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Management Control Process Components Quiz

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Management Control Process Components Quiz

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Questions and Answers

What is the purpose of the management control process components in an organization?

To create obstacles for achieving the entity mission

To assure the achievement of entity mission

To replace the entity mission with new objectives

To facilitate the achievement of entity mission (correct)

Which of the following is NOT a component of the management control environment?

Empowered Decision Rights

Leadership development programs (correct)

Informal controls like group norms

Organizational structure

What is the primary function of incentives in the context of management control systems?

Create confusion among employees regarding company goals

Discourage behavior that aligns with the entity's mission

Encourage behavior aligned with the entity's mission (correct)

Ensure that employees are not motivated by rewards

How does lack of clarity around decision rights impact organizations?

Hampers timely decision-making and compromises decision quality Signup and view all the answers

Which type of decision-making involves conscious reasoning and explicit logical thinking?

System 2 thinking Signup and view all the answers

What is the term for the tendency to be too certain of the accuracy of our judgments and make overly precise estimates?

Overestimation Signup and view all the answers

Which cognitive bias involves making decisions based on ease-of-recall?

The availability heuristic Signup and view all the answers

What is the term for the tendency to start decision-making based on the first piece of information presented?

The anchoring effect Signup and view all the answers

Which trap involves estimating the likelihood of an event by comparing it to an existing prototype or mental image?

Representativeness heuristic Signup and view all the answers

What is the term for the tendency to continue investing in a failing course of action despite contrary evidence?

Escalation of commitment Signup and view all the answers