question

An organization's _____ describes the reasons for an organization's existence.

answer

mission

question

Skyway manufactures fighter jets. It aims to be the top aircraft manufacturing company in the world. This is an example of the _____ of the company.

answer

vision

question

A vision captures the key elements of the organization's past and present.

answer

False

question

A well-formulated vision that is embraced by employees can give an organization an edge over its rivals.

answer

True

question

An organization's _____ describes the narrower aims that organizations pursue in an effort to serve their visions and missions.

answer

goal

question

The most effective goals are those that are specific, measurable, aggressive, realistic, and time-bound.

answer

True

question

An automobile manufacturing company wants to be the first company in the world to launch a car that would require no human intervention to run on the road. The fact that the company has an explicit goal reflects the _____ dimension of a goal.

answer

specific

question

Which of the following statements holds true for the "specific" aspect of a goal?

answer

The goal is explicit rather than vague.

question

An automobile manufacturing company wants to be the first company in the world to launch a car that would require no human intervention to run on the road. It wants to do so by year 2020. The progress of the project can be easily calculated and assessed. The fact that this project can be easily assessed reflects the _____ dimension of a goal.

answer

measurable

question

Which of the following statements holds true for the "measurable" aspect of a goal?

answer

The goal that is achieved is quantifiable.

question

Which of the following statements holds true for the "aggressive" aspect of a goal?

answer

The goal presents a significant challenge to the organization.

question

An automobile manufacturing company wants to be the first company in the world to launch a car that would require no human intervention to run on the road. It wants to do so by year 2020. The task presents a challenge to the engineering skills of the organization. The fact that the task presents a challenge to the organization reflects the _____ dimension of a goal.

answer

aggressive

question

Which of the following statements holds true for the "realistic" aspect of a goal?

answer

The achievement of the goal is feasible.

question

An automobile manufacturing company wants to be the first company in the world to launch a car that would require no human intervention to run on the road. It wants to do so by year 2020. The company has the required technology and the required finances to come up with such a car. Therefore the plan seems to be feasible. The fact that the plan is viable and practicable reflects the _____ dimension of a goal.

answer

realistic

question

Setting organizational goals that are easy to reach encourages employees to work just hard enough to reach the goals.

answer

True

question

An automobile manufacturing company wants to be the first company in the world to launch a car that would require no human intervention to run on the road. It wants to do so by year 2020. The fact that the company has a set target date to complete the task reflects the _____ dimension of a goal.

answer

time-bound

question

An organization's _____ describes what the organization hopes to become in the future.

answer

vision

question

A firm's strategy includes which of the following:

answer

Captures how vision and mission will be achieved

question

Goals and objectives serve to accomplish all of the following EXCEPT:

answer

Align goals with objectives

question

Examples of business strategy include all the following EXCEPT:

answer

Know the business needs to compete in order to be effective

question

The best strategies, corporate and business, are based on a thorough SWOT analysis.

answer

True

question

Mission and vision development are analogous to which step in the principles of management framework:

answer

Planning

question

The communication step of the mission and vision statements development process is analogous to which step in the principles of management framework:

answer

Leading

question

The content of the mission and vision statements process is analogous to which step in the principles of management framework:

answer

Organizing

question

The monitoring step of the mission and vision statements development process is analogous to which step of the principles of management framework?

answer

Controlling

question

Goals are outcome statements that define what an organization is trying to accomplish:

answer

Both programmatically and organizationally

question

Functional areas, like accounting and marketing, will need to have goals and objectives that help show how those functions are contributing to the organization's goals and objectives.

answer

True

question

Goals and objectives provide a form of control since they create a feedback opportunity regarding how well or how poorly the organization is executing its strategy.

answer

True

question

Historic financial goals and objectives, even though financial outcomes are wide ranging in scope, are also purely historic.

answer

False

question

The role of goals and objectives are achieved only in the planning stage.

answer

False

question

The way that the firm is organized can affect goals and objectives in a number of ways.

answer

True

question

Goals and objectives are a not a basis for reward systems.

answer

False

question

Characteristics of the approach to setting and managing goals and objectives include which of the following?:

answer

Measures should be based around the needs of customers, shareholders and other key stakeholders

question

One of the key litmus tests for the setting of goals, objectives, and measures is whether or not they are linked in some way to the key factors driving an organization's success or competitive advantage.

answer

True

question

While goals may sometimes be general, the objectives and the metrics that gauge them should be specific.

answer

True

question

The main challenge with fact-based objectives is that many firms find future opportunities in markets where there is an existing set of customers.

answer

False

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