Q&A Hero

Q: A(n) __________ measures performance results in terms of quantity, quality, cost, or time. a) forecast b) output standard c) input standard d) data base

Q: Which of the following is the second step in the control process? a) Comparing performance with standards b) Establishing objectives and standards c) Measuring actual performance d) Taking necessary action

Q: Managers need to know that the only way the control process begins is by: a) comparing results with established standards for measurement. b) establishing objectives and standards for measuring them. c) measuring actual performance. d) taking necessary action.

Q: Measuring performance and __________ are the important aspects of any control system. a) punishing the guilty b) taking corrective action c) training d) rewarding

Q: Which of the following processes identifies lessons learned through a completed project, task force assignment, or special operation? a) A performance assignment b) A planning session c) A planning function d) An after-action review

Q: Which of the following management functions arranges people and resources for work? a) Planning b) Organizing c) Leading d) Controlling

Q: The process of measuring performance and taking action to ensure desired results is a part of the management function of: a) planning. b) organizing. c) leading. d) controlling.

Q: Define the terms policy and procedure.

Q: Distinguish between strategic plans and operational plans.

Q: State and discuss at least three reasons for planning and the benefits of each.

Q: What are the four functions of management? Describe each of them.

Q: How does planning fit into the four basic functions of management?

Q: What is scenario planning?

Q: Explain the concept of a zero-based budget.

Q: Explain the hierarchy of objectives.

Q: A planning technique that utilizes external comparisons to better evaluate current internal processes is called __________.

Q: __________ are the activation signals for implementing contingency plans.

Q: __________ is the process that attempts to predict the future.

Q: A(n) __________ budget involves approaching each budget cycle as if it were new, starting from scratch each time.

Q: A plan that commits resources to projects or activities is called a(n) __________.

Q: __________ plans deal with the requirements of selling and distributing goods or services.

Q: A(n) __________ communicates broad guidelines for making decisions and taking action.

Q: __________ are developed to implement strategic plans.

Q: A(n) __________ clarifies the purpose of an organization and expresses what it hopes to be in the future.

Q: Underestimating the time required to complete a task is known as __________.

Q: Effective planning ensures that each level's goals support the goals of the next higher level, thus fitting into a(n) _____ of objectives.

Q: In order to get the best performance out of your organization, you should use __________ goals to encourage extra effort.

Q: The term __________ can be described as being lulled into inaction by current successes or failures.

Q: __________ are specific results that one wishes to achieve.

Q: __________ is the process of setting goals and objectives and determining how to accomplish them.

Q: One effective way to build commitment to the implementation of a plan is to involve the people who will have to do the implementing in the creation of the plan.

Q: Contingency planning identifies alternate courses of action to be implemented in order to meet changing circumstances.

Q: If a forecast is carefully created, it can be relied upon to accurately predict the future.

Q: A policy describes exactly what actions should be taken in specific situations.

Q: Strategic plans define what specific work units need to do in order for the organization to move ahead.

Q: The purpose of strategic plans is to support tactical plans.

Q: Short-range plans focus only on two to three months into the future.

Q: Each level of the organization should create their plans independently in order to be responsive to the varying needs at each level.

Q: One of the critical pieces of the planning effort is defining objectives.

Q: Leading consists of guiding the efforts of human resources to ensure high levels of task accomplishment.

Q: Involving others, particularly those who implement the plan, in the planning process is called __________. a) groupthink b) marketing research c) participatory planning d) selecting alternatives

Q: __________ are methods that lead to superior performance. a) Best practices b) Complacency traps c) Operating procedures d) Forecasting

Q: __________ is a technique that makes use of external comparisons to evaluate current performance. a) Forecasting b) Benchmarking c) Allocating d) Justifying

Q: Which of the following terms can be best described as identifying possible future situations and plans for dealing with them? a) Contingency planning b) Forecasting c) Scenario planning d) Budgeting

Q: The president of Virtual Products LLC is concerned about the next year's economic outlook. Even though next year's plan has been laid out, he has requested his staff to generate another plan that assumes a 10% reduction in sales. This is an example of __________. a) contingency planning b) forecasting c) operation planning d) budgeting

Q: Trynx Inc., a bicycle manufacturing company, is set to launch a new bicycle with gears. Ryan, the CEO of Trynx, asks the sales manager to come up with an alternative plan in case the new product fails in the market. He also asks the production manager to come with an alternative plan in case the new product's demand increases beyond the production capacity. Ryan has asked the managers to engage in __________. a) scenario planning b) financial planning c) resource planning d) contingency planning

Q: Which of the following refers to the process of developing alternative plans in anticipation of having problems with implementing the existing plan? a) Contingency planning b) Forecasting c) Scenario planning d) Budgeting

Q: Jake has been appointed as the new CEO of Zorv Inc., a multinational computer technology company. While formulating a new plan for the company under his management, Jake uses mathematical models and statistical analysis of past data and surveys to predict potential problems and opportunities in the near future. Jake's method of predicting the future best reflects __________. a) scenario planning b) contingency planning c) quantitative forecasting d) qualitative forecasting

Q: Qualitative approaches to forecasting generally use: a) statistical analysis of historical data. b) mathematical models. c) expert opinions. d) surveys.

Q: The process of predicting what will happen in the future is called: a) contingency planning. b) scenario planning. c) forecasting. d) zero-based budgeting.

Q: Sally, the general manager at Trinkets Inc., has asked the accounting department to prepare a cash flow versus expenditure plan for the next year. Sally is asking for a __________ budget. a) financial b) flexible c) fixed d) zero-based

Q: Maria works for the accounting department of Argon Corp. She has just been told that she needs to develop a budget to spend $50,000 dollars in the next 12 months. Maria has been asked to create a(n) __________ budget. a) operating b) flexible c) fixed d) zero-based

Q: A budget that compares sales or revenues to expenses is called a(n) __________ budget. a) operating b) flexible c) fixed d) zero-based

Q: A budget that allocates a specific amount of resources for a specific purpose is called a __________ budget. a) project b) flexible c) fixed d) zero-based

Q: Sally, a manager at Purple Inc., has just been told that the funds which were left unused in the previous year's budget will not carry over into the current year. Thus, Sally will most likely have to use a __________. a) project budget b) flexible budget c) fixed budget d) zero-based budget

Q: A ________ budget allows resource allocations to vary with the level of activity. a) project b) flexible c) fixed d) zero-based

Q: A(n) __________ budget allocates resources as if each budget was brand new. a) strategic b) new c) operating d) zero-based

Q: A plan that commits resources to projects or activities is called a __________. a) strategy b) vision c) policy d) budget

Q: A company poster lists instructions to be followed in case of a fire alarm. This is an example of a(n) __________. a) policy b) directive c) operating plan d) procedure

Q: At your university, it is required that all students are expected to follow the guidelines concerning sexual harassment. This is an example of a: a) policy. b) rule. c) procedure. d) law.

Q: Which of the following terms precisely describes actions to take in specific situations? a) Policy b) Project plan c) Long-term plan d) Procedure

Q: __________ plans deal with the methods and technology needed by people in their work. a) Financial b) Facilities c) Production d) Marketing

Q: A standing plan that communicates broad guidelines for employees to use when taking decisions and actions is called a __________. a) policy b) project plan c) procedure d) budget

Q: Tim places an online order for a smartphone. Instead, he is shipped a dishwashing liquid from a brand named Bling by the seller. Tim posts this incident on a social networking site and it is soon picked up by the media. Richard, the sales manager of Bling, hears about this incident and plans to use it as an opportunity for creating brand awareness of Bling products. Accordingly, he makes arrangement to send Tim the smartphone that he had originally ordered along with two more bottles of Bling dishwashing liquid. When this news reaches the media, people applaud Bling's gesture and Richard achieves his goal of creating brand awareness. Which of the following plans did Richard use in the scenario? a) Financial plan b) Facilities plan c) Tactical plan d) Production plan

Q: Clara has been working as a waitress in a local cafe for 3 years. She had always dreamt of opening up her own cafe. On the death of her grandmother, she finds out that her grandmother has left her a fortune of $15,000. She plans to open a new cafe with the money and hires a professional team to design her cafe's layout. Clara is currently engaged in the developing the ________ for the cafe. a) financial plans b) facilities plans c) marketing plans d) production plans

Q: Plans that specifically identify how different parts of an organization will contribute to accomplishing strategic plans are called __________. a) strategic plans b) tactical plans c) financial plans d) functional plans

Q: All of the following are functional plans EXCEPT: a) production plans. b) marketing plans. c) human resources plans. d) strategic plans.

Q: A plan covering the production activities of an organization for three months would be an example of a(n) __________ plan. a) long-term b) operational c) strategic d) recovery

Q: Plans that define the various short-term activities needed to implement strategic plans are called __________ plans. a) strategic b) business c) operational d) long-term

Q: Management researcher Elliot Jaques believes that most people work comfortably with __________ time spans as planning horizons. a) one-week b) three-month c) five-year d) ten-year

Q: Plans that identify the long-term direction for an organization, including a vision of what and where the organization wants to be in the longer-term, are called __________ plans. a) extended b) operational c) strategic d) lofty

Q: A(n) __________ clarifies the purpose of an organization and expresses what it hopes to be in the future. a) budget b) vision c) policy d) procedure

Q: Plans that usually cover three years or more are called __________ plans. a) medium b) operational c) short-range d) long-range

Q: Plans that cover a year or less are called __________ plans. a) medium b) strategic c) short-range d) long-term

Q: A(n) __________ sets the stage for controlling in the management process; it is hard to exercise control if you have not set objectives. a) good organization b) good plan c) inspired workforce d) planning fallacy

Q: Which of the following is NOT an advantage that planning offers? a) Ensuring success b) Helping us to sharpen our focus c) Increasing our flexibility d) Avoiding complacency

Q: Objectives should __________. a) be specific b) have a lofty goal c) be a well-kept secret d) be easily accomplishable

Q: Which of the following refers to the process by which one establishes lower-level objectives in order to meet higher-level objectives? a) Objective analysis b) Strategic analysis c) A hierarchy of objectives d) A chain of command

Q: A(n) __________ is a statement of intended means for accomplishing objectives. a) plan b) schedule c) objective d) idea

Q: Stretch goals are __________. a) impossible to meet b) good exercises c) only for the very best employees d) difficult and challenging, but achievable