Controlling and Decision Making in Management
29 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What does the internal environment refer to in an organization?

  • Short-run controls
  • Variables outside the organization
  • Organizational activities within the firm (correct)
  • Top management decisions

    • What do the components of the environment consist of according to the text?

  • Marketing strategies
  • Only internal concerns
  • Only external concerns
  • Internal and external concerns (correct)

    • What is an important aspect of the external environment?

  • Variables controlled by top management
  • Outside the organization's control (correct)
  • Short-run decision making
  • Organizational activities

    • Which step involves preparing a list of alternative solutions according to the text?

    <p>Develop Viable Alternatives</p> Signup and view all the answers

    In the given example, what is the problem faced by the engineering firm?

    <p>Capacity increase requirement</p> Signup and view all the answers

    What is essential according to the text when solving problems with multiple solutions?

    <p>Considering the best solution among alternatives</p> Signup and view all the answers

    What is the primary responsibility of managers, including engineer managers?

    <p>Providing leadership for organizational objectives</p> Signup and view all the answers

    What is the importance of decision-making for an engineer manager?

    <p>It impacts organizational growth and success</p> Signup and view all the answers

    Why is decision-making considered a management responsibility?

    <p>To provide leadership in organizations</p> Signup and view all the answers

    What can a major blunder in decision-making potentially cause according to the text?

    <p>Destruction of any organization</p> Signup and view all the answers

    In what way can good decisions impact organized efforts?

    <p>Providing the right environment for growth and success</p> Signup and view all the answers

    Which statement best describes decision-making according to the text?

    <p>Confronting situations and choosing from various options</p> Signup and view all the answers

    What is the expected cash flow for Project Y?

    <p>$4000</p> Signup and view all the answers

    Which project has a higher variance between Project X and Project Y?

    <p>Project Y</p> Signup and view all the answers

    What is the standard deviation for Project X?

    <p>$548</p> Signup and view all the answers

    In decision making under uncertainty, what defines uncertainty?

    <p>Known future states of nature with unknown probabilities</p> Signup and view all the answers

    What does the variance measure in this context?

    <p>The risk associated with the probability distribution of cash flows</p> Signup and view all the answers

    Why is project Y considered to offer greater risk than project X?

    <p>The expected values of the variances for project Y are higher</p> Signup and view all the answers

    What is an essential component of planning?

    <p>Clear idea of the major duties</p> Signup and view all the answers

    What does organizing involve according to the text?

    <p>Identifying and classifying required activities</p> Signup and view all the answers

    In the context of organizational structure, what does 'span of control' refer to?

    <p>The number of employees a manager supervises</p> Signup and view all the answers

    Why is it important to define formal reporting relationships in an organization?

    <p>To enhance communication and accountability</p> Signup and view all the answers

    What is the result of the organizing process in an organization?

    <p>Improved structure</p> Signup and view all the answers

    How does provision for coordination contribute to effective organizing?

    <p>It ensures alignment between different levels in the organization</p> Signup and view all the answers

    What is the purpose of a sales forecast in a strategic plan?

    <p>To estimate the company's future sales revenue</p> Signup and view all the answers

    Which of the following is NOT a part of the Human Resources Plan?

    <p>Projected cash flow statements</p> Signup and view all the answers

    Which of the following is NOT a part of the PARTS OF THE STRATEGIC PLAN?

    <p>Financial statements</p> Signup and view all the answers

    What is the purpose of a company's or corporate mission?

    <p>To identify the company's philosophy of management</p> Signup and view all the answers

    Which of the following is NOT a planning barrier according to Plunkett and Attner?

    <p>Focusing on the future at the expense of the present</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser