Question 1

What is the best way to overcome individuals' resistance to change in strategy evaluation?

Accepted Answer

Participation is the best way to overcome resistance to change in strategy evaluation. Allowing individuals to be involved in the decision-making process and giving them a sense of ownership can help reduce their resistance to change. Emotional reactions, command-and-control approach, and laissez-faire approach are not effective in overcoming resistance to change. While rational argument can be effective, it may not be sufficient on its own.

Question 2

What is happening to strategy evaluation with the passage of time?

Accepted Answer

Strategy evaluation is becoming increasingly difficult with the passage of time due to rapidly changing business environments, technological advancements, and increasing competition. Organizations are required to constantly monitor and adjust their strategies to stay competitive, which makes strategy evaluation a complex and ongoing process.

Question 3

Which of the following is not included in measuring organizational performance?

Accepted Answer

Comparing results to competitors' expectations is not a standard measure of organizational performance; it focuses more on external benchmarking rather than internal performance metrics.

Question 4

If success for one organizational department means failure for another department,then strategies may be

Accepted Answer

The answer of If success for one organizational department means...

Question 5

What occurs when the nature,types and speed of changes overpower an individual's or organization's ability and capacity to adapt?

Accepted Answer

When the nature, types and speed of changes overpower an individual's or organization's ability and capacity to adapt, it leads to a state of future shock. This is a term coined by Alvin Toffler to describe the psychological state of individuals and organizations where they are unable to cope up with the rapid changes happening around them. It can result in a feeling of disorientation, confusion, and anxiety, which can have a detrimental effect on an individual's or organization's performance.

Question 6

Strategy evaluation is based on

Accepted Answer

Strategy evaluation requires both qualitative and quantitative criteria. Qualitative criteria allow for the consideration of subjective factors, while quantitative criteria provide objective data to measure the success of a strategy. Intuition and qualitative criteria alone are not enough for objective evaluation, and empirical data may not always be available or relevant.

Question 7

All of the following are reasons to be completely open with the strategy process except

Accepted Answer

While openness does have many benefits to the strategy process, limiting rival firms from imitating or duplicating the firm's strategies is not one of them. In fact, being completely open may actually give rival firms insight into the firm's strategies and enable them to imitate or duplicate them more easily.

Question 8

Changes in the organization's management,marketing,finance/accounting,R&D and CIS strengths and weaknesses should be the focus of a revised

Accepted Answer

An IFE (Internal Factor Evaluation) matrix specifically analyzes the internal strengths and weaknesses of an organization, including management, marketing, finance/accounting, R&D, and CIS. Therefore, changes in these areas would be the focus of a revised IFE matrix.

Question 9

Product design,manufacturing,transportation,customer use,packaging,product disposal and corporate rewards should reflect considerations to develop constructive relations with employees,consumers,suppliers and distributors.

Accepted Answer

Environmental considerations encompass all stages in the product lifecycle and are important for developing positive relationships with various stakeholders, including employees, consumers, suppliers, and distributors. By prioritizing sustainability in product design, manufacturing, packaging, and disposal, a company can build trust and loyalty among stakeholders who care about environmental issues.

Question 10

By 2050,the water run- off in the Middle East and North Africa region is predicted to drop by percent.

Accepted Answer

According to the UN's World Water Development Report, the water run-off in the Middle East and North African region is predicted to drop by 20 to 30 percent by 2050 due to climate change and increased water demand.

Question 11

What corrective actions should a firm take during strategy evaluation?

Accepted Answer

All of the listed actions are potential corrective actions that a firm can take during strategy evaluation.

Question 12

An organization's ability to adapt successfully to changing circumstances refers to its

Accepted Answer

Corporate agility refers to an organization's ability to adapt quickly and effectively to changing circumstances. This includes the ability to adjust strategies, processes, and structures in response to unexpected events or changes in the market. It is an important characteristic for organizations to have in today's fast-paced business environment.

Question 13

A final broad test of strategy is its

Accepted Answer

The answer of A final broad test of strategy is...

Question 14

Financial ratios are used to compare a firm's performance over different time periods,compare the firm's performance to industry averages,and compare a firm's performance with

Accepted Answer

Financial ratios are commonly used to compare a firm's performance with its competitors. By analyzing how a firm performs relative to its competitors, management can identify areas for improvement and make strategic decisions to increase profitability and market share. Comparing a firm's performance over different time periods can also be useful, but without benchmarking against industry averages or competitors, it may be difficult to determine whether a firm's performance is truly improving. Comparing a firm's performance to international firms, non-financial ratios, or overall business standards may also be useful in certain contexts, but none of these options are as directly relevant to assessing a firm's competitive position as comparing its performance to industry averages or competitors.

Question 15

What factor determines the final design of a firm's strategy- evaluation and control system?

Accepted Answer

The organization's characteristics such as size, structure, culture, and resources heavily influence the design of a firm's strategy-evaluation and control system. These factors affect the firm's ability to implement and enforce the system effectively. Factors such as opportunities, competition, external characteristics, and threats may also influence the final design but to a lesser extent than the organization's characteristics.

Question 16

What is the basis for quantitative financial evaluation?

Accepted Answer

Financial ratios are the basis for quantitative financial evaluation because they provide a way to compare a company's financial performance to that of other companies or to its own past performance.

Question 17

The strategy- evaluation process should foster

Accepted Answer

The strategy-evaluation process is a collaborative effort involving various stakeholders within the organization. As such, it is important that the process fosters mutual understanding and agreement between all parties involved. This ensures that everyone is on the same page and working towards the same goals, which in turn increases the likelihood of success. Profit centers, implementation, contingency plans, and corporate culture are all important aspects of the overall strategic planning process, but they are not specifically related to the strategy-evaluation process.

Question 18

What permits quick response to change,prevents panic in crisis situations,and makes managers more adaptable?

Accepted Answer

Contingency planning involves anticipating potential crises or changes and preparing a plan of action in case they occur. This allows for quick and strategic responses to unexpected situations, reducing the likelihood of panic and chaos. It also promotes adaptability among managers by encouraging them to plan and prepare for various scenarios. Measuring performance, taking corrective actions, implementing a balanced scorecard, and auditing are important management practices, but do not specifically address the need for quick response to change, crisis management, or adaptability.

Question 19

Which of the following is not a reason for the increasing difficulty of evaluating strategies?

Accepted Answer

Product life cycles are not longer today than ever.

Question 20

The purpose of strategy evaluation is to

Accepted Answer

The purpose of strategy evaluation is to identify any problems or potential problems in the implementation of the strategy. This allows management to take corrective action and make adjustments to the strategy as needed. It is not primarily focused on budget changes or employee performance evaluation, although these may be factors that are considered in the evaluation process. R&D programs may also be evaluated as part of the strategy evaluation process, but this is not the primary purpose of the evaluation.

Quiz 11: Strategy Review, eveluation, and Control