Strategic Management: Help & 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!

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

Question 2 2. Mark met with four physicians about having surgery on his foot. He has enough money saved to undergo surgery and is able to take off six weeks of paid leave from work. He has an additional two weeks of vacation time, and his mom will stay with him for the first two weeks to help out. Knowing this information, that he is being rational, and that he wants to be free of pain, which alternative should Mark choose?

Question 3 3. Which of the following is not one of the steps in strategic planning?

Question 4 4. 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 5 5. Determining the feasibility, while assessing the costs and benefits comes into play during which phase of the decision-making process?

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Question 6 6. In the strategic management process, which step comes after environmental scanning?

Question 7 7. A cost strategy functions by:

Question 8 8. What is a SWOT analysis?

Question 9 9. This type of plan is designed with the entire organization in mind and begins with an organization's mission.

Question 10 10. 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?

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Question 11 11. How do the 5-Step Model and the Deming Cycle differ?

Question 12 12. A procedure that details how to take an inventory is an example of a(n) _____ plan, while a promotional advertisement is an example of a(n) _____ plan.

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

Question 14 14. An individual who utilizes a cognitive process to select a choice among several available options is engaging in a _____ process.

Question 15 15. What are key deliverables?

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Question 16 16. Which of the following is the best explanation of a business strategy?

Question 17 17. How does the focus strategy differ from the other strategies identified in the lesson?

Question 18 18. There are areas that you research when doing an environmental scan

Question 19 19. Why is a differentiation strategy difficult to utilize?

Question 20 20. What are the main components of the strategic management process?

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Question 21 21. What's the final step of the 5-Step Model?

Question 22 22. Optimistic Time is defined as _____.

Question 23 23. When assessing an organization's external environment a manager is concerned with

Question 24 24. Which one of the following is the best description of strategic planning?

Question 25 25. Define how to develop a strategy.

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Question 26 26. Once the important questions are answered during the SWOT analysis, managers can begin to place the strengths, weaknesses, opportunities, and threats in the appropriate quadrant of the _____.

Question 27 27. What's the last step of the Deming Cycle?

Question 28 28. Why do managers use decision-making tools?

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. What type of strategy involves serving the unique or specialized needs of a segment of a market?

Strategic Management: Help & 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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