1-5 Mid-term Exam","payreferer_url":"\/flashcards\/copy\/strategic-management-ch-1-5-mid-term-exam-6276236","isGuest":true,"ga_id":"UA-272909-1","facebook":{"clientId":"363499237066029","version":"v12.0","language":"en_US"}}. -Scalar principle: clearly defined line of authority in the organization that included all employees, Authority, responsibility, accountability and delegation, -Authority: formal and legitimate right of a manager to make decisions, issues orders, and allocate resources 1.2.6.2 - Project Benefits Management Plan - 6 cards. Yes, it is best to do what you know will work. C. that human resources hires the right people, B. that the people in the organization support the strategy, 1. Focuses on the resources and capabilities controlled by a firm 's products or services, a,! More expendable in corporate downsizing and unexpected inflation expected and unexpected inflation planning... 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