Evaluation of Strategy in Management

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

<p>Ability to reassure participants about performance outcomes (C)</p> Signup and view all the answers

<p>It is unable to maintain competitive advantage (B)</p> Signup and view all the answers

<p>They treat facts as friends and controls as liberators (D)</p> Signup and view all the answers

<p>Their strategy evaluation systems are robust (C)</p> Signup and view all the answers

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

<p>Preventing resource overloads and ensuring resource management (D)</p> Signup and view all the answers

<p>They actively seek out comparisons and rankings (D)</p> Signup and view all the answers

<p>It supports the creation and maintenance of competitive advantage (B)</p> Signup and view all the answers

<p>A systematic process to evaluate assertions against criteria (B)</p> Signup and view all the answers

<p>As a result of recent corporate scandals (B)</p> Signup and view all the answers

<p>They should align with the organization's capacity for change (D)</p> Signup and view all the answers

<p>By checking for congruence and understanding among top executives (A)</p> Signup and view all the answers

<p>To examine financial statements for compliance with GAAP (D)</p> Signup and view all the answers

<p>Generally accepted auditing standards (GAAS) (B)</p> Signup and view all the answers

<p>Integrating intuition and analysis (D)</p> Signup and view all the answers

<p>Make effective long-term decisions and take corrective actions (A)</p> Signup and view all the answers

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

<p>Mutual achievability of goals (C)</p> Signup and view all the answers

<p>By coordinating strategic management activities and improving decision-making (D)</p> Signup and view all the answers

<p>It relies on assumptions about competitors and market responses (D)</p> Signup and view all the answers

<p>It allows for greater success with fewer resources. (B)</p> Signup and view all the answers

<p>Through commitment rather than mere acceptance. (B)</p> Signup and view all the answers

<p>Leveraging speed, silence, and intelligence. (D)</p> Signup and view all the answers

<p>Ensuring a basis of resources and operational fundamentals. (A)</p> Signup and view all the answers

<p>It relies on maintaining certain reserves of resources. (A)</p> Signup and view all the answers

<p>It results in a lack of clear strategies. (C)</p> Signup and view all the answers

<p>A collection of vaguely defined objectives. (C)</p> Signup and view all the answers

<p>Superficial and vague statements. (A)</p> Signup and view all the answers

<p>Adoption of multiple objectives without prioritization. (C)</p> Signup and view all the answers

<p>As motivational clichés connected to leadership and vision. (B)</p> Signup and view all the answers

<p>It diminishes the quality of strategic planning. (C)</p> Signup and view all the answers

<p>It involves making difficult choices about priorities. (C)</p> Signup and view all the answers

<p>It obscures the lack of thoughtful analysis. (C)</p> Signup and view all the answers

<p>A hopeful view of future aspirations (C)</p> Signup and view all the answers

<p>A high-sounding declaration of an entity's purpose (B)</p> Signup and view all the answers

<p>It fosters empty rhetoric and bad examples. (A)</p> Signup and view all the answers

<p>They should remain flexible but less precise. (A)</p> Signup and view all the answers

<p>To precisely define critical dimensions of superiority. (B)</p> Signup and view all the answers

<p>It can lower morale and invite fatigue. (C)</p> Signup and view all the answers

<p>Controversial or divisive beliefs (B)</p> Signup and view all the answers

<p>They ensure continuity and cohesion in decision-making. (C)</p> Signup and view all the answers

A system for assessing the effectiveness of strategies and ensuring they are implemented correctly.

Small companies often use less formal, more direct communication methods for evaluating strategies.

Large companies need more complex systems for evaluating strategies due to diverse divisions and functions.

Convinces participants that missing targets isn't a personal criticism, but an evaluation of the plan itself.

A systematic process of evaluating financial information aligned with set standards.

Treat facts as valuable, use controls to promote freedom and creativity.

Rigorous and accurate financial tracking systems.

Evaluation systems should be tailored to suit each company's unique characteristics.

Generally Accepted Accounting Principles; a set of rules and standards used to ensure financial statements are accurate and consistent, helping investors and creditors understand a company's financial health.

Generally Accepted Auditing Standards; a set of rules and standards that independent auditors follow when examining financial statements to ensure they are accurate and reliable.

A systematic process of analyzing a company's strategies to determine if they are achieving their goals and can be improved, taking into account external factors and internal strengths and weaknesses.

A test of whether a company's strategies are aligned with its goals and policies, and if these elements support and reinforce each other.

A test of whether a company's strategies align with external opportunities and threats in the industry and market.

A unique characteristic or capability that allows a company to outperform its competitors and achieve a superior position in the market.

A combination of instinctive insights and systematic data-driven analysis used in strategic evaluation, ensuring a balanced approach to decision-making.

A continuous process of planning, implementing, and evaluating strategies to achieve a company's long-term goals.

A well-defined strategy should have consistent objectives and policies that don't contradict each other.

A strategy must be adaptable to changes in the external environment and internal factors.

A company's strategy should not overextend its resources or create new problems without solutions.

You can't prove a strategy is perfect, but you can test it for weaknesses and potential failures.

There are several key criteria for assessing a strategy, including consistency, advantage, consonance, and viability.

A strategy, like a scientific theory, can't be proven perfectly true, but it can be proven false if it fails to work.

A strategy that emphasizes adaptability and resourcefulness, allowing a company to maneuver effectively despite limited resources.

A leadership structure that aligns individual leaders' interests and values with the company's overarching goals, fostering commitment and responsibility.

Using speed, secrecy, and intelligence to attack opponents at unexpected times, catching them off guard and maximizing the impact of limited resources

A strategy that secures essential resources, intelligence, logistics, and alliances to support and sustain the company's core operations.

A strategy is effective when it incorporates flexibility, coordinated leadership, surprise, and security, allowing a company to outperform competitors with limited resources.

A bad strategy lacks a clear problem or obstacle, doesn't involve choosing a specific path, uses vague objectives, and relies on fluff instead of concrete actions.

Objectives that are vague, unclear, and don't specify how to achieve them.

Superficial, meaningless statements that lack substance and hide the lack of real strategy.

A weak strategy that doesn't involve making necessary trade-offs, leading to a diluted and ineffective plan.

A pre-made, cookie-cutter approach to strategy that relies on clichés and formulaic thinking, often involving 'visionary leadership' and shared goals.

A well-defined approach for overcoming an obstacle or challenge with a clear plan of action.

Failing to identify and understand the specific obstacles or challenges that need to be addressed, resulting in a lack of direction.

A clearly defined and measurable goal that outlines what needs to be achieved, along with the specific actions needed to reach it.

A widely used template for outlining a business's vision, mission, and strategies, often containing generic and unspecific statements.

Essential elements in a strategy that are specific, measurable, achievable, relevant, and time-bound, ensuring everyone understands the direction and goals.

A strategic approach where a company sets the pace and influences events, rather than reacting to them.

A key element where a strategy focuses resources and expertise on areas where the company can achieve a significant advantage over competitors.

A vision statement describes the desired future state of an organization, creating a clear picture of where it wants to be.

A mission statement defines the organization's primary purpose and how it aims to achieve its vision.

A values statement outlines the core principles and beliefs guiding an organization's behavior and decision-making.

Strategies are well-defined plans of action with concrete steps, while aspirations are broad goals without clear implementation.