Business Forecasting and Decision Making
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Questions and Answers

What was the main focus of the behavioral theorists in the workplace?

  • Improving productivity through technology
  • Developing mathematical models for decision making
  • Implementing quality control measures
  • Understanding human behavior to improve productivity (correct)

Who is associated with the 'Hierarchy of needs' theory?

  • Elton Mayo
  • Douglas McGregor
  • Frederick Herzberg
  • Abraham Maslow (correct)

What was the result of the research conducted during World War II?

  • The development of the quality school of management
  • The implementation of theory X and Y
  • The creation of management science operations
  • The establishment of the quantitative school of management (correct)

What is the primary focus of the quality school of management?

<p>Managing the total organization to deliver high quality to customers (C)</p> Signup and view all the answers

What is the main objective of the quantitative approach to management?

<p>Enhancing decision making through quantitative techniques (C)</p> Signup and view all the answers

Who is associated with the 'Hawthorne effect'?

<p>Elton Mayo (C)</p> Signup and view all the answers

What is the primary objective of delegation?

<p>To empower team members to accomplish objectives (D)</p> Signup and view all the answers

What is the first element of delegation?

<p>Responsibility (D)</p> Signup and view all the answers

What is the consequence of passing on responsibilities to subordinates?

<p>Responsibility can be delegated (C)</p> Signup and view all the answers

What should a manager avoid doing when delegating tasks?

<p>Telling individuals how to do the task (D)</p> Signup and view all the answers

What is the second element of delegation?

<p>Authority (A)</p> Signup and view all the answers

What type of leader delegates authority while retaining responsibility?

<p>Delegative (D)</p> Signup and view all the answers

What is the primary means by which people obtain and exchange information?

<p>Communication (A)</p> Signup and view all the answers

What is the primary purpose of breakeven analysis?

<p>To identify the point at which total revenue equals total costs (A)</p> Signup and view all the answers

What is the most time-consuming activity a manager engages in?

<p>Communication (B)</p> Signup and view all the answers

Which forecasting method relies on mathematical models and past data?

<p>Quantitative forecasting (D)</p> Signup and view all the answers

What represents power in organizations?

<p>Information and communication (A)</p> Signup and view all the answers

What is the main goal of simulation models/scenario planning?

<p>To develop a consistent view of the future (B)</p> Signup and view all the answers

What type of leadership style is characterized by the absence of direction from the leader?

<p>Laissez-faire (D)</p> Signup and view all the answers

According to Massie, what is a decision?

<p>A course of action chosen for a desired result (B)</p> Signup and view all the answers

Where are management practices in the Philippines mostly based on?

<p>American theories and practices (D)</p> Signup and view all the answers

What is the primary purpose of the DECIDE model?

<p>To provide a structured approach to decision-making (C)</p> Signup and view all the answers

What is the implication of failing to plan, according to the given quote?

<p>Planning is essential for success (C)</p> Signup and view all the answers

What type of business involves buying an existing business and introducing innovations and improvements?

<p>Buy-out (C)</p> Signup and view all the answers

Which of the following types of businesses involves a two-party legal agreement?

<p>Franchising (C)</p> Signup and view all the answers

What type of business is a fast-food franchise an example of?

<p>FOOD AND RECREATION (B)</p> Signup and view all the answers

What is a characteristic of a family business?

<p>Long-term plans replace the focus on short-term profits (B)</p> Signup and view all the answers

What is a start-up business?

<p>A business that is relatively new and started by an entrepreneur (C)</p> Signup and view all the answers

Which of the following is NOT an example of a SERVICE?

<p>Bookstore (B)</p> Signup and view all the answers

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