Contingency Planning and Risk Mitigation Strategies Quiz
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Questions and Answers

What is the primary focus of long-term planning in an organization?

  • Ensuring day-to-day operations run smoothly
  • Achieving short-term goals
  • Addressing immediate challenges
  • Creating a roadmap for the organization's future (correct)
  • Which aspect plays a significant role in global strategy for organizations?

  • Local competition
  • Domestic market trends
  • Geopolitical factors (correct)
  • Internal organizational structure
  • What is a key consideration in stakeholder involvement in strategic planning?

  • Focusing solely on shareholders' expectations
  • Excluding customers from decision-making
  • Ignoring the interests of employees
  • Creating value for all relevant parties (correct)
  • Why is adaptability important in a successful strategy?

    <p>To adjust to evolving market conditions and external factors</p> Signup and view all the answers

    Which factor is crucial for organizations to remain competitive in the market?

    <p>Staying up-to-date with new technologies</p> Signup and view all the answers

    What does an adaptive strategy focus on?

    <p>Adjusting to evolving market conditions and technology trends</p> Signup and view all the answers

    Which approach to decision making involves relying on the gut feeling and personal experience of decision-makers?

    <p>Intuitive Approach</p> Signup and view all the answers

    Which strategic element ensures the effective integration and adaptation of vision into actionable steps for long-term success?

    <p>Strategic Management</p> Signup and view all the answers

    In which approach to decision making, data is gathered, analyzed, and options are evaluated based on objective criteria?

    <p>Rational Approach</p> Signup and view all the answers

    Which organization's decision-making approach may lead to decisions influenced by power dynamics and political considerations?

    <p>Infosys</p> Signup and view all the answers

    Which strategic element translates vision into actionable steps?

    <p>Strategic Planning</p> Signup and view all the answers

    Which decision-making approach involves making incremental adjustments over time?

    <p>Incremental Approach</p> Signup and view all the answers

    Why does Mintzberg suggest that strategy formulation is not a continuous process?

    <p>External forces demand sudden and fundamental changes.</p> Signup and view all the answers

    What is 'strategic drift' as described in the text?

    <p>Inertia leading to sticking with current strategies.</p> Signup and view all the answers

    What triggers 'punctuated equilibrium' in organizations according to Mintzberg?

    <p>Disruptive events that force reassessment.</p> Signup and view all the answers

    Why would a threat of a takeover by another company prompt an organization to reconsider its strategy?

    <p>To reassess and make fundamental changes to prevent takeover.</p> Signup and view all the answers

    How does a performance gap, such as falling short on sales or profits, impact strategic decision-making?

    <p>It necessitates reassessment and fundamental changes in strategy.</p> Signup and view all the answers

    Why does Mintzberg propose that organizations tend to maintain their current strategies until issues arise?

    <p>To resist making any strategic adjustments.</p> Signup and view all the answers

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