A group of individuals above the CEO who have oversight and guidance over management and who care for shareholders’ interests; sometimes called governance.

Generally accepted accounting principles (GAAP)

A set of procedures or rules used by accountants, particularly in the United States, to develop financial statements.

Measuring organizational performance

Activity 2 in the strategy evaluation process; includes comparing expected results to actual results, investigating deviations from plans, evaluating individual performance, and examining progress being made toward meeting stated objectives.

High anxiety that results when the nature, types, and speed of changes overpower an individual’s or organization’s ability and capacity to adapt.

Part of activity 1 in the strategy evaluation process whereby a firm reassesses its previously determined external opportunities and threats.

Part of activity 1 in the strategy evaluation process whereby a firm reassesses its previously determined internal strengths and weaknesses.

A framework of desired objectives; derives its name from the need of firms to “balance” quantitative with qualitative objectives that are often used in strategy evaluation.

The act of oversight and direction, especially in association with the duties of a board of directors.

Reviewing the underlying bases of an organization’s strategy

Activity 1 in the strategy evaluation process; entails a firm developing a revised EFE Matrix and IFE Matrix to determine if corrective actions are needed.

Taking corrective actions

Activity 3 in the strategy evaluation process; involves a firm making changes to competitively reposition a firm for the future.

International financial reporting standards (IFRS)

A set of procedures or rules used by accountants, particularly outside the United States, to develop financial statements.

Generally accepted auditing standards (GAAS)

A set of accounting standards used by independent auditors to evaluate an organization’s financial statements.

The accounting process that firms undertake to have their financial statements reviewed for accuracy to assure compliance with the law and IRS code.

Alternative plans that can be put into effect if certain key events do not occur as expected.

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bus 450 ch.9

Question	Answer
Board of directors	A group of individuals above the CEO who have oversight and guidance over management and who care for shareholders’ interests; sometimes called governance.
Generally accepted accounting principles (GAAP)	A set of procedures or rules used by accountants, particularly in the United States, to develop financial statements.
Measuring organizational performance	Activity 2 in the strategy evaluation process; includes comparing expected results to actual results, investigating deviations from plans, evaluating individual performance, and examining progress being made toward meeting stated objectives.
Future shock	High anxiety that results when the nature, types, and speed of changes overpower an individual’s or organization’s ability and capacity to adapt.
Revised EFE Matrix	Part of activity 1 in the strategy evaluation process whereby a firm reassesses its previously determined external opportunities and threats.
Revised IFE Matrix	Part of activity 1 in the strategy evaluation process whereby a firm reassesses its previously determined internal strengths and weaknesses.
Balanced scorecard	A framework of desired objectives; derives its name from the need of firms to “balance” quantitative with qualitative objectives that are often used in strategy evaluation.
Governance	The act of oversight and direction, especially in association with the duties of a board of directors.
Reviewing the underlying bases of an organization’s strategy	Activity 1 in the strategy evaluation process; entails a firm developing a revised EFE Matrix and IFE Matrix to determine if corrective actions are needed.
Taking corrective actions	Activity 3 in the strategy evaluation process; involves a firm making changes to competitively reposition a firm for the future.
International financial reporting standards (IFRS)	A set of procedures or rules used by accountants, particularly outside the United States, to develop financial statements.
Generally accepted auditing standards (GAAS)	A set of accounting standards used by independent auditors to evaluate an organization’s financial statements.
Auditing	The accounting process that firms undertake to have their financial statements reviewed for accuracy to assure compliance with the law and IRS code.
Contingency plans	Alternative plans that can be put into effect if certain key events do not occur as expected.

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