Strategic Management is an attempt to organize qualitative and quantitative information in a way that allows effective decisions to be made under conditions of uncertainty

Strategic Management is an attempt to organize qualitative and
quantitative information in a way that allows effective decisions to be made
under conditions of uncertainty
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The Strategic Management Process is ------------- : A. A set of activities that is guaranteed to prevent Organizational failure B. A process concerned with a Firm’s Resources, Capabilities & Competences but not the conditions in it’s external environment C. A set of activities that to-date have not been used successfully in the not-for-profit sector D. A dynamic process involving the full set of commitments, decisions and actions related to the Company

Description : The Strategic Management Process is ------------- : A. A set of activities that is guaranteed to prevent Organizational failure B. A process concerned with a Firm's Resources, ... D. A dynamic process involving the full set of commitments, decisions and actions related to the Company

Last Answer : A dynamic process involving the full set of commitments, decisions and actions related to the Company

Which of the following is NOT an advantage of Strategic Management ? A. It provides organizations with a clearer sense of direction and purpose B. It helps improve the political, economic, social and technological environment of the Orgn C. It helps orientate Mgt. decisions to relevant environmental conditions D. It helps organizations be proactive than reactive

Description : Which of the following is NOT an advantage of Strategic Management ? A. It provides organizations with a clearer sense of direction and purpose B. It helps improve the political, ... orientate Mgt. decisions to relevant environmental conditions D. It helps organizations be proactive than reactive

Last Answer : It helps improve the political, economic, social and technological environment of the Orgn

Which of the following best expresses the difference between programmed and non-programmed decisions? (a) Occur under certainty or risk; occur under uncertainty or ambiguity (b) Made by managers who prefer a thinking or technocratic style; made by managers who use judgement and follow intuition (c) Handled with decision rules; decision rules cannot be developed (d) Have computer routines developed for them; are not computerized

Description : Which of the following best expresses the difference between programmed and non-programmed decisions? (a) Occur under certainty or risk; occur under uncertainty or ambiguity (b) Made by managers ... rules cannot be developed (d) Have computer routines developed for them; are not computerized

Last Answer : (c) Handled with decision rules; decision rules cannot be developed 

An objective, logical, systematic approach for making major decisions in an Organization is a way to describe the Strategic Management process

Description : An objective, logical, systematic approach for making major decisions in an Organization is a way to describe the Strategic Management process

Last Answer : True

The Strategic Management process is the way in which Strategists determine Objectives & -- A. Make document recording B. Make Coordinating C. Make Strategic Decisions D. Make Planning

Description : The Strategic Management process is the way in which Strategists determine Objectives & -- A. Make document recording B. Make Coordinating C. Make Strategic Decisions D. Make Planning

Last Answer : Make Strategic Decisions

On the basis of time, research can be classified as, (i) Qualitative versus Quantitative (ii) Pure versus applied research (iii) Cross-sectional versus longitudinal research (iv) None of the above

Description : On the basis of time, research can be classified as, (i) Qualitative versus Quantitative (ii) Pure versus applied research (iii) Cross-sectional versus longitudinal research (iv) None of the above

Last Answer : (iii) Cross-sectional versus longitudinal research

The two general approaches to forecasting are…….. (a) qualitative and quantitative ; (b) mathematical and statistical (c) judgmental and qualitative ; (d) judgmental and associative

Description : The two general approaches to forecasting are…….. (a) qualitative and quantitative ; (b) mathematical and statistical (c) judgmental and qualitative ; (d) judgmental and associative

Last Answer : (a) qualitative and quantitative ;

Which of these statements are true, with respect to ‘Dimensions of Strategic Decisions’? A. Strategic issues require middle-management decisions B. Strategic issues require large amounts of the firm’s resources C. Strategic issues require considering only the firm’s external environment D. None of these options

Description : Which of these statements are true, with respect to Dimensions of Strategic Decisions'? A. Strategic issues require middle-management decisions B. Strategic issues require large amounts of the ... . Strategic issues require considering only the firm's external environment D. None of these options

Last Answer : Strategic issues require large amounts of the firm’s resources

Which of these statements are true, with respect to ‘Dimensions of Strategic Decisions’? A. Strategic issues require middle-management decisions B. Strategic issues require large amounts of the firm’s resources C. Strategic issues require considering only the firm’s external environment D. None of these options

Description : Which of these statements are true, with respect to Dimensions of Strategic Decisions'? A. Strategic issues require middle-management decisions B. Strategic issues require large amounts of ... Strategic issues require considering only the firm's external environment D. None of these options

Last Answer : Strategic issues require large amounts of the firm’s resources

Management accounting deals with A. Quantitative information B. Qualitative information C. Both a and b D. None of the above

Description : Management accounting deals with A. Quantitative information B. Qualitative information C. Both a and b D. None of the above

Last Answer : C. Both a and b

......................... deals with making sound decisions under conditions of certainty, risk and uncertainty. a. Game theory b. Network analysis c. Decision theory d. None of these

Description : ......................... deals with making sound decisions under conditions of certainty, risk and uncertainty. a. Game theory b. Network analysis c. Decision theory d. None of these

Last Answer : c. Decision theory

Effective Strategic Management is ritualistic, predictable and formal

Description : Effective Strategic Management is ritualistic, predictable and formal

Last Answer : False

Strategic decisions are …… A. Medium-scale B. Operational & Tactical C. Company’s “production plan” D. None of these options

Description : Strategic decisions are …… A. Medium-scale B. Operational & Tactical C. Company’s “production plan” D. None of these options

Last Answer : None of these options

Strategic decisions are …… A. Medium-scale B. Operational & Tactical C. Company’s “production plan” D. None of these options

Description : Strategic decisions are …… A. Medium-scale B. Operational & Tactical C. Company’s “production plan” D. None of these options

Last Answer : None of these options

Which of the following are typically seen as being associated with strategic decisions? Select one: a. HR and Technology strategies b. The detailed planning of a department's work over the next monthc. The organization’s long-term directiond. values and expectations of powerful actors in the organization

Description : Which of the following are typically seen as being associated with strategic decisions? Select one: a. HR and Technology strategies b. The detailed planning of a department's work over the ... The organization's long-term direction d. values and expectations of powerful actors in the organization

Last Answer : The organization’s long-term direction

A strategic manager that seeks to reach acceptable profit targets as opposed to making as much profit as possible is making decisions of which type? a) Satisfactory b) Satisficing c) Irrational d) Optimal

Description : A strategic manager that seeks to reach acceptable profit targets as opposed to making as much profit as possible is making decisions of which type? a) Satisfactory b) Satisficing c) Irrational d) Optimal

Last Answer : Satisficing

Which of the following describes the main purpose of corporate governance? a) Establish short-term strategic objectives for a company. b) Ensure collective strategic decisions for a company. c) Facilitate effective, entrepreneurial and prudent management of a company. d) Establish and monitor the operating parameters for a company

Description : Which of the following describes the main purpose of corporate governance? a) Establish short-term strategic objectives for a company. b) Ensure collective strategic decisions for a company. c) ... and prudent management of a company. d) Establish and monitor the operating parameters for a company

Last Answer : c) Facilitate effective, entrepreneurial and prudent management of a company.

The process of assessing the probability and consequences of identified risks to the project objectives, assigning a risk score to each risk, and creating a list of prioritized risks describes which of the following processes? A. Quantitative Risk Analysis B. Risk Identification C. Qualitative Risk Analysis D. Risk Management Planning

Description : The process of assessing the probability and consequences of identified risks to the project objectives, assigning a risk score to each risk, and creating a list of prioritized risks describes ... Risk Analysis B. Risk Identification C. Qualitative Risk Analysis D. Risk Management Planning

Last Answer : C. Qualitative Risk Analysis

The term ’Evaluation’ and ’Assessment’ could be discriminated as follows Options: A) Assessment is limited to coverage achievement whereas evaluation is qualitative in character B) Evaluation is concerned with the effective aspects of achievement whereas assessment judges the cognitive aspects C) Evaluation involves the measurement as well as diagnosis of students’ attainments, whereas assessment is concerned with only scholastic attainments. D) Assessment is an attempt to measure the pupil as whole whereas evaluation is concerned with his achievement only

Description : The term 'Evaluation' and 'Assessment' could be discriminated as follows Options: A) Assessment is limited to coverage achievement whereas evaluation is qualitative in character B) Evaluation is ... an attempt to measure the pupil as whole whereas evaluation is concerned with his achievement only

Last Answer : C) Evaluation involves the measurement as well as diagnosis of students’ attainments, whereas assessment is concerned with only scholastic attainments. 

The qualitative or quantitative attribute of a variable or set of variables is termed as A) data B) information C) both of above D) none of above

Description : The qualitative or quantitative attribute of a variable or set of variables is termed as A) data B) information C) both of above D) none of above

Last Answer : Answer : A

Which of the following is the appropriate definition of a computer ? (A) Computer is a machine that can process information. (B) Computer is an electronic device that can store, retrieve and process both qualitative and quantitative data quickly and accurately. (C) Computer is an electronic device that can store, retrieve and quickly process only quantitative data. (D) Computer is a machine that can store, retrieve and process quickly and accurately only qualitative information

Description : Which of the following is the appropriate definition of a computer ? (A) Computer is a machine that can process information. (B) Computer is an electronic device that can store, ... ) Computer is a machine that can store, retrieve and process quickly and accurately only qualitative information

Last Answer : (B) Computer is an electronic device that can store, retrieve and process both qualitative and quantitative data quickly and accurately.

Which one of the following does not come under the methods of data classification? (A) Qualitative (B) Normative (C) Spatial (D) Quantitative

Description : Which one of the following does not come under the methods of data classification? (A) Qualitative (B) Normative (C) Spatial (D) Quantitative

Last Answer : (C) Spatial

Hawthorne studiesA. Recognizes that the appropriate management actions depend on the situationB. Studied the relationship of lighting levels to worker productivity. C. Involves the use of quantitative techniques to improve management decision making. D. None of these options is correct

Description : Hawthorne studies A. Recognizes that the appropriate management actions depend on the situation B. Studied the relationship of lighting levels to worker productivity. C. Involves the use of quantitative techniques to improve management decision making. D. None of these options is correct

Last Answer : Studied the relationship of lighting levels to worker productivity.

The ‘Management Science Approach…. A. Recognizes that the appropriate management actions depend on the situation B. Studied the relationship of lighting levels to worker productivity. C. Involves the use of quantitative techniques to improve management decision making. D. None of these options is correct

Description : The Management Science Approach . A. Recognizes that the appropriate management actions depend on the situation B. Studied the relationship of lighting levels to worker productivity. C. ... quantitative techniques to improve management decision making. D. None of these options is correct

Last Answer : Involves the use of quantitative techniques to improve management decision making.

Hawthorne studies A. Recognizes that the appropriate management actions depend on the situation B. Studied the relationship of lighting levels to worker productivity. C. Involves the use of quantitative techniques to improve management decision making. D. None of these options is correct.

Description : Hawthorne studies A. Recognizes that the appropriate management actions depend on the situation B. Studied the relationship of lighting levels to worker productivity. C. Involves the use of quantitative techniques to improve management decision making. D. None of these options is correct.

Last Answer : Studied the relationship of lighting levels to worker productivity.

The ‘Management Science Approach…. A. Recognizes that the appropriate management actions depend on the situation B. Studied the relationship of lighting levels to worker productivity. C. Involves the use of quantitative techniques to improve management decision making. D. None of these options is correct.

Description : The Management Science Approach . A. Recognizes that the appropriate management actions depend on the situation B. Studied the relationship of lighting levels to worker productivity. C. ... quantitative techniques to improve management decision making. D. None of these options is correct.

Last Answer : Involves the use of quantitative techniques to improve management decision making

Frederick Taylor and Frank and Lillian Gilbreth were advocates of an approach to management involving the use of scientific method, known as: (a) The quantitative approach. ; (b) Management science. (c) Scientific management. ; (d) The contingency approach.

Description : Frederick Taylor and Frank and Lillian Gilbreth were advocates of an approach to management involving the use of scientific method, known as: (a) The quantitative approach. ; (b) Management science. (c) Scientific management. ; (d) The contingency approach. 

Last Answer : (c) Scientific management. ;

The following four different approaches to management thinking were developed in the first half of the 20th century: (a) Scientific management, general administrative, quantitative, and contingency approach. (b) Scientific management, general administrative, quantitative, and organizational behavior. (c) General administrative, globalization, organizational behavior, and quantitative. (d) Systems approach, scientific management, general administrative, and organizational behaviour.

Description : The following four different approaches to management thinking were developed in the first half of the 20th century: (a) Scientific management, general administrative, quantitative, and ... . (d) Systems approach, scientific management, general administrative, and organizational behaviour.

Last Answer : (b) Scientific management, general administrative, quantitative, and organizational behavior. 

The five elements in the management process are (a) plan, direct, update, lead, and supervise (b) accounting/finance, marketing, operations, and management (c) organize, plan, control, staff, and manage (d) plan, lead, organize, manage, and control

Description : The five elements in the management process are (a) plan, direct, update, lead, and supervise (b) accounting/finance, marketing, operations, and management (c) organize, plan, control, staff, and manage (d) plan, lead, organize, manage, and control

Last Answer : (d) plan, lead, organize, manage, and control  

Which of the following statements is incorrect about materiality? a. The concept of materiality recognizes that some matters are important for fair presentation of financial statements in conformity with GAAP, while other matters are not important. b. An auditor considers materiality for planning purposes in terms of the largest aggregate level of misstatements that could be material to any one of the financial statements. c. Materiality judgments are made in light of surrounding circumstances and necessarily involve both quantitative and qualitative judgments. d. An auditor’s consideration of materiality is influenced by the auditor’s perception of the needs of a reasonable person who will rely on the financial statements

Description : Which of the following statements is incorrect about materiality? a. The concept of materiality recognizes that some matters are important for fair presentation of financial statements in conformity with ... s perception of the needs of a reasonable person who will rely on the financial statements

Last Answer : An auditor considers materiality for planning purposes in terms of the largest aggregate level of misstatements that could be material to any one of the financial statements

When defining Strategic Management, the most important issue to remember is that it is: A. Not as easy as one thinks B. A way of determining responsibilities C. A living evolving process D. More conceptual than practical

Description : When defining Strategic Management, the most important issue to remember is that it is: A. Not as easy as one thinks B. A way of determining responsibilities C. A living evolving process D. More conceptual than practical

Last Answer : A living evolving process

What is the purpose of the CAGE framework? a) The CAGE framework investigates to what extent home demand, home factor conditions and domestic rivalry are important to multinational firms. b) The CAGE framework analyses bilateral differences and commonalities between two countries. c) The CAGE framework is a broad framework to help managers understand the environment in which their business operates. d) The CAGE framework a checklist for forecasting political, economic, strategic or technological factors.

Description : What is the purpose of the CAGE framework? a) The CAGE framework investigates to what extent home demand, home factor conditions and domestic rivalry are important to multinational firms. ... d) The CAGE framework a checklist for forecasting political, economic, strategic or technological factors.

Last Answer : The CAGE framework analyses bilateral differences and commonalities between two countries.

Strategic planning: (a) Addresses the organization's basic mission or business, issuing broad statements of purpose or direction that have a long lead time. (b) Involves managers in each unit of an organization who are responsible for achieving the unit's objectives within a specified period of time. (c) Looks specifically at resources, finances, and market conditions to determine ways to accomplish the overall plans of the organization. (d) Determines the day-to-day operations within an organization.

Description : Strategic planning: (a) Addresses the organization's basic mission or business, issuing broad statements of purpose or direction that have a long lead time. (b) Involves managers in each unit of ... overall plans of the organization. (d) Determines the day-to-day operations within an organization.

Last Answer : (a) Addresses the organization's basic mission or business, issuing broad statements of purpose or direction that have a long lead time.

The jackpot on a gaming machine has not 'dropped' for several weeks. Believing that the payout is imminent, a gambler feeds coins steadily to the machine. What does this behavior illustrate? (a) Escalation of commitment ; (b) A display of overconfidence (c) Decision making under uncertainty ; (d) Changing subjective probabilities

Description : The jackpot on a gaming machine has not 'dropped' for several weeks. Believing that the payout is imminent, a gambler feeds coins steadily to the machine. What does this behavior ... ) A display of overconfidence (c) Decision making under uncertainty ; (d) Changing subjective probabilities

Last Answer : (a) Escalation of commitment ;

What is a Research Design? (A) A way of conducting research that is not grounded in theory. (B) The choice between using qualitative or quantitative methods. (C) The style in which you present your research findings e.g. a graph. (D) A framework for every stage of the collection and analysis of data.

Description : What is a Research Design? (A) A way of conducting research that is not grounded in theory. (B) The choice between using qualitative or quantitative methods. (C) The style in which you present your research ... e.g. a graph. (D) A framework for every stage of the collection and analysis of data. 

Last Answer : (D) A framework for every stage of the collection and analysis of data.

For the Strategic Planning process to be effective, Organizations must continually strengthen the “good ethics is good business” policy

Description : For the Strategic Planning process to be effective, Organizations must continually strengthen the “good ethics is good business” policy

Last Answer : True

An intuitive manager could best be described as one who: A)uses scientific problem solving B)eliminates uncertainty in decision making C)searches out facts and data systematically D)uses an orderly approach to gathering information E)uses personal knowledge and experience to make decisions

Description : An intuitive manager could best be described as one who: A)uses scientific problem solving B)eliminates uncertainty in decision making C)searches out facts and data systematically D)uses an orderly approach to gathering information E)uses personal knowledge and experience to make decisions

Last Answer : E)uses personal knowledge and experience to make decisions

Which of the following is NOT a major element of the strategic management process? A. Formulating strategy B. Implementing strategy C. Evaluating strategy D. Assigning administrative tasks

Description : Which of the following is NOT a major element of the strategic management process? A. Formulating strategy B. Implementing strategy C. Evaluating strategy D. Assigning administrative tasks

Last Answer : Assigning administrative tasks

The ideal strategic management team DOES NOT includes…. A. Chief executive officer (CEO) B. Product managers C. Heads of functional areas D. Shop-floor managers

Description : The ideal strategic management team DOES NOT includes…. A. Chief executive officer (CEO) B. Product managers C. Heads of functional areas D. Shop-floor managers

Last Answer : Shop-floor managers

What is NOT a ‘Critical Tasks of Strategic Management? A. Formulate the company’s mission B. Select a set of short-term objectives that will achieve the most desirable results C. Conduct an internal analysis D. Assess the external environment – competitive and general contexts

Description : What is NOT a ‘Critical Tasks of Strategic Management? A. Formulate the company’s mission B. Select a set of short-term objectives that will achieve the most desirable results C. Conduct an internal analysis D. Assess the external environment – competitive and general contexts

Last Answer : Select a set of short-term objectives that will achieve the most desirable results

The Strategic Management process should be addressed only by top-level Executives. Mid-level and Low-level Employees are best equipped to implement Co’s Strategies

Description : The Strategic Management process should be addressed only by top-level Executives. Mid-level and Low-level Employees are best equipped to implement Co’s Strategies

Last Answer : False

Strategic Management recognizes the trade-offs between effectiveness & efficiency

Description : Strategic Management recognizes the trade-offs between effectiveness & efficiency

Last Answer : True

Application of the Strategic Management process is typically more formal in larger and well established Organizations

Description : Application of the Strategic Management process is typically more formal in larger and well established Organizations

Last Answer : True

Identifying an Organization’s existing Vision, Mission, Objectives and Strategies is the final step for the Strategic Management Process

Description : Identifying an Organization’s existing Vision, Mission, Objectives and Strategies is the final step for the Strategic Management Process

Last Answer : False

The final stage in Strategic Management is Strategy implementation

Description : The final stage in Strategic Management is Strategy implementation

Last Answer : False

Strategy implementation is often considered to be the most difficult stage in the Strategic Management process because it requires personal discipline, commitment and sacrifice

Description : Strategy implementation is often considered to be the most difficult stage in the Strategic Management process because it requires personal discipline, commitment and sacrifice

Last Answer : True

The terms Strategic Management and Strategic Planning are synonymous with each other

Description : The terms Strategic Management and Strategic Planning are synonymous with each other

Last Answer : True

Strategic Management focusses on integrating functions such as Marketing, Finance / Accounting, Production / Operations, R & D and Info.Systems to achieve Orgnl. success

Description : Strategic Management focusses on integrating functions such as Marketing, Finance / Accounting, Production / Operations, R & D and Info.Systems to achieve Orgnl. success

Last Answer : True

One benefit of Strategic Management is a sharper focus on what is strategically important

Description : One benefit of Strategic Management is a sharper focus on what is strategically important

Last Answer : True

The first phase of the Strategic Management process is forecast based planning

Description : The first phase of the Strategic Management process is forecast based planning

Last Answer : False