Latest Man 4720 Verified Solution 100% Correct Answers

Competitive advantages are normally the result of superiority in one of three areas. Which of the following is one of them? - ANSWER Resources Adequate and timely ________ is/are the cornerstone of effective strategy evaluation. - ANSWER feedback Competitive advantage is normally the result of superiority in resources, skills, or - ANSWER position The first activity in the strategy-evaluation process is to - ANSWER examine the underlying bases of a firm's strategy ________ advantage tends to be self-sustaining so long as key external and internal factors that underlie it (them) remain(s) stable. - ANSWER Positional The idea that the positioning of one's ________ can enhance their combined effectiveness is familiar to military theorists, chess players, and diplomats. - ANSWER resources What is the cornerstone of effective strategy evaluation? - ANSWER Adequate and timely feedback With the passage of time, strategy evaluation is becoming - ANSWER increasingly difficult. All of the following are reasons strategy evaluation is more difficult today EXCEPT - ANSWER the increasing time span for which planning can be done with any degree of certainty Which of the following is NOT a reason for the increasing difficulty of evaluating strategies? - ANSWER Product life cycles are longer Success today - ANSWER is no guarantee of success tomorrow. Modern organizational realities demand many skills of employees. Which of the following is NOT a required skill? - ANSWER Patience Strategy-evaluation activities should ideally be performed - ANSWER on a continuous basis. Comparing expected results with the actual results is the first activity in the strategy- evaluation process. - ANSWER FALSE Adequate and timely feedback is the cornerstone of effective strategy evaluation. - ANSWER TRUE Strategy evaluation is essential for developing objectives. - ANSWER FALSE Too much pressure to achieve specific goals can lead to dysfunctional behavior. - ANSWER TRUE Competitive advantages are normally the result of superiority in one of three areas: feasibility, consistency, or consonance. - ANSWER FALSE Goal setting is critical to effective strategy evaluation. - ANSWER FALSE Too much emphasis on evaluating strategies may be expensive and counterproductive. - ANSWER TRUE Strategy evaluation is becoming increasingly easier with the passage of time, given technological advances. - ANSWER FALSE The decreasing time span for which planning can be done with any degree of certainty is a reason strategy evaluation is more difficult today. - ANSWER TRUE Some strategies take years to implement. - ANSWER TRUE Evaluating strategies on a continuous rather than on a periodic basis allows benchmarks of progress to be established and more effectively monitored. - ANSWER TRUE It is most effective to conduct strategy evaluation annually, at the end of the fiscal year. - ANSWER FALSE Which of the following is the first activity in strategy evaluation? - ANSWER Examining the underlying bases of current strategies Corrective actions are almost always ________ except when external and internal factors have not significantly changed and the firm is progressing satisfactorily toward achieving stated objectives. - ANSWER needed If you discover during the course of strategy evaluation that major changes have occurred in the firm's internal strategic position, you should - ANSWER take corrective actions. A revised ________ should focus on changes in the organization's management, marketing, finance and accounting, production and operations, research and development (R&D), and management information systems (MIS) strengths and weaknesses. - ANSWER IFE Matrix A revised ________ should indicate how effective a firm's strategies have been in response to key opportunities and threats. - ANSWER EFE Matrix Which of the following is NOT included in measuring organizational performance? - ANSWER Comparing results to competitors' expectations Which of the following is NOT a corrective action a company might take to correct unfavorable variances? - ANSWER Taking punitive action ________ are quantitative criteria commonly used to evaluate strategies. - ANSWER Financial ratios Which of these is a potential problem associated with using only quantitative criteria for selecting strategies? - ANSWER Different accounting methods can provide different results on many quantitative criteria. Financial ratios are used to compare a firm's performance over different time periods, to compare the firm's performance to industry averages, and to compare a firm's performance with - ANSWER the performance of competitors. Most quantitative criteria are geared to ________ objectives rather than to ________ objectives. - ANSWER annual; long-term A firm takes corrective actions during strategy evaluation. Which of the following is NOT a type of corrective action? - ANSWER Take on more debt