Business Management Final Exam Questions & Answers 100% Accurate

Types of Uncertainty - Answer State: Environment is unpredictable Effect: impacts of environmental changes are unpredictable. Responses: Consequences of decisions are unpredictable. Planning - Answer Coping with uncertainty by formulating courses of action to achieve specified results Organizational Responses: - Answer Defenders: Can be successful as long as their primary technology and narrow product line remain competitive. Prospectors: Have a reputation for aggressively making things happen rather than waiting for them to happen. Analyzers: Comparatively conservative strategy of following the leader. Reactor: Exact opposite of prospector. Waits for things to happen rather than making them happen. Plan - Answer An objective plus an action statement. Mission - Answer An assignment carried out for the same purpose Types of planning - Answer Strategic: Determining how to pursue long-term goals with available resources. Intermediate: Determining what contributions subunits can make with allocated resources. Operational: Determining how to accomplish specific tasks with available resources. Planning Horizon - Answer Time that elapses between planning and execution. Objective - Answer Commitment to achieve a measurable result within a specified period. Priorities - Answer Goals, objectives, or activities ranked in order of importance. A) Must do. Is Critical. B) Should do. Necessary. C) Nice to do. Desirable. Management by Objective (MBO) - Answer Comprehensive management system based on measurable and participatively set objectives. - Drucker Steps in MBO: - Answer 1. Setting objectives 2. Developing action plans 3. Periodic review 4.Performance appraisal Project - Answer A temporary endeavor undertaken to achieve a particular aim Project Life Cycle - Answer -Conceptualization -Planning -Execution -Termination Program Evaluation and Review Technique (PERT) - Answer Graphical sequencing and scheduling tool for complex projects. Critical Path - Answer Most time-consuming route through a PERT network Ganntt Charts - Answer Graphical scheduling technique Break Even Analysis - Answer Analysis to find the breakeven point which is the level of sales at which there is no loss Strategy - Answer Integrated, externally oriented perception of how to achieve the organization's mission Strategic Management - Answer Seeking a competitively superior organization-environment fit. Synergy - Answer The concept that the whole is greater than the sum of its parts Type of Synergy - Answer -Market -Cost -Technological -Management Cost Focus - Answer Compete on price alone Cost Focus Differentiation - Answer Buyer perceives unique and superior value in a product SWOT - Answer -Strength, -Weaknesses, -Opportunities, -Threats Strategic Management Process - Answer -Formation of grand strategy -Formation of strategic plans -Implementation of strategic plans -Strategic control -Corrective action based on evaluation and feedback Types of Forecasts - Answer -Event outcome:Predictions of the outcome of highly probable events. -Event timing: Predictions of when a given event will occur -Time series: Estimates of future values in a statistical sequence