Essay about Study Guide: Strategic Management

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MGT 220 Test 2 Study Guide
TRUE/FALSE

1. Strategic planning is the process by which an organization makes decisions and takes actions that affect its long-run performance. TRUE

2. Strategic Management refers to overall, long-run management, including planning, organizing, leading, and controlling effectively and efficiently over the long-run. TRUE

3. Strategic planning is a part of strategic management. TRUE

4. The four stage process of strategic planning includes strategic analysis, strategy formulation, strategy implementation, and strategic evaluation and control. TRUE

5. The strategy formulation phase of the strategic planning process addresses the question, "What is the current position of the organization?" FALSE

6. While the level of sophistication and formality of the strategic planning process will differ among organizations, the process itself should be similar across all organizations.TRUE

7. Information gathered during the strategic analysis stage serves as a foundation for the implementation stage. FALSE

8. The strategic implementation phase involves doing the things necessary to ensure that the strategy of the organization is achieved effectively and efficiently.TRUE

9. The information gathered during strategy implementation serves as a foundation for the formulation of the organization's strategic plan.FALSE

10. A comprehensive plan that provides overall direction for the organization is known as a strategic plan.
TRUE
11. It is hard to evaluate a process that has no parameters determined in the planning stage.
TRUE

12. Although planning itself may take time, studies suggest that new businesses actually make decisions faster if they have taken time to plan. true 13. One cost of planning is that it may delay decision-making. true 14. An organization's plan provides a foundation for control of the processes and progress of the company. true 15. Traditionally, there have been two basic approaches to planning depending on where in the organizational hierarchy the planning function was initiated: the top-down approach and the cross-functional approach.

16. All planning is done through either a top-down approach or a bottom-up approach.

17. When the CEO or Board of Directors sets a master plan, it is an example of top-down planning.

18. Bottom-up planning efforts begin with the board of directors and the top executives of the organization.

19. Bottom-up planning is initiated at the lowest levels of the organizational hierarchy.

20. The primary advantage of top-down planning is that the individuals closest to the operating system, customers, or suppliers initiate the planning process.

21. The rational-economic decision model is descriptive rather than prescriptive in nature.

22. The rational-economic model of decision-making assumes that managers have "perfect" information.

23. The rational-economic model does not consider that a manager’s cultural heritage as well as her personality, experiences, and values may influence the way she processes information and makes decisions.

24. The rational-economic model does not address the factors that impact the decision environment or describe how managers actually make decisions.

25. The behavioral model of decision-making assumes that managers have perfect information and all the information that they need to make decisions.

26. The behavioral model of decision-making assumes that the manager will be rational, systematic, and logical in assessing each alternative and its associated probabilities.

27. The rational-economic model of decision-making better reflects how decisions are actually made in business organizations than does the behavioral model.

28. Unlike the rational-economic model, the behavioral decision model acknowledges human limitations that make rational decision-making difficult to achieve.

29. The notion of bounded rationality recognizes that people cannot know everything; they are
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