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Exam 5: Planning and Decision Making

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Question 21

Multiple Choice

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_____ are defined as a cushion of extra resources that can be used with options-based planning to adapt to unanticipated changes, problems, or opportunities.

A) Slack resources
B) Strategic groups
C) Secondary firms
D) Standing plans

E) A) and B)
F) C) and D)

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Question 22

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In the context of operational plans, which of the following is a difference between single-use plans and standing plans?

A) Single-use plans cover unique, one-time-only events, whereas standing plans handle frequently recurring events.
B) Single-use plans use quantitative planning, whereas standing plans use qualitative planning.
C) Single-use plans include policies and procedures, whereas standing plans include rules and regulations.
D) Single-use plans are operational plans, whereas standing plans are tactical plans.

E) All of the above
F) C) and D)

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Question 23

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Research indicates that the effectiveness of goal setting can be doubled by the addition of feedback.

Vernon, the chief human resources officer at a consultancy firm, prepares a plan formally detailing the dos and don'ts of the company. In the plan, he describes the restrictions on certain actions and how the actions must be performed. The regulations discussed in the given scenario are most likely a type of _____.

Gloria, a designer, is looking for a rented place to set up her own tailoring unit. She has laid down several criteria for finding the ideal place for her unit. Among the criteria, connectivity to public transport is her highest priority, accessibility of community stores is less important, and fully furnished kitchenette is her lowest priority. In this scenario, Gloria is most likely using _____ to make a rational decision.

Trendown Inc. has launched a plan to completely transition from a clothing retailer to a cosmetic brand by the end of the year. It has 24 stores across the city, and the management sets a target to transition two stores by the end of each month. In this scenario, Trendown Inc.'s monthly target is an example of a _____.

Which of the following is a disadvantage of electronic brainstorming?

Management by objectives is a management technique often used by middle managers to develop and carry out _____.

The senior accountants at Spicedam have a disagreement with each other about the calculation of the company's annual budget because of their different industry experiences. However, they are willing to have a rational discussion and arrive at the optimal solution. In this scenario, the conflict among the senior accountants at Spicedam best exemplifies _____.

Jessica, a middle manager at an electronic accessories company, presents a detailed estimate of the budget and the required number of temporary salespeople needed for the next one year. In this scenario, Jessica has most likely contributed to developing the company's _____.

In the context of the planning process, which of the following is most likely to be useful when conceived goals turn out not to be achievable?

Kyle, the human resources manager of an electrical company, is preparing an estimate of the recruitment requirements, training overheads, and induction expenditure for the next six months to present to the chief human resources officer of the company. In this scenario, Kyle is most likely creating a(n) _____.

_____ are defined as the standards used to guide judgments and decisions.

Planning encourages persistence even when there may be little chance of short-term success.

Dale, a design engineer at a machinery manufacturing company, prepares a plan with a detailed estimate of the overheads and resources required for setting up a stall at a machinery exhibition next month. In this scenario, Dale has most likely prepared a _____.

The Delphi technique is a decision-making method in which group members cast votes to select solutions.

The first step in planning is to develop effective action plans.

Omega Corp. has a goal of increasing its production and reducing its overhead costs. To achieve this goal, the company has developed four alternate action plans. Its idea is to monitor how these plans work and then invest more in the plan that shows maximum results. This type of planning that allows for flexibility is known as _____.

Weston Inc. wants to outsource its customer service operations. The top managers of the company are preparing a plan exclusively to detail the expenditure, overhead, and processes involved in outsourcing its customer service operations. In this scenario, the managers are most likely preparing a _____.

The most popular approach to increase goal commitment is to: