29 Questions
What does the internal environment refer to in an organization?
Organizational activities within the firm
What do the components of the environment consist of according to the text?
Internal and external concerns
What is an important aspect of the external environment?
Outside the organization's control
Which step involves preparing a list of alternative solutions according to the text?
Develop Viable Alternatives
In the given example, what is the problem faced by the engineering firm?
Capacity increase requirement
What is essential according to the text when solving problems with multiple solutions?
Considering the best solution among alternatives
What is the primary responsibility of managers, including engineer managers?
Providing leadership for organizational objectives
What is the importance of decision-making for an engineer manager?
It impacts organizational growth and success
Why is decision-making considered a management responsibility?
To provide leadership in organizations
What can a major blunder in decision-making potentially cause according to the text?
Destruction of any organization
In what way can good decisions impact organized efforts?
Providing the right environment for growth and success
Which statement best describes decision-making according to the text?
Confronting situations and choosing from various options
What is the expected cash flow for Project Y?
$4000
Which project has a higher variance between Project X and Project Y?
Project Y
What is the standard deviation for Project X?
$548
In decision making under uncertainty, what defines uncertainty?
Known future states of nature with unknown probabilities
What does the variance measure in this context?
The risk associated with the probability distribution of cash flows
Why is project Y considered to offer greater risk than project X?
The expected values of the variances for project Y are higher
What is an essential component of planning?
Clear idea of the major duties
What does organizing involve according to the text?
Identifying and classifying required activities
In the context of organizational structure, what does 'span of control' refer to?
The number of employees a manager supervises
Why is it important to define formal reporting relationships in an organization?
To enhance communication and accountability
What is the result of the organizing process in an organization?
Improved structure
How does provision for coordination contribute to effective organizing?
It ensures alignment between different levels in the organization
What is the purpose of a sales forecast in a strategic plan?
To estimate the company's future sales revenue
Which of the following is NOT a part of the Human Resources Plan?
Projected cash flow statements
Which of the following is NOT a part of the PARTS OF THE STRATEGIC PLAN?
Financial statements
What is the purpose of a company's or corporate mission?
To identify the company's philosophy of management
Which of the following is NOT a planning barrier according to Plunkett and Attner?
Focusing on the future at the expense of the present
This quiz covers the concepts of measuring and correcting activities of subordinates to ensure compliance with plans, as well as the decision-making process. Questions include real-life decision scenarios and factors to consider when making decisions.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
