Organizational Strategy and Policy Framework Practice

Chapter 5. Outlines the general response to a designated problem or situation Policy Outlines the response to particular problems or circumstances Procedure Designates specific required action Rule The ____ statement answers the question "what do we want to become" provides a clear sense of the future and the actions needed to get there Vision statement : long term goal / a clear sense of the future and the actions needed to get there / where the org. wants to go strategically Strategic ______ is a process that involves managers from all levels of the organization in the formulation and the implementation of strategies and strategic goals Management Top Management -> Strategic Planning (1-5 years) -> Long term decisions Middle Management -> Tactical Planning (6-24 months) -> Implements policies of top management First Line Management -> Operational Planning (1-52 weeks) -> Direct Daily tasks • Determine how to accomplish specific tasks with available resources within the next year Which of the following positions would typically determine the mission statement Top management As a company undertakes strategic management, which three groups should be involved Middle managers, top managers, first-line managers _____ helps an organization prepare for situations that might occur Planning Operating plans create which of the following Action plans / short term goals A standing plan that designated specific required action, such as "hardhats required beyond this point" is known as a _____ Rule (one element of a standing plan /3) The purpose of an MBO is to ____ rather than control subordinates Motivate A values statement benefits companies in which of the following ways? It reflects the organization's deeply held beliefs It guides employee behavior A(n) ___ is a large scale action plan that sets the direction for an organization Strategy When referring to SMART goals, which of the following terms are represented in the acronym SMART? Specific Measurable Attainable Results-oriented Target dates There are two types of single use plans developed for activities that are not likely to be repeated in the future: programs and Projects - (single use plan of less scope and complexity than a program) Program - (single use plan encompassing a range of projects or activities Match the type of objective used in MBO with its example Improvement objective - decreases scrap materials by 10% within the next quarter Maintenance objective - continue current production rates on custom-printed jobs Personal development - attend time management training A ____ statement expresses what the company stands for, its core priorities and what its products contribute to the world Values Lack of clear long-range planning has recently greatly affected which of the following businesses and industries Taxis services Borders bookstores Newspapers Which of the following concepts appear in the VRIO framework? Value Rarity imitability & organization Rather than ask her assembly line management team about the purchase of new equipment, Kerri decided to go ahead and make the purchase. She feels as the executive director of operations she has the authority to make this type of decision without consulting other managers in the organization. This is an example of strategic management. False In business a specific commitment to achieve a measurable result within a stated period of time is called a(n) Goal or objective Long term goals aka strategic goals they tend to span 1- 5 years and focus on achieving the strategies identified in a company's strategic plan. Short-term goals are sometimes referred to as tactical or operational goals or just plain goals. 12 months and are connected to strategic goals in a hierarchy known as a means-end chain. Means-end chain how goals are connected or linked across an organization Management by Objective is a process that includes which of the following Employees are rewarded according to their performance Managers and employees jointly set objectives for the employee Managers and employees periodically review employee performance Managers and employees periodically review employee performance Action plans are developed by managers Which of the following is a representative description of a company's strategy? Educated guess What are the three types of goals in business Strategic Operational Tactical Which of the following is a single-use plan that has less scope and complexity than a program? Project - single-use plan of less scope and complexity than a program 3 shuttles: Discovery, Endeavour, Atlantis A ____ is a standing plan that outlines the particular response to particular problems or circumstances rather than giving general responses to situations. Procedure Which of the following would meet the SMART goal characteristic of specifying a target date? Check all that apply. Lose 10 pounds by the end of the year File tax return by April 15th Which of the following are the two steps that make up the control portion in the planning/control cycle: Planning: Make the plan Carry out the plan Control: Control the direction by comparing results with the plan Control the direction by taking corrective action in two ways: a. by correcting deviations in the plan being carried out or b. by improving future plans What is the third step in management by objectives? 1. Jointly set objectives 2. Develop an action plan 3. 4. Periodically review performance a. Feedback, objectives (updated? Revised?) Give performance appraisal and Rewards, if any Identify the advantages to establishing deadlines. Deadlines are a great motivator Keep your eye on the "bigger picture" Pay attention to details to realize the big picture Concentrate the mind so that you make quick decisions rather than put them off Deadlines help you ignore extraneous matters (cleaning up messy desk) to focus on what's important Mechanism for giving ourselves feedback Which of the following are examples of action plans: Product plan Marketing Plan A goal for which deadlines are specified satisfies which component of SMART criteria? Target-dates Mission statement: “what is our reason for being” Vision statement: “what do we want to become” Values statement: “what values do we want to emphasize” What are the three types of goals used in planning that become the hierarchy for the means-end chain? Operational Tactical Strategic Which of the following would be included in a firms business model? Outlines the needs the firm will fill Operations of the Buisness It’s components and functions as well as the expected revenues and expenses A description of the industry the firm is entering Strategic planning is done by ____ managers Top Which of the following would be considered single use plans Program - encompasses a range of projects or activities Project - has less scope and complexity than a program What document guides long-term goals Strategic goals - span 1-5 years and focus on achieving the strategies identified in a company’s strategic plan The residents of Toby's college dorm must avoid loud activities during finals week each semester in order not to disturb anyone who is studying. Which type of standing plan does this exemplify? Policy The two planning steps in the planning/control cycle involves ____. Carrying out the plan Making the plan Stephen who is a sales manager is working to establish a SMART goal to hire two sales staff members to increase sales by 10% by the end of the year, which would match the previous year's increase. Increasing sales corresponds to which characteristic of a SMART goal? Results oriented: support organization's vision Written with "To" and follow with action-oriented verbs - complete acquire increase Do not use to develop to conduct to implement In terms of SMART goals an "attainable goal" is ______ Challenging but achievable Which three of the following are specific reasons why organizations should adopt planning and strategic management? Direction and momentum Helps the firm develop a sustainable competitive advantage It encourages new ideas It encourages new ideas For management by objectives to be successful, which of the following must occur Objectives must cascade through organizations Top management must be committed Goals must be applied to organization wide Based on the practice of management by objectives how often should managers and subordinates meet to give performance appraisals and rewards Every 6-12 months A document that outlines a proposed firms goals, its strategy for achieving those goals and the standards for measuring success Business plan During his review process Ron's manager gave him a list of goals he wanted him to achieve over the next 6 months. Ron was surprised to see some of the goals because his manager has never discussed them with him. Which part of MBO did Ron fail to receive? Jointly set objectives Sustainable competitive advantage occurs when an organization is able to get ahead and stay ahead of its competitors in which of the following areas? Innovation Effectiveness Quality Responsiveness In the MBO process, cascading goals are structured from top to bottom management so that they become more specific at ___ levels of the organization. Lower Which of the following characterizes tactical goals? Short-term or operational goals or just plain goals. Span 12 months and are connected to strategic goals in a hierarchy known as means-end chain Focus on actions to achieve a company's overall goals Several managers of a city messenger service wanted to improve the reliability of the service. Which of the following would correspond to creating a measurable goal? 85% of deliveries should be completed within 2 hours A project is an example of which type of plan? Single use plan of less scope and complexity Standing Plan Policy - outlines general response to a designated problem or situation Procedure (standard operating procedure) - outlines response to a particular problem or circumstance Rule - designates specific required action Single Use Plan Program - encompassing a range of projects or activities Project - less scope and complexity Jenna asked Michael to outline the goals for their new business and suggest potential standards for measuring success in achieving these goals . Jenna is asking Michael's help in preparing a ___. Business plan What is the usual span of time for a tactical goal? Span 12 months