IMS 3310 FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS!!
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Course
IMS 3310
Institution
IMS 3310
strategic planning - ️️the process by which an organization determines where it is
going in the future, how it will get there, and how it will assess whether and to what
extent it has achieved its goals
budget - ️️an itemized projection of revenues and expenses for a future time period
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IMS 3310 FINAL EXAM
strategic planning - ✔️✔️the process by which an organization determines where it is
going in the future, how it will get there, and how it will assess whether and to what
extent it has achieved its goals
budget - ✔️✔️an itemized projection of revenues and expenses for a future time period
competitive advantage - ✔️✔️the ability of a company to achieve and maintain a
unique and valuable competitive position both within a nation and globally, generating
higher rates of profit than its competitors
competitive strategies - ✔️✔️action plans to enable organizations to reach their
objectives
contingency plans - ✔️✔️plans for the best or worst case scenarios or for citical events
that could have a severe impact on the firm
explicit knowledge - ✔️✔️knowledge that is easy to communicate to others via words,
pictures, formulas, or other means
bottom-up planning - ✔️✔️planning process that begins at the lowest level in the
organization and continues upward
international strategy - ✔️✔️a plan that guides the way firms make choices about
developing and deploying scarce resources to achieve their international objectives
iterative planning - ✔️✔️repetition of the bottom-up or top-down planning process until
all differences have been reconciled
knowledge management - ✔️✔️the practices that organizations and their managers
use for identifying, creating, acquiring, developing, dispersing, and exploiting
competitively valuable knowledge
mission statement - ✔️✔️a broad statement that defines the organization's purpose
and scope
policies - ✔️✔️broad guidelines issued by upper management to assist lower-level
managers in handling recurring issues or problems
procedures - ✔️✔️guides that specify ways of carrying out a particular task or activity
sales forecast - ✔️✔️a prediction of future sales performance
, scenarios - ✔️✔️multiple, plausible stories about the future
tacit knowledge - ✔️✔️knowledge that an individual has but that is difficult to express
clearly in words, pictures, or formulas and is therefore difficult to transmit to others
top-down planning - ✔️✔️planning process that begins at the highest level in the
organization and continues downward
value chain - ✔️✔️a set of interlinked activities that adds value to the final product or
service
value chain analysis - ✔️✔️an assessment conducted on the chain of interlinked
activities of an organization or set of interconnected organizations, intended to
determine where and to what extent value is added to the final product or service
values statement - ✔️✔️a clear, concise description of the fundamental values, beliefs,
and priorities expected of the organization's members, reflecting how they are to behave
with each other and with the company's customers, suppliers, and other members of the
global community
vision statement - ✔️✔️a description of the company's desired future position if it can
acquire the necessary competencies and successfully implement its strategy
affiliates - ✔️✔️companies controlled by other companies, but less-than majority
owners may exercise control by a variety of means, both those involving stock
ownership and those involving non-ownership mechanisms
horizontal corporation - ✔️✔️a form of organization characterized by lateral decision
processes, horizontal networks, and a strong corporate-wide business philosophy
hybrid organization - ✔️✔️a structure organized by more than one dimension at the top
level
international division - ✔️✔️a division in the organization that is at the same level as
the domestic division and is responsible for all non-home country activities
matrix organization - ✔️✔️an organizational structure composed of one or more
superimposed organizational structures in an attempt to mesh product, regional,
functional, and other expertise
matrix overlay - ✔️✔️an organization in which top-level divisions are required to heed
input from a staff composed of experts of another organizational dimension in an
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