Question 1

Considerable time and effort should be devoted to assuring objectives are well conceived because they represent the basis for
A) monitoring progress toward long-term objectives.
B) establishing divisional priorities.
C) allocating resources.
D) evaluating managers.
E) all of the above

Accepted Answer

Well-conceived objectives form the foundation for many important management functions such as monitoring progress toward long-term objectives, establishing divisional priorities, allocating resources, and evaluating managers. Therefore, all of the above options are correct.

Question 2

Effective strategy formulation can usually guarantee successful strategy implementation.

Accepted Answer

While effective strategy formulation is important, it does not guarantee successful strategy implementation. There are various external factors, such as market conditions and competitor actions, that can influence the success of a strategy. Additionally, proper execution and monitoring of the strategy is crucial for successful implementation.

Question 3

List three of the primary reasons annual objectives are essential for strategy implementation.

Accepted Answer

Students should list three of the following: 1) represent the basis for allocating resources; 2) are a primary mechanism for evaluating managers; 3) are the major instrument for monitoring progress toward achieving long-term objectives; 4) establish organizational, divisional, and departmental priorities; and 5) they are essential for keeping a strategic plan on track.

Question 4

Undesirable conduct such as distorting the records can be a result of overemphasis on achieving objectives.

Accepted Answer

Overemphasis on achieving objectives can create pressure to meet goals at all costs, which may result in unethical behavior, such as distorting records.

Question 5

A firm's annual objectives can be stated by business segment.

Accepted Answer

A firm may have different objectives for each of its business segments, such as revenue, market share, or profitability targets.

Question 6

It is always easier to say you are going to do something (strategy formulation) than to actually do it (strategy implementation).

Accepted Answer

Implementation requires a lot of effort, resources, and collaboration among various stakeholders, whereas formulation is just an initial step in the process. It's always easier to come up with ideas than to execute them successfully.

Question 7

Unlike strategy formulation, strategy implementation varies considerably among different types and sizes of organizations.

Accepted Answer

Strategy implementation needs to consider the unique characteristics and resources of the organization, which can vary greatly based on the industry, size, culture, and other factors. Therefore, there is no one-size-fits-all approach to implementing a strategy.

Question 8

Which word or phrase would be most suitable to use in written objective statements?
A) Maximize
B) Minimize
C) 10 percent increase
D) Adequate
E) As soon as possible

Accepted Answer

Objective statements should be specific and measurable, so using a percentage increase like "10 percent increase" is a more suitable choice than ambiguous words like "adequate" or phrases like "as soon as possible." "Maximize" and "minimize" can also be too vague and subjective.

Question 9

Horizontal consistency is less important than vertical consistency in developing annual objectives, but it still contributes to improved objectives.

Accepted Answer

Horizontal consistency ensures that objectives are aligned across different departments or units within an organization, facilitating coordinated efforts and resource allocation, which is equally important as vertical consistency (alignment with higher-level goals) for achieving overall strategic objectives.

Question 10

What are five differences between strategy formulation and strategy implementation?

Accepted Answer

The answer of What are five differences between strategy formulation...

Question 11

What term is used to describe specific guidelines, methods, procedures, rules, forms and administrative practices established to support and encourage work toward stated goals?
A) Long-term objectives
B) Policies
C) Annual objectives
D) Strategies
E) Values

Accepted Answer

Policies refer to specific guidelines, methods, procedures, rules, forms and administrative practices established to support and encourage work toward stated goals. Long-term objectives, annual objectives, and strategies are different aspects of organizational planning, while values are beliefs or principles that guide behavior and decision-making.

Question 12

Which of the following is a management issue central to strategy implementation?
A) Devising policies
B) Revising reward and incentive plans
C) Minimizing resistance to change
D) Developing an effective human resources function
E) All of the above

Accepted Answer

All of the options listed are management issues central to strategy implementation. Devising policies helps establish the guidelines and procedures for implementing the strategy. Revising reward and incentive plans ensures that employees are motivated and aligned with the new strategy. Minimizing resistance to change helps address employee concerns and potential barriers to implementing the strategy successfully. Developing an effective human resources function helps ensure that the organization has the right people in the right roles to execute the strategy.

Question 13

Implementing strategy affects all the functional areas of a business and may influence some divisional areas of a business.

Accepted Answer

The answer of Implementing strategy affects all the functional areas...

Question 14

"All of our locations will be open at least two evenings per week until 8:30 p.m." is an example of a(n)
A) administration.
B) goal.
C) objective.
D) policy.
E) procedure.

Accepted Answer

The statement is a policy as it outlines a specific practice or rule to be followed regarding the operating hours of all locations.

Question 15

Which is NOT a characteristic of policies?
A) let both employees and managers know what is expected of them
B) provide a basis for management control
C) allow coordination across organizational units
D) reduce the amount of time managers spend making decisions
E) represent the basis for allocating resources

Accepted Answer

Policies do not typically represent the basis for allocating resources; they are more about guiding behavior and decision-making within an organization.

Question 16

Which of the following is NOT a management issue central to strategy implementation?
A) Devising policies
B) Revising reward and incentive plans
C) Performing an internal audit
D) Minimizing resistance to change
E) Developing an effective human resources function

Accepted Answer

Performing an internal audit is not a management issue central to strategy implementation, as it is a tool used in the strategy formulation stage to assess the organization's strengths, weaknesses, opportunities, and threats. The other options listed (devising policies, revising reward and incentive plans, minimizing resistance to change, and developing an effective human resources function) are all critical management issues that must be addressed to successfully implement a strategy.

Question 17

Annual objectives are key components in the strategic-management process because they dictate how resources will be allocated.

Accepted Answer

Annual objectives provide a clear direction for the organization and guide the allocation of resources towards achieving those objectives. Without clear annual objectives, it would be difficult to prioritize and allocate resources effectively.

Question 18

Policies
A) let both employees and managers know what is expected of them.
B) provide a basis for management control.
C) allow coordination across organizational units.
D) reduce the amount of time managers spend making decisions.
E) all of the above

Accepted Answer

Policies serve multiple functions in an organization, including providing clarity on expectations for both employees and managers, allowing for management control and coordination across different units, and reducing the amount of time managers need to spend making decisions by providing guidelines to follow. Therefore, all of the above options are valid benefits of policies.

Question 19

Policies refer to specific guidelines, methods, procedures, rules, forms, and administrative practices established to support and encourage work toward stated goals.

Accepted Answer

This statement accurately defines policies.

Question 20

Which of the following is NOT true about objectives?
A) They should be communicated throughout the organization.
B) They should have an appropriate time dimension.
C) They should use terms like "maximize," "minimize," and "as soon as possible."
D) They should be measurable.
E) They should be consistent.

Accepted Answer

Objectives should use specific, measurable language rather than vague terms like "maximize," "minimize," and "as soon as possible."

Quiz 7: Implementing Strategies: Management, Operations, and Human Resource Issues

Considerable time and effort should be devoted to assuring objectives are well conceived because they represent the basis for

Effective strategy formulation can usually guarantee successful strategy implementation.

List three of the primary reasons annual objectives are essential for strategy implementation.

Undesirable conduct such as distorting the records can be a result of overemphasis on achieving objectives.

A firm's annual objectives can be stated by business segment.

It is always easier to say you are going to do something (strategy formulation) than to actually do it (strategy implementation).

Unlike strategy formulation, strategy implementation varies considerably among different types and sizes of organizations.

Which word or phrase would be most suitable to use in written objective statements?

Horizontal consistency is less important than vertical consistency in developing annual objectives, but it still contributes to improved objectives.

What are five differences between strategy formulation and strategy implementation?

What term is used to describe specific guidelines, methods, procedures, rules, forms and administrative practices established to support and encourage work toward stated goals?

Which of the following is a management issue central to strategy implementation?

Implementing strategy affects all the functional areas of a business and may influence some divisional areas of a business.

"All of our locations will be open at least two evenings per week until 8:30 p.m." is an example of a(n)

Which is NOT a characteristic of policies?

Which of the following is NOT a management issue central to strategy implementation?

Annual objectives are key components in the strategic-management process because they dictate how resources will be allocated.

Policies

Policies refer to specific guidelines, methods, procedures, rules, forms, and administrative practices established to support and encourage work toward stated goals.

Which of the following is NOT true about objectives?