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BUS MGT Policy&Dec
Test 3
| Question | Answer |
|---|---|
| Business ethics | Deals with the application of general ethical principals and standards to the actions and decisions of businesses and the conduct of their personnel. |
| Notions of right and wrong, fair and unfair, moral and immoral, ethical and unethical | are present in all societies, organizations, and individuals |
| The contention of what's ethical and what's unethical resonate with peoples regardless of local traditions moral agreement about right and wrong actions and behaviors across cultures and gives ethical standards that apply to members of all societies | ethical universalism |
| ethical standards should be governed both by (1) a limited number of universal ethical principles that are widely recognized as putting legitimate ethical boundaries on actions (2) the circumstances of local cultures, values that further prescribe what | integrated social contracts theory |
| If one concurs with the school of ethical universalism, then one believes that | many basic moral standards travel well across cultures and countries and really do not vary significantly according to local cultural beliefs, social mores, religious convictions, and/or the circumstances of the situation. |
| A belief in ethical relativism leads to the conclusion that | whether certain actions or behaviors are ethically right or wrong depends on what a local country or culture decides is ethically right or wrong |
| The strength of integrative social contracts theory is that it | the collective of multiple cultures combine to form a “social contract” that all individuals, groups, and businesses in all situations have a duty to observe; within the boundaries of this contract, local cultures or groups have to go beyond |
| The categories of managerial morality include | Moral manager Amoral manager Immoral manager |
| An amoral manager is one who | Businesses ought to be able to do whatever current laws and regulations allow them to do without being shacked by any ethical considerations |
| The main drivers of unethical managerial behavior include | Overzealous pursuit of wealth and other selfish interests, heavy pressures on company managers to meet or beat performance targets, and a company culture that puts profitability and good business performance ahead of ethical behavior |
| A company's strategy needs to be ethical because | a strategy that is unethical in whole or in part is morally wrong and reflects badly on the character of the company personnel involved. |
| The notion of social responsibility as it applies to businesses concerns | a company's duty to operate in an honorable manner, provide good working conditions for employees, be a good steward of the environment, and actively work to better the quality of life in the local communities where it operates and in society at large. |
| A solid business case can be made that companies should act in a socially responsible manner and adopt environmentally sustainable business practices because | It's conductive to great buyer patronage; it reduces the risk of damaging incidents; it promotes greater operating efficiency; and long tern interest of shareholders |
| Implementing and executing strategy | mangers start with a probing assessment of what the organization must do differently and better to execute the strategy with a high degree of proficiency and meet or beat the targeted levels of financial and strategic performance. |
| Management's handling of the strategy implementation/execution process can be considered successful | if and when the company meets or beats its performance targets and shows good progress in achieving its strategic vision for the company. |
| The three components of building an organization capable of good strategy execution are | staffing the organization, building core competencies and competitive capabilities, and structuring the organization and work effort. |
| Once a company develops appealing competencies and competitive capabilities | must be continually refreshed and recalibrated to remain aligned with changing customer expectations ever-evolving competitive conditions and outcompete rivals |
| The most important consideration in putting together a strong top management team is to | fill it with smart people who are clear thinkers, good at figuring out what needs to be done, and skilled in making it happen and delivering good results. |
| The capability-building process | requires first developing the ability to do something, second translating this ability into a competence or capability by learning to do the activity consistently at acceptable cost; and continuing to polish its know-how in an effort further improve |
| A company's set of competencies and competitive capabilities must be dynamic and always evolving because | securing competitive edge over rivals in situations where it is relatively easy for rivals to copy strategies. M asking it difficult to outstraegize rivals and beat them in the marketplace with a superior strategy. |
| To organize the work effort in ways that promote successful strategy execution, management needs to | Deciding which value chain activities to perform in-house and which to outsource.Providing for providing for the necessary collaboration with suppliers, Making internally performed strategy-critical value chain activities the main building blocks |
| Outsourcing value chain activities has such strategy-executing advantages as | heightened strategic focus, lower costs, less internal bureaucracy, a better arsenal of competencies and capabilities, and speedier decision-making. |
| Organizing the work effort in a manner that promotes proficient performance of execution-critical value chain activities typically entails | making those organizational units performing these key value chain activities the main building blocks in the enterprise’s organizational scheme. |
| A centralized organizational structure is predicated on a belief that | Decisions on most matters should be pushed to managers up the line. Front-line supervisors and rand-and-file employees can't be relied upon to make the right decisions. |
| A decentralized organizational structure is predicated on a belief that | decision-making authority should be pushed down to the lowest organizational level capable of making timely, informed, competent decisions. |
| Good strategy execution requires that top management be deeply involved in directing the proper kinds and amounts of resources to the enterprise's various organization units because | changes in strategy often require resource reallocation and because organizational units need the proper funding to carry out strategic plan effectively and efficiently--too much funding of particular organizational units wastes organizational resources |
| Prescribing new policies and operating procedures can aid good strategy execution by | helping enforce needed consistency in how particular strategy-critical activities are performed in geographically scattered operating units and providing personnel with top-down guidance on how certain things are to be done and what behavior is expected. |
| A "best practice" refers to | a technique for performing an activity or business process that at least one company has proved works particularly well in terms of lowering costs, improving quality or performance, shortening time requirements, enhancing safety |
| A chief purpose of benchmarking is to | Compare particular activities and business processes against "best-in-industry" and "best-in-world" performers. |
| Total quality management (TQM) | Entails creating a total quality culture bent on continuously improving the performance of every task and value chain activity. |
| Six Sigma programs and techniques | utliize advance statistical methods to enable an activity or process to be performed with 99.9997% accuracy- fewer than 3.4 million defects |
| The big difference between business process reengineering and continuous improvement programs like TQM or Six Sigma is that | reengineering is a tool for achieving one-time quantum improvements in performing a business process whereas TQM seeks ongoing incremental improvement. |
| Benchmarking, the adoption of best practices, business process reengineering, TQM, and Six Sigma techniques all need to be seen and used as part of a bigger-picture effort to | Execute strategy proficiently. |
| From a strategy-implementing/strategy-executing perspective, which one of the following is a typical and important benefit of systems that provide real-time information and performance tracking? | Customer data, operations data, employee data, supplier/partner/collaborative and financial performance data |
| Management's single most powerful tool for mobilizing employee commitment to competent strategy execution and operating excellence is | a properly designed reward structure. |
| From the standpoint of promoting successful strategy execution, it is important that the firm's motivation and reward system | accentuate positive rewards but also carry the risk of punishment for poor performance. |
| A strategy-supportive system of rewards and incentives | A company must emphasize rewarding people for accomplishing results not just dutifully performing assigned tasks. |
Created by:
irfanmawani