Business Forecasting and Decision Making

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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?

Managing the total organization to deliver high quality to customers Signup and view all the answers

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

Enhancing decision making through quantitative techniques Signup and view all the answers

Who is associated with the 'Hawthorne effect'?

Elton Mayo Signup and view all the answers

What is the primary objective of delegation?

To empower team members to accomplish objectives Signup and view all the answers

What is the first element of delegation?

Responsibility Signup and view all the answers

What is the consequence of passing on responsibilities to subordinates?

Responsibility can be delegated Signup and view all the answers

What should a manager avoid doing when delegating tasks?

Telling individuals how to do the task Signup and view all the answers

What is the second element of delegation?

Authority Signup and view all the answers

What type of leader delegates authority while retaining responsibility?

Delegative Signup and view all the answers

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

Communication Signup and view all the answers

What is the primary purpose of breakeven analysis?

To identify the point at which total revenue equals total costs Signup and view all the answers

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

Communication Signup and view all the answers

Which forecasting method relies on mathematical models and past data?

Quantitative forecasting Signup and view all the answers

What represents power in organizations?

Information and communication Signup and view all the answers

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

To develop a consistent view of the future Signup and view all the answers

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

Laissez-faire Signup and view all the answers

According to Massie, what is a decision?

A course of action chosen for a desired result Signup and view all the answers

Where are management practices in the Philippines mostly based on?

American theories and practices Signup and view all the answers

What is the primary purpose of the DECIDE model?

To provide a structured approach to decision-making Signup and view all the answers

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

Planning is essential for success Signup and view all the answers

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

Buy-out Signup and view all the answers

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

Franchising Signup and view all the answers

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

FOOD AND RECREATION Signup and view all the answers

What is a characteristic of a family business?

Long-term plans replace the focus on short-term profits Signup and view all the answers

What is a start-up business?

A business that is relatively new and started by an entrepreneur Signup and view all the answers

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

Bookstore Signup and view all the answers