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Business Management
McGraw Hill Chapter 5-7
| Question | Answer |
|---|---|
| Which of the following questions would you use to evaluate alternatives in the third stage of the rational model of decision making. | 1. Is it ethical? 2. Is it feasible? 3. It is ultimately effective? |
| The first stage in the rational decision-making process involves _____. | identifying the problem |
| In the fourth stage of rational decision making, managers will _____. | implement and evaluate the chosen solution |
| Which model of decision making acknowledges that uncertainty and risk make it difficult for managers to make optimal decisions? | The nonrational model |
| A graph of decisions and their possible consequences used to create a plan is known as a(n) ______. | decision tree |
| Kendall is frustrated with her co-worker Jill. She feels that Jill doesn't care that their manager seems to be showing favoritism toward the two other members of their team. Jill just focuses on the work she is supposed to do, which demonstrates her | value orientation |
| Evidence-based management attempts to introduce which factor into the decision-making process? | Rationality |
| Which decision-making style is the most people-oriented of the four styles? | Behavioral |
| What is the most valuable competitive resource for a manager who needs alternative solutions to a problem? | Employees with ideas |
| ______ are strategies such as "rules of thumb" that simplify decision making. | Heuristics |
| the overall organizational strategy that addresses the question "What business or businesses are we in or should we be in?" | Corporate-level strategy |
| a corporate-level strategy that minimizes risk by diversifying investment among various businesses or product lines | Portfolio strategy |
| the positioning strategy of providing a product or service that is sufficiently different from competitors' offerings that customers are willing to pay a premium price for it | Differentiation |
| the rivalry between two companies that offer similar products and services, acknowledge each other as rivals, and act and react to each other's strategic actions | Direct competition |
| companies using an adaptive strategy that seeks fast growth by searching for new market opportunities, encouraging risk taking, and being the first to bring innovative new products to market | Prospectors |
| the assets, capabilities, processes, employee time, information, and knowledge that an organization uses to improve its effectiveness and efficiency and create and sustain competitive advantage | Competitive advantage |
| a portfolio strategy developed by the Boston Consulting Group that categorizes a corporation's businesses by growth rate and relative market share and helps managers decide how to invest corporate funds | BCG matrix |
| a strategy that focuses on increasing profits, revenues, market share, or the number of places in which the company does business | Growth strategy |
| the positioning strategy of producing a product or service of acceptable quality at consistently lower production costs than competitors can, so that the firm can offer the product or service at the lowest price in the industry | Cost leadership |
| the rivalry between two companies that offer similar products and services, acknowledge each other as rivals, and act and react to each other's strategic actions | Direct competition |
| the positioning strategy of using cost leadership or differentiation to produce a specialized product or service for a limited, specially targeted group of customers in a particular geographic region or market segment | Focus strategy |
| A set of factors that influences the actions taken by an individual to accomplish a goal | Motivation |
| Effectively directing the major activities of a business to achieve its goals | Operations Management |
| The need to grow emotionally and intellectually, to be creative, and to achieve your full potential | Self-Actualization |
| Being concerned about your relationships with others and working to get along well and fit in with a group | Affiliation Needed |
| Predetermined cost of performing an operation or producing a good or service | Cost Standard |
| Effectively directing the major activities of a business to achieve its goals | Operations Management |
| The provision of goods or services to a customer with an agreement for future payment | Credit: |
| Efforts to increase the effectiveness and efficiency of specific business operations | Process Improvement |
| Difference between current performance and the standard | Variance |
| People with a conceptual decision-making style are likely to do which of the following? | Find creative solutions Rely on intuition Take risks |
| A manager that hires all applicants that have graduated from a certain college because a particularly good employee came from that same college is an example of _____. | Representative bias |
| The tendency of people to view events as being more predictable than they really are is referred to as | hindsight bias |
| During meetings, Stacy likes to challenge new ideas, even those that she agrees with, in order to make sure that her team has considered every angle. What role is Stacy playing? | Devil's advocate |
| What is the name of a technique used to help groups generate multiple ideas for solving problems in which potential ideas or solutions are collected (sometimes anonymously) and written on a board or flip chart? | brainstorming |
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