BUSI 490 - Chapter 9: Strategy Review, Evaluation, and Control verified/passed

BUSI 490 - Chapter 9: Strategy Review, Evaluation, and ControlAdvantage (p. 283) - correct answer A way to evaluate strategies, i.e. to determine if a particular strategy creates or extends a firm's competitive superiority in a selected area of activity. Auditing (p. 295) - correct answer The accounting process that firms undertake to have their financial statements reviewed for accuracy in order to assure compliance with the law and IRS code. Balanced Scorecard (p. 291) - correct answer A strategy evaluation tool utilized to establish, monitor, and evaluate both qualitative and quantitative (hence the word balanced) objectives in order to improve organizational effectiveness and performance. Consistency (p. 283) - correct answer A way to evaluate strategies, i.e. to determine if a particular strategy is supportive of overall strategies/objectives/policies of the firm. Consonance (p. 283) - correct answer Refers to the need for strategists to examine sets of trends, as well as individual trends, in evaluating strategies. Contingency plans (p. 294) - correct answer Alternative plans that can be put into effect if certain key events do not occur as expected. Feasibility (p. 283) - correct answer A way to evaluate strategies, i.e. to determine if a strategy is capable of being carried out within the physical human, and financial resources of the firm. Future shock (p. 290) - correct answer High anxiety that results when the nature, types, and speed of changes overpower an individual's or organization's ability and capacity to adapt. GAAS, GAAP, and IFRS (p. 295) - correct answer Generally accepted auditing standards, generally accepted accounting principles, and international financial reporting standards.