Strategy Exam - MGT 8803 UPDATED ACTUAL Questions
and CORRECT Answers
Planning Includes defining goals, establishing strategy, and developing
plans to coordinate activities
Types of Plans strategic, tactical/operational, functional
Organizing (and Staffing) Includes determining what tasks to be done, who is to do
them, how the task are to be grouped, who reports to whom,
and where decisions are to be made. Also includes recruiting,
selecting, training, and performance evaluation
, Controlling the process of monitoring performance, comparing it with
goals, and correcting any significant deviations
Leading Includes the motivating employees directing the activities of
others, selecting the most effective communication channel,
and resolving conflicts
Types of Strategic Plans Corporate Strategy, Business Unit Strategy, Functional
Strategy
Hierarchical (Tall) Organizational Structure *Numerous layers of middle management, inefficient
bureaucracies.
*Senior managers make most operational decisions, and
authority must be gained from several layers up before taking
action.
*Information flows top-down, works well in stable
environment with little variability
Flat (Networked) Organizational Structure *front-line employees empowered to make decisions
*Information flows top-down AND bottom-up
*few levels of middle mgt
*decentralized decision making
*dynamic environment
Strategic Plan *Broadly impacts Firm
*Determines New Markets to enter or leave existing. Concerns
the Overall scope of firm
*Identifies initiative to create and sustain competitive
advantage
*Driven by management vision, mission, and values
*Covers extended planning horizons
Tactical/Operational *Narrow, specific impact the firm
*Allocation of specific resources to specific tasks/operations
*Short planning horizons
*Examples: Financial Budgets, Production Schedules, Staffing
Schedules, Project Work Plans, and many more
Traditional Goal Setting set by top management flow down the organization and
become to the sub goals for each organizational area
Goal Setting *Specific (written in terms of outcomes rather than actions or
processes
*Measurable and quantifiable
*Challenging but attainable
*Relevant to the situation
*Clear as to time frames
Strategic Goals Markets, Product Development, Financial Resources,
Operational Productivity, Manurfacturing, Research and
Innovation, Human Resources, Social Responsibility,
Sustainability
and CORRECT Answers
Planning Includes defining goals, establishing strategy, and developing
plans to coordinate activities
Types of Plans strategic, tactical/operational, functional
Organizing (and Staffing) Includes determining what tasks to be done, who is to do
them, how the task are to be grouped, who reports to whom,
and where decisions are to be made. Also includes recruiting,
selecting, training, and performance evaluation
, Controlling the process of monitoring performance, comparing it with
goals, and correcting any significant deviations
Leading Includes the motivating employees directing the activities of
others, selecting the most effective communication channel,
and resolving conflicts
Types of Strategic Plans Corporate Strategy, Business Unit Strategy, Functional
Strategy
Hierarchical (Tall) Organizational Structure *Numerous layers of middle management, inefficient
bureaucracies.
*Senior managers make most operational decisions, and
authority must be gained from several layers up before taking
action.
*Information flows top-down, works well in stable
environment with little variability
Flat (Networked) Organizational Structure *front-line employees empowered to make decisions
*Information flows top-down AND bottom-up
*few levels of middle mgt
*decentralized decision making
*dynamic environment
Strategic Plan *Broadly impacts Firm
*Determines New Markets to enter or leave existing. Concerns
the Overall scope of firm
*Identifies initiative to create and sustain competitive
advantage
*Driven by management vision, mission, and values
*Covers extended planning horizons
Tactical/Operational *Narrow, specific impact the firm
*Allocation of specific resources to specific tasks/operations
*Short planning horizons
*Examples: Financial Budgets, Production Schedules, Staffing
Schedules, Project Work Plans, and many more
Traditional Goal Setting set by top management flow down the organization and
become to the sub goals for each organizational area
Goal Setting *Specific (written in terms of outcomes rather than actions or
processes
*Measurable and quantifiable
*Challenging but attainable
*Relevant to the situation
*Clear as to time frames
Strategic Goals Markets, Product Development, Financial Resources,
Operational Productivity, Manurfacturing, Research and
Innovation, Human Resources, Social Responsibility,
Sustainability
