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Strategic Management and Managerial Decision Making: Help and Review Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. One of the biggest mistakes a manager can make is to _____.

Question 2 2. Optimistic Time is defined as _____.

Question 3 3. Which of the following is NOT one of the key functions of management?

Question 4 4. Why do managers use decision-making tools?

Question 5 5. What are the main components of the strategic management process?

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Question 6 6. What three different perspectives are considered when making a decision?

Question 7 7. Give the best defintion of 'ethics.'

Question 8 8. What is the third step in the decision making process?

Question 9 9. Which of the following best defines payback analysis?

Question 10 10. The first step in the decision making process is to

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Question 11 11. Give the best definition of 'diversity.'

Question 12 12. You run one of the departments in a large company that works in government bonds, futures, and other financial papers. One of your coworkers is being tasked with deciding whether or not to invest in an African country that has had a civil war recently, and has been mostly closed off to the media. What would you advise that he do first as he prepares to make his decision?

Question 13 13. Which of the following are we trying to determine when we talk about weight risk?

Question 14 14. Pessimistic Time is defined as _____.

Question 15 15. In the strategic management process, which step comes after environmental scanning?

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Question 16 16. What does PERT stand for?

Question 17 17. If we have an investment of $25,000, and will save $5,000 a year due to that investment, what is the payback time frame in years?

Question 18 18. Why is it important to develop a control and evaluation system?

Question 19 19. What are limiting factors?

Question 20 20. Weighing risk refers to:

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Question 21 21. Joe's supervisor has asked how long it will take for him to finish a project. Joe anticipates a 'best case' scenario of 4 hours, a 'worst case' scenario of 8 hours, and a 'probable' scenario of 5 hours. Using the formula to calculate 'Expected Time', Joe should tell his supervisor the project will take _____.

Question 22 22. What is the purpose of analyzing alternatives?

Question 23 23. What must be done before a PERT analysis can take place?

Question 24 24. Define how to develop a strategy.

Question 25 25. Give the best definition of 'globalization.'

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Question 26 26. Why are simulations useful?

Question 27 27. What are key deliverables?

Question 28 28. There are areas that you research when doing an environmental scan

Question 29 29. You work in an IT company that, so far, has only produced relatively cheap computers. Your company is trying to decide whether or not to introduce a new line of products. Why would a decision tree be useful?

Question 30 30. A development team at a large global technology company sells antivirus systems and offers a 10-year warranty for its bestselling water-resistant laptops and mobile phones. The team has just developed a new interactive website to market its products online. Which of the following would most likely be considered an innovation?

Strategic Management and Managerial Decision Making: Help and Review Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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