PN VATI MANAGEMENT EXAM 3 2026
PRACTICE TEST SHEET FULL SOLUTIONS
CORRECT ANSWERS PREPARATION SET
◉ plan.
Answer: a document that outlines how goals are going to be met
◉ business plan.
Answer: a document that outlines a firm's goals, the strategy for
achieving them, and the standards for measuring sucess
◉ strategy.
Answer: sets the long term goals and direction for an organization
◉ strategic management.
Answer: is a process that involves managers from all parts of the
organization in the formulation and the implementation of
strategies and strategic goals
◉ importance of planning and strategic management.
Answer: 1. provide direction and momentum
2. encourage new ideas
,3. develop a sustainable competitive advantage
◉ mission.
Answer: its purpose or reason for being
◉ mission statement.
Answer: expresses the purpose of the organization
◉ vision.
Answer: is a long term goal describing what an organization wants
to become. it casts a clear and motivational picture of the ultimate
goal the organization wants to pursue
◉ vision statement.
Answer: expresses what the organization should become, where it
wants to go strategically
◉ values.
Answer: relatively permanent and deeply held underlying beliefs
and attitudes that help determine a person's behavior
◉ Value Statement/Core Values Statement.
,Answer: expresses what the company stands for, its core priorities,
the values its employees embody, and what its products contribute
to the world
◉ strategic planning.
Answer: the process that determines what the organizations long
term goals should be for the next 1-5 years with the resources they
expect to have available
◉ tactical planning.
Answer: they determine what contributions their departments or
similar work units can make with their given resources during the
next 6-24 months
◉ Operational Planning.
Answer: they determine how to accomplish specific tasks with
available resources within the next 1-52 weeks
◉ goal/objective.
Answer: a specific commitment to achieve a measurable result
within a stated period of time
◉ long-term goals (strategic goals).
, Answer: tend to span 1 to 5 years and focus on achieving the
strategies identified in a company's strategic plan
◉ Short-term goals (tactical or operational goals).
Answer: generally span 12 months and are connected to strategic
goals in a hierarchy known as a means-end chain
◉ means-end chain.
Answer: shows how goals are connected or linked across an
organization
◉ Operating Plan.
Answer: A plan that breaks long-term output into short-term targets
or goals
◉ Action Plan.
Answer: defines the course of action needed to achieve the stated
goal
◉ Contingency Plans.
Answer: are responses to possible future events that could threaten
a company's operations
PRACTICE TEST SHEET FULL SOLUTIONS
CORRECT ANSWERS PREPARATION SET
◉ plan.
Answer: a document that outlines how goals are going to be met
◉ business plan.
Answer: a document that outlines a firm's goals, the strategy for
achieving them, and the standards for measuring sucess
◉ strategy.
Answer: sets the long term goals and direction for an organization
◉ strategic management.
Answer: is a process that involves managers from all parts of the
organization in the formulation and the implementation of
strategies and strategic goals
◉ importance of planning and strategic management.
Answer: 1. provide direction and momentum
2. encourage new ideas
,3. develop a sustainable competitive advantage
◉ mission.
Answer: its purpose or reason for being
◉ mission statement.
Answer: expresses the purpose of the organization
◉ vision.
Answer: is a long term goal describing what an organization wants
to become. it casts a clear and motivational picture of the ultimate
goal the organization wants to pursue
◉ vision statement.
Answer: expresses what the organization should become, where it
wants to go strategically
◉ values.
Answer: relatively permanent and deeply held underlying beliefs
and attitudes that help determine a person's behavior
◉ Value Statement/Core Values Statement.
,Answer: expresses what the company stands for, its core priorities,
the values its employees embody, and what its products contribute
to the world
◉ strategic planning.
Answer: the process that determines what the organizations long
term goals should be for the next 1-5 years with the resources they
expect to have available
◉ tactical planning.
Answer: they determine what contributions their departments or
similar work units can make with their given resources during the
next 6-24 months
◉ Operational Planning.
Answer: they determine how to accomplish specific tasks with
available resources within the next 1-52 weeks
◉ goal/objective.
Answer: a specific commitment to achieve a measurable result
within a stated period of time
◉ long-term goals (strategic goals).
, Answer: tend to span 1 to 5 years and focus on achieving the
strategies identified in a company's strategic plan
◉ Short-term goals (tactical or operational goals).
Answer: generally span 12 months and are connected to strategic
goals in a hierarchy known as a means-end chain
◉ means-end chain.
Answer: shows how goals are connected or linked across an
organization
◉ Operating Plan.
Answer: A plan that breaks long-term output into short-term targets
or goals
◉ Action Plan.
Answer: defines the course of action needed to achieve the stated
goal
◉ Contingency Plans.
Answer: are responses to possible future events that could threaten
a company's operations
