Business Management- Chapter 5

20 terms by kmmahoney12

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An Australian manufacturer of surfboards wants to increase awareness of its brand in the U.S. market. A ____ plan to accomplish this objective might be to host a series of surfboard competitions in California .

tactical

____ can help organizations to maintain flexibility as they plan.

operations based planning

The two approaches to maintaining flexibility in organizations while they plan are outcome-based planning and change-based planning.

false

After earning $8 billion in profit, Royal Dutch/Shell decided to strive to double its profits within the next five years. Which classical management function would be instrumental in achieving this goal?

planning

For options-based planning to work, the organization must ____.

have slack resources

A manufacturer of suntan lotion could set a(n) ____ goal to increase revenues by 8 percent over the next five years and a(n) ____ goal to increase sales next June in the Miami Beach area by 3 percent.

distal, proximal

A ____ exists when there is a gap between a desired state (what managers want) and an existing state (the situation that the managers are facing).

problem

Budgets are an example of ____ planning.

operational

The use of ____ in planning produces a false sense of certainty and is often cited as one of the major pitfalls of planning.

assumptions

The six steps in the rational decision-making process are as follows: (1) frame the problem, (2) identify decision criteria, (3) weight the criteria, (4) generate alternative courses of action, (5) evaluate each alternative, and (6) compute the optimal decision.

false

For planning to be effective, workers need a specific, challenging goal as well as regular feedback to track their progress.

true

As a company that manufactures janitorial cleaning supplies tries to develop more environmentally -friendly products that can clean as well as its current ones, the company's manager must select among alternatives derived from oranges, parsley, lemon, or a combination of these ingredients. This is the ____ step in the rational decision-making model.

evaluate each alternative

The ____ approach to decision-making is a method in which an individual or a subgroup is assigned the role of a critic.

devil's advocacy

Top management is responsible for developing long-term ____ that make clear how the company will serve customers and position itself against competitors in the next two to five years.

strategic plans

Management by objectives is a two-step process in which managers and their employees discuss possible goals and then meet regularly to review progress toward the accomplishment of those goals.

false

On average, companies that create plans have larger profits and grow much faster than companies that don't.

true

The ____ is a type of operational plan that saves managers time because it is created once and then used repeatedly to handle frequently recurring events.

standing plan

____ plans are plans that specify how a company will use resources, budgets, and people to accomplish specific goals within its mission.

tactical

The basic purpose of ____ planning is to leave commitments open by maintaining slack resources.

options-based planning

Who is primarily responsible for developing operational plans?

lower-level managers

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