Bnad 302 Study Guide Ch5

BNAD 302 Chapter 5 Quiz 1. Which of the following is not one of the steps in planning and strategic management? * Monitoring efficiency 2. The vision statement answers the question, “What do we want to become? “ It provides a clear sense of the future and the actions needed to get there. 3. Which of the following are 4 benefits of planning? * Planning helps you coordinate activities * Planning helps you cope with uncertainty * Planning helps you check on your progress * Planning helps you think ahead 4. Management by objective (MBO) is a process that includes all of the following EXCEPT: * managers punish the employees that fail to reach their goals 5. So, they include: * Managers and employees periodically review employee performance * Action plans are developed for each employee to follow * Managers and employees jointly set objectives for the employee * Employees are rewarded according to their performance 6. A mission statement answers the question, “What is our reason for being?” 7. For management by Objectives to be successful, which of the following must occur? Check all that apply. * Cost must be considered * Objectives must cascade * Top management must be committed * It must be applied organizational wide 8. What is step three in the planning and strategic management process? * Formulate strategic, tactical, and operational plans 9. Planning helps an organization for situations that might occur. 10. The mission statement expresses the purpose of the organization. 11. Coping with uncertainty by formulating a future course of action to achieve specified results is: * Planning 12. Which of the following are strategies organizations could use to respond to uncertainty in their environment? * Defenders * Prospectors * Reactors * Analyzers 13. A(n) vision statement expresses what the organization wants to become and where it wants to go strategically.