MNGT 361 EXAM QUESTIONS AND
CORRECT ANSWERS ALREADY
PASSED
3 Decision Making Conditions Managers may face? - Answer-Certainty (the ideal
situation where a manager can make accurate decisions)
Risk (estimate the likelihood of certain outcomes) Uncertainty (decision maker is not
certain about outcomes)
Types of groups decision are made? - Answer-Committees, Task forces, Review
panels, Work teams
Group decision benefits - Answer-Provides more info, generates more alternatives,
increases acceptance of solution
National culture environment - Answer-the way decision are made, the degree of risk a
decision maker is willing to take
Creativity - Answer-the ability to produce novel and useful ideas, allows decision maker
to see problems others can't see
Ringisei - Answer-japanese consensus-form group decisions
Name 4 of the following Quantative Decision-Making Aids - Answer-Payoff matrices
(regret matrix)
Decision trees
Break-even analysis
Ratio analysis
Linear programming
Economic Order Quantity Model
Types of Ratio Analysis - Answer-Liquidity ratios(current, acid test ratio)
Leverage ratios
Operating ratios
Profitability ratios
Chapter 5
, What is planning? - Answer-deciding on the organization's objectives or goals and
getting the job done by establishing an overall strategy for achieving those goals
Types of planning - Answer-Informal (small business use this where planning is general
and lack continuity)
Formal (defines specific goals)
4 Reasons Managers should Plan - Answer-1. Planning coordinates effort
2. forces managers to look ahead
3. reduces overlapping and wasteful activities
4. establishes the goals or standards
Critisicm of formal planning - Answer-1. may create rigidity
2. cannot replace intuition
3. focuses on competition not survival
4. reinforces success, may lead to failure
Strategic management - Answer-managers do to develop an organization's strategies—
that is, the plans for how the organization will do what it's in business to do
3 reasons Strategic Management is important - Answer-1. it can make a difference in
how well an organization performs
2. It prepares managers in organizations of all types and sizes to cope
3. helps each part of an organization to work together to achieve the organization's
goals
6 Step Strategic Management Process - Answer-1. Identify organization's mission
2. External analysis: opportunities, threats
3. Internal analysis: strengths, weaknesses
4. Formulate strategies
5. Implement strategies
6. Evaluate results
Organization - Answer-A deliberate arrangement of people together to accomplish a
specific purpose
3 Characteristics that Identify an Organization - Answer-Goals, People, Structure
Members of an Organization can be divided into what 2 categories? - Answer-
Nonmanagerial employees, managers
Nonmanagerial employee - Answer-work directly on a task and do not oversee the work
of others
Managers - Answer-direct and oversee the activities of the people in the organization
CORRECT ANSWERS ALREADY
PASSED
3 Decision Making Conditions Managers may face? - Answer-Certainty (the ideal
situation where a manager can make accurate decisions)
Risk (estimate the likelihood of certain outcomes) Uncertainty (decision maker is not
certain about outcomes)
Types of groups decision are made? - Answer-Committees, Task forces, Review
panels, Work teams
Group decision benefits - Answer-Provides more info, generates more alternatives,
increases acceptance of solution
National culture environment - Answer-the way decision are made, the degree of risk a
decision maker is willing to take
Creativity - Answer-the ability to produce novel and useful ideas, allows decision maker
to see problems others can't see
Ringisei - Answer-japanese consensus-form group decisions
Name 4 of the following Quantative Decision-Making Aids - Answer-Payoff matrices
(regret matrix)
Decision trees
Break-even analysis
Ratio analysis
Linear programming
Economic Order Quantity Model
Types of Ratio Analysis - Answer-Liquidity ratios(current, acid test ratio)
Leverage ratios
Operating ratios
Profitability ratios
Chapter 5
, What is planning? - Answer-deciding on the organization's objectives or goals and
getting the job done by establishing an overall strategy for achieving those goals
Types of planning - Answer-Informal (small business use this where planning is general
and lack continuity)
Formal (defines specific goals)
4 Reasons Managers should Plan - Answer-1. Planning coordinates effort
2. forces managers to look ahead
3. reduces overlapping and wasteful activities
4. establishes the goals or standards
Critisicm of formal planning - Answer-1. may create rigidity
2. cannot replace intuition
3. focuses on competition not survival
4. reinforces success, may lead to failure
Strategic management - Answer-managers do to develop an organization's strategies—
that is, the plans for how the organization will do what it's in business to do
3 reasons Strategic Management is important - Answer-1. it can make a difference in
how well an organization performs
2. It prepares managers in organizations of all types and sizes to cope
3. helps each part of an organization to work together to achieve the organization's
goals
6 Step Strategic Management Process - Answer-1. Identify organization's mission
2. External analysis: opportunities, threats
3. Internal analysis: strengths, weaknesses
4. Formulate strategies
5. Implement strategies
6. Evaluate results
Organization - Answer-A deliberate arrangement of people together to accomplish a
specific purpose
3 Characteristics that Identify an Organization - Answer-Goals, People, Structure
Members of an Organization can be divided into what 2 categories? - Answer-
Nonmanagerial employees, managers
Nonmanagerial employee - Answer-work directly on a task and do not oversee the work
of others
Managers - Answer-direct and oversee the activities of the people in the organization
