MNG 3702 Exam with Questions and Answers

MNG 3702 Exam with Questions and Answers Explain the strategic risk management process. ANSWER 1) Risk identification 2) Risk analysis 3) Risk evaluation & responses = avoidance, transfer, acceptance, exploitation (positive), mitigation. Explain corporate governance and the value dimensions thereof. ANSWER * Corporate governance = a framework of rules & practices by which a board of directors ensures fairness, accountability & transparency in a company's relationship with its stakeholders. 3 value dimensions: 1) Corporate citizenship = concern for social, environmental & economic performance of organisation 2) Ethical leadership = directing & controlling that promotes good corporate governance 3) Sustainability = long-term maintenance according to environmental, economic & social considerations What is strategic management? ANSWER Process of planning, implementing and controlling strategy in the organisation with the aim of achieving sustained competitive advantage. 4 key elements of strategic management? ANSWER 1) Long-term strategic direction 2) Profound understanding of external environment 3) Objective knowledge of key resources, capabilities & weaknesses (internal)