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Get faster at matching terms Terms in this set (85)The process of making decisions about goals and activities that an organization will pursue in the future is referred to as planning What is Step 1 of the basic planning process? Analyzing the situation The second step of the planning process should generate ______ goals and plans for the future. alternative Which action takes place during Step 3 of the planning process? Goals and plans are evaluated. The goal and plan selection step of the formal planning process comes after which action? Goal and plan evaluation What term describes the conscious, systematic process of making decisions about goals and activities that an individual, group, or organization will pursue in the future? Planning As noted in Step 5 of the planning process, proper ______ is the key to achieving goals. implementation In the ______ stage, planners assemble and study all information relevant to the planning issue in question. situational analysis The first step in the planning process, situational analysis, summarizes information relevant to the planning issue. In the second step, the planners should use the findings from the first step to produce ______. alternative goals The sixth step of the formal planning process is to monitor and ________. control Which step of the formal planning process involves evaluating goals and plans? third
Place the levels of management in order from highest to lowest. strategic What is the fourth step of the formal planning process? Goal and plan selection Which managers are typically responsible for the development and execution of strategic plans?
Top-level managers Implementation of the plan comes after which step in the planning process? Goal and plan selection Which type of plan focuses on the specific actions a particular unit must take to fulfill its part of the strategic plan? Tactical What name is given to the process of amassing, reviewing, and summarizing all information concerning a particular planning issue? Situational analysis To be effective, an organization's strategic, tactical, and operational plans must be ______. aligned The monitor and control step of the planning process comes after which step? Plan implementation Strategic management involves managers from ______ of the organization in the formulation and implementation of strategic goals and strategies. all levels Which management levels are involved in planning? Every level the ___________ describes the organization as it currently operates, whereas the strategic vision points to the future. mission or mission statement A strategic plan involves making decisions about the organization's ________ goals. long-term What drives the analysis of the external environment (opportunities and threats)? Mission and vision The type of plan that translates broad strategic goals into specific goals that are relevant to a particular organizational function is known as a(n) ______ plan. tactical Which are components of the internal resource analysis? (Choose every correct answer.) HR assessment Which statement is true about aligning tactical, operational, and strategic plans? The plans must be consistent and mutually supportive. What are inputs to a system that can enhance performance? Resources What process involves managers from all parts of the organization in the formulation and implementation of strategic goals? Strategic management True or false: The two types of resources are tangible and quantifiable. False. The strategic ______ points to the future by providing a perspective on where the organization is headed and what it can become. vision What is the second step in the strategic management process? Analysis of the external environment The process of assessing a company's internal strengths and weaknesses, as well as determining external threats and opportunities is known as a ___________ analysis. SWOT Which analysis is made up of components such as a financial analyses and marketing audits? Internal resource A successfully completed internal analysis of the firm will allow a company to identify its strengths and ___________. weaknesses _____ are inputs to production that can be accumulated over time to enhance the performance of a firm. Resources When conducting a SWOT analysis, _____________ and ___________ arise in the macroenvironment and competitive environments. threats; opportunities The two types of resources are ______ resources that are things you can touch, such as buildings or machinery, and ______ resources that are things you cannot touch, such as reputation or knowledge. tangible; intangible What type of strategy identifies the set of businesses in which the organization competes and the distribution of resources among those businesses? Corporate What is the goal when companies concentrate on a single industry? To gain entry into an industry SWOT is an acronym that stands for ______, weaknesses, opportunities, and threats. strengths What type of strategy involves expanding the domain of the organization to include supply channels and distributors? Vertical integration Strengths and weaknesses refer to ______ resources. internal What type of strategy involves moving into new businesses that are similar to the company's original core business? Related diversification In which general business environment do opportunities and threats arise?
External A company that is a leader in the pet food category decides to expand its operations into electric vehicles and cosmetics. What kind of strategy is the company adopting? Unrelated diversification A ______ identifies the set of businesses, markets, or industries in which the organization competes and the distribution of resources among those businesses. corporate strategy What are two generic business strategies? (Choose every correct answer.) low-cost What kind of strategy is a company using when it focuses all energies in a single industry? Concentration After a strategy is formulated, strategic managers must help make sure it is ______. implemented efficiently A vertical integration strategy involves expanding the domain of the organization into _____ or to _____. supply channels; distributors The state that exists when decision makers have accurate and comprehensive information is known as _________ certainty A strategy of related diversification involves moving into new businesses that are related to the company's ________ business. core What kind of diversification is a company using when it expands into different types of businesses in order to minimize risk? Unrelated What is the first step in the ideal decision-making process? Identifying and diagnosing the problem What type of strategy defines the major actions by which a company builds or strengthens its competitive position in the marketplace? Business Which stage of the formal decision making process involves generating alternative solutions? second What is the fifth step of the strategic management process? Strategy implementation In the decision-making process, which one of the following actions comes directly AFTER the act of generating alternative solutions? Determining the respective suitability of each alternative What name is given to the state that exists when decision makers have accurate and comprehensive information? Certainty Which stage in the formal decision making process involves making the choice among the alternatives? Fourth The formal decision-making process has six steps. Which step involves implementing the decision? fifth What factors should managers compare current performance to in order to find sources of discrepancies in performance? (Choose every correct answer.) -past performance What is involved in the second stage of decision making? Developing alternative solutions What actions should be taken during the sixth and final stage of the decision-making process? (Choose every correct answer.) -Use feedback to either continue the decision or go back to the first stage. -Compare collected information with specified goals. -Collect information on how well the decision is working. Which stage in the formal decision-making process involves determining the value or adequacy of the alternatives that were generated? third Which factor is NOT a barrier to effective decision making? Full execution of the six stages of decision making What is the fourth step in decision making, which occurs after all the possible consequences of the options have been evaluated? Making the choice Personal biases that interfere with objective rationality in decision making are called _______ biases. psychological Once a choice is made in the decision-making process, managers must put their choice into action. What term is used to describe this process? Implementing Which tactics are generally NOT employed by fast-acting firms to meet time pressures without sacrificing quality? (Choose every correct answer.) -Focus on futuristic forecasts Which factors should managers take into account when considering the social realities of a decision? Social interactions, bargaining, and politicking. What name is given to the stage of decision making where information is collected and compared to goals and plans to determine success or failure? Evaluating the decision What are potential advantages of using a group to make a decision? (Choose every correct answer.) -More information is available. -Participants in the group discussions are more likely to understand why the decision was made. -A greater number of perspectives on the issues or different approaches to solving the problem are available. -Group discussion provides intellectual stimulation. Which factors may be barriers to effective decision making? (Choose every correct answer.) Psychological biases When using groups to make decisions, what is one of the potential disadvantages? Goal displacement What are some psychological biases that act as barriers to effective decision making? -Framing effects What are three requirements for effectively managing group decisions? -An appropriate leadership style Which are tactics employed by fast-acting firms to meet time pressures without sacrificing quality? (Choose every correct answer.) -Rely on heavily trusted experts How do social realities affect decision making? (Choose every correct answer.) -A manager must consider the preferences and reactions of many people. What is the name of the human-centered approach to innovation that integrates customer needs, the potential of technology, and the requirements for business success? Design thinking Which statement is true about using a group to make a decision? Groups generally make higher-quality decisions than individuals. What are common potential problems associated with group decision making? (Choose every correct answer.) Satisficing Which actions are NOT requirements for effectively managing group decisions? (Choose every correct answer.) encouraging goal displacement Facilitating satisficing Which statement about the design thinking process is true? It starts by developing an understanding of current and potential customers. Sets found in the same foldermanagement ch 688 terms alexis_ariens13 management ch 790 terms alexis_ariens13 management ch 891 terms alexis_ariens13 exam 2 review78 terms alexis_ariens13 Other sets by this creatorAccounting Final73 terms alexis_ariens13 accounting exam 319 terms alexis_ariens13 intro exam24 terms alexis_ariens13 Textiles Exam 3 - Textiles - Hustvedt52 terms alexis_ariens13 What are the six steps of the decision making process quizlet?Terms in this set (6). 1st Step. Defining the Problem.. 2nd Step. Develop Alternatives.. 3rd Step. Evaluate the Alternatives.. 4th Step. Make the decision.. 5th Step. Implement the solution.. 6th Step. Monitor your solution.. Why is step 6 of the planning process so important quizlet?Why is Step 6 of the planning process so important? It is needed to determine if the selected plan is working. The second step of the planning process should generate ______ goals and plans for the future.
What are the 6 D's of decision making?The DECIDE model is the acronym of 6 particular activities needed in the decision-making process: (1) D = define the problem, (2) E = establish the criteria, (3) C = consider all the alternatives, (4) I = identify the best alternative, (5) D = develop and implement a plan of action, and (6) E = evaluate and monitor the ...
What are the fifth and sixth steps in the decision making process quizlet?Make and implement a plan of action. The fifth step in the problem solving process. Evaluate the solution, process, and outcome. The sixth step in the problem solving process.
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What actions should be taken during the sixth and final stage of the decision making process choose every correct answer quizlet?
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