Podcast
Questions and Answers
In which decision-making condition are goals unclear, alternatives difficult to define, and outcome information unavailable?
In which decision-making condition are goals unclear, alternatives difficult to define, and outcome information unavailable?
- Structured Problem
- Certainty
- Ambiguity (correct)
- Risk
Which of the following best describes a decision-making situation under risk?
Which of the following best describes a decision-making situation under risk?
- Complete certainty about outcomes of each alternative exists.
- Goals are unclear, and outcomes are unpredictable.
- Goals are clear, but future outcomes have a chance of loss or failure. (correct)
- Information is scarce, requiring reliance on intuition alone.
When can intuition be most effectively be used in decision-making?
When can intuition be most effectively be used in decision-making?
- When enough information exists to estimate the probability of success versus failure. (correct)
- When there is no information available.
- When there is complete certainty about the outcomes.
- When the problem is highly structured and routine.
Which of the following is NOT a performance management tool for executing a plan?
Which of the following is NOT a performance management tool for executing a plan?
What typically initiates the planning process within an organization?
What typically initiates the planning process within an organization?
What is the primary function of a goal within an organization?
What is the primary function of a goal within an organization?
Strategic goals are most closely aligned with which representation of the organization?
Strategic goals are most closely aligned with which representation of the organization?
Which statement accurately describes the relationship between goals and plans?
Which statement accurately describes the relationship between goals and plans?
Which level of management is typically responsible for establishing strategic goals and plans?
Which level of management is typically responsible for establishing strategic goals and plans?
What is the primary benefit of the overall planning process in strategic management?
What is the primary benefit of the overall planning process in strategic management?
Flashcards
Ambiguity
Ambiguity
Unclear goals, hard-to-define alternatives, and unavailable outcome information.
Risk
Risk
Clear goals and good information are available, but outcomes have potential for loss or failure.
Formal Mission
Formal Mission
Defines the organization's basic purpose.
Goal
Goal
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Official Goals
Official Goals
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Goals
Goals
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Strategy Map
Strategy Map
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Mission Statement
Mission Statement
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Operational Plans
Operational Plans
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Overall Planning Process
Overall Planning Process
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Study Notes
- Ambiguity occurs when goals and problem-solving steps lack clarity, alternatives are hard to define, and outcome information is missing.
- Risk is present when goals are clear and information is available, but outcomes have potential for failure.
- Intuition relies on enough information being present to estimate the probability of success versus failure.
- Operations maps are not a performance management tool for executing a plan.
- The planning process starts with a formal mission that defines the organization's basic purpose.
- A goal refers to a desired future circumstance or condition that the organization attempts to realize.
- Strategic goals best represent the official goals of the organization.
- A goal specifies future ends, while a plan specifies today's means.
- Top managers are typically responsible for establishing strategic goals and plans.
- Strategic plans are most closely associated with a long-term time frame.
- A strategy map is a visual representation of the key drivers of an organization's success, showing the cause-and-effect relationships among goals and plans.
- A statement of purpose that distinguishes the organization from others of a similar type is known as a mission statement.
- Operational plans are developed at the lower levels of the organization to specify action steps toward achieving operational goals and to support tactical plans.
- Planning is considered the most fundamental of all the strategic management functions.
- The overall planning process prevents managers from thinking merely in terms of day-to-day activities.
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