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24 Cards in this Set
- Front
- Back
Top management is responsible for developing long-term _____ that make clear how the company will serve customers and position itself against competitors in the next two to five years |
Strategic Plans |
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Management by objectives (MBO) is a management technique often used to develop and carry out |
tactical plans |
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The first step in rational decision making is to |
define the problem |
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One method of weighting decision criteria uses ____, which is a process where each decision criterion is compared directly to every other criterion |
relative comparisons |
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Which of the following statements explains why groups can produce better solutions that individuals in decision-making situations? |
Groups become committed to solutions they help choose |
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______ occurs when managers choose an alternative that is good enough, rather than the best possible alternative. |
Satisficing |
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After earning $8 Billion in profit, Royal Dutch/Shell decided to strive to double its profits within the next five years. Which classical management function would be instrumental in achieveing this goal? |
Planning |
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Planning is ultimately based upon ______. |
choosing a goal and developing a method or strategy to achieve that goal |
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How does a company benefit from planning? |
intensified effort, persistence, direction, and creation of task strategies |
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The use of ____ in planning produces a false sense of certainty and is often cited as one of the major pitfalls of planning. |
Assumptions |
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According to the text, which of the following is a pitfall of planning? |
a false sense of certainty base on faulty assumptions |
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The last step in effective planning is to _____. |
Maintain flexibility in planning |
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The most popular approach to increasing goal commitment is ______. |
encouraging workers' participation in goal setting |
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Common method used for increasing goal commitment? |
Make goals public |
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______ can help organizations to maintain flexibility as they plan. |
Options-based planning |
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Planning works best when the goals and action plans at the _____ of the organization support the goals and action plans at the _____ of the organization. |
bottom and middle; top |
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Top management is responsible for developing long-term ____ that make clear how the company will serve customers and position itself against competitors in the next two to five years. |
Strategic plans |
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What type of planning would be used to create the festivities necessary to celebrate the 100-year anniversary of a furniture manufacturer? |
Single-use plan |
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There are three kinds of ____ plans. What are they? |
Operational; Single-use, standing and budgets |
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The ____ is a type of operational plan that saves managers time because it is created once and then used repeatedly to hand frequently recurring events. |
Standing Plans |
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______ are standing plans that indicate the specific steps that should be taken in response to a particular event. |
Procedures |
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______ is the process of choosing a solution from available alternatives. |
Decision Making |
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____ is a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions |
Rational decision making |
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A ____ exists when there is a gap between a desired state (what managers want) and an existing state (the situation that the managers are facing). |
Problem |