IET 445 Exam One questions with
verified answers graded A+
What is the emphasis of strategic management - correct answer ✔✔ a set of managerial
decisions and actions that determines the long-run performance of a corporation. Internal and
external environmental scanning
Strategy formulation
Strategy implementation
Evaluation and control
What is the typical time horizon in finance lens - correct answer ✔✔ A time horizon is your
investing timeline, or how long you plan to hold an asset before selling it. Time horizon can also
be your timeframe for achieving a financial goal, such as retirement. Some financial goals are
more quickly achievable than others
Financial planning vs forecast planning - correct answer ✔✔ While both processes orient
financial activity toward the future, a financial plan is a road-map drafted now that can be
followed over time and a financial forecast is a projection or estimate of future outcomes
predicted today
Who gets strategic planning information throughout the process and end - correct answer ✔✔
CEO and executive team to all employees
What does strategic planning look like in a small business - correct answer ✔✔ Strategic
planning is crucial for a business as it creates a map for a business to follow and course correct
when need be. The first part of a strategic plan is the business plan, which outlines the purpose
of the business, budgets, goals, and the mission statement
, What is environmental scanning - correct answer ✔✔ the monitoring, evaluating and
disseminating of information from the external and internal environments to key people within
the organization. Its purpose is to identify strategic factors—those external and internal
elements that will assist in the analysis in deciding the strategic decisions of the corporation
What are the key terms of strategy formulation - correct answer ✔✔ Mission, Visions,
Objectives, and Strategy. the process of investigation, analysis, and decision-making that
provides the company with the criteria for attaining a competitive advantage. It includes
defining the competitive advantages of the business (strategy), crafting the corporate mission,
specifying achievable objectives, and setting policy guidelines.
What is SWOT analysis - correct answer ✔✔ simple way to conduct environmental scanning.
(strengths, weaknesses, opportunities, and threats) analysis is a method for identifying and
analyzing internal strengths and weaknesses
What is the order of the strategic management model - correct answer ✔✔ Environmental
scanning
Strategy formulation
Strategy implementation
Evaluation and control
What are the main components of strategic management - correct answer ✔✔ Environmental
scanning
Strategy formulation
Strategy implementation
Evaluation and control
What is a missions statement and what does it look like and go into - correct answer ✔✔
purpose or reason for the organization's existence
verified answers graded A+
What is the emphasis of strategic management - correct answer ✔✔ a set of managerial
decisions and actions that determines the long-run performance of a corporation. Internal and
external environmental scanning
Strategy formulation
Strategy implementation
Evaluation and control
What is the typical time horizon in finance lens - correct answer ✔✔ A time horizon is your
investing timeline, or how long you plan to hold an asset before selling it. Time horizon can also
be your timeframe for achieving a financial goal, such as retirement. Some financial goals are
more quickly achievable than others
Financial planning vs forecast planning - correct answer ✔✔ While both processes orient
financial activity toward the future, a financial plan is a road-map drafted now that can be
followed over time and a financial forecast is a projection or estimate of future outcomes
predicted today
Who gets strategic planning information throughout the process and end - correct answer ✔✔
CEO and executive team to all employees
What does strategic planning look like in a small business - correct answer ✔✔ Strategic
planning is crucial for a business as it creates a map for a business to follow and course correct
when need be. The first part of a strategic plan is the business plan, which outlines the purpose
of the business, budgets, goals, and the mission statement
, What is environmental scanning - correct answer ✔✔ the monitoring, evaluating and
disseminating of information from the external and internal environments to key people within
the organization. Its purpose is to identify strategic factors—those external and internal
elements that will assist in the analysis in deciding the strategic decisions of the corporation
What are the key terms of strategy formulation - correct answer ✔✔ Mission, Visions,
Objectives, and Strategy. the process of investigation, analysis, and decision-making that
provides the company with the criteria for attaining a competitive advantage. It includes
defining the competitive advantages of the business (strategy), crafting the corporate mission,
specifying achievable objectives, and setting policy guidelines.
What is SWOT analysis - correct answer ✔✔ simple way to conduct environmental scanning.
(strengths, weaknesses, opportunities, and threats) analysis is a method for identifying and
analyzing internal strengths and weaknesses
What is the order of the strategic management model - correct answer ✔✔ Environmental
scanning
Strategy formulation
Strategy implementation
Evaluation and control
What are the main components of strategic management - correct answer ✔✔ Environmental
scanning
Strategy formulation
Strategy implementation
Evaluation and control
What is a missions statement and what does it look like and go into - correct answer ✔✔
purpose or reason for the organization's existence
