test 2

Question 1

problem in decision making

Answer 1

discrepancy between existing and desired state of affairs

Question 2

decision criteria

Answer 2

factors relative in a decision

Question 3

intuitive decision making

Answer 3

decision making based on experience, feelings and judgement

Question 4

programmed decision

Answer 4

repetitive decision making using routine approach

Question 5

policy

Answer 5

guideline

Question 6

procedure

Answer 6

sequential steps to respond to structured problem

Question 7

rule

Answer 7

statement on what employees can and can not do

Question 8

group think

Answer 8

a group exerts extensive pressure on an individual to withhold different views to agree

Question 9

what are the advantages of group think?

Answer 9

more complete information, diversity of experience/perspectives, increased acceptance for solution/ increased legitimacy

Question 10

what are the disadvantages for group think?

Answer 10

time consuming. minority domination, ambiguous responsibility, pressure to agree

Question 11

structured problem

Answer 11

straight forward/familiar defined problem

Question 12

unstructured problem

Answer 12

problem that is new or has incomplete information

Question 13

what if formal planning?

Answer 13

specific goals in a specific period of time, written down and available to everyone, specific plans to reach goals

Question 14

what is informal planning?

Answer 14

very little/nothing written down, goals rarely verbalized, only an idea of how to meet goals, lacks continuity

Question 15

what is a SWOT anaylsis?

Answer 15

combined internal and external analysis

Question 16

growth strategy

Answer 16

an organization expands the number of markets/products served through current or new businesses

Question 17

ways to grow with concentration?

Answer 17

focusing on primary line of business and increasing number of products/services in primary business

Question 18

ways to grow with vertical integration?

Answer 18

gaining control of inputs/outputs or both

Question 19

ways to grow with horizontal integration?

Answer 19

by combining with competitors

Question 20

ways to grow with diversification?

Answer 20

by moving into a different industry

Question 21

what is a stability strategy?

Answer 21

during times of uncertainty to still maintain things as they are

Question 22

what is a renewal strategy?

Answer 22

when in trouble and needs to address decline performance

Question 23

what is retrenchment strategy?

Answer 23

minor performance problems

Question 24

what is turnaround strategy?

Answer 24

more serious performance problems - cut costs/ restructure operations

Question 25

what is the competitive strategy of cost leadership?

Answer 25

having the lowest costs in industry and aimed in broad market

Question 26

what is the competitive strategy of differentiation?

Answer 26

offering unique products that are valued by customers and aimed in broad market

Question 27

what is the competitive strategy of focus?

Answer 27

a cost advantage focus based on product variety, customer type, distribution channel or geographic location

Question 28

what are functional strategies?

Answer 28

various functional departments to support competitive strategy

Question 29

goals

Answer 29

desired outcomes/targets

Question 30

competitive advantage

Answer 30

what sets an organization apart

Question 31

strategic planning

Answer 31

plans that apply to entire organization and overall goals

Question 32

tactical planning

Answer 32

plans specify details of how overall goals are achieved

Question 33

standing plans

Answer 33

ongoing plans to provide guidance for repeated activities