MGMT 3000 Lyons UGA Chapter 4 |
Latest Update | 2024/2025 | Rated A+
What is the key focus of operational planning?
To create detailed plans for achieving short-term objectives and managing daily operations.
How does a business strategy differ from a business model?
Strategy outlines how...
✔✔ To create detailed plans for achieving short-term objectives and managing daily operations.
How does a business strategy differ from a business model?
✔✔ Strategy outlines how a company will achieve its long-term goals, while a business model
describes how it will generate revenue.
What is the function of an organizational chart?
✔✔ To visually represent the structure, roles, and reporting relationships within an organization.
How do managers use resource allocation to optimize performance?
✔✔ By assigning resources effectively to ensure that critical areas receive adequate support for
achieving objectives.
What is the purpose of a strategic objective in business?
✔✔ To set specific, long-term goals that align with the company’s mission and vision.
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, How does process improvement contribute to organizational efficiency?
✔✔ By identifying and eliminating inefficiencies in workflows to enhance productivity and
reduce costs.
What is the importance of risk assessment in project management?
✔✔ To identify potential risks and develop strategies to mitigate their impact on project success.
How does a balanced scorecard approach aid in performance management?
✔✔ By integrating financial and non-financial measures to provide a comprehensive view of
organizational performance.
What role does market analysis play in business strategy?
✔✔ It helps understand market trends, customer needs, and competitive dynamics to inform
strategic decisions.
How does employee involvement in decision-making impact organizational outcomes?
✔✔ It can lead to higher engagement, better decisions, and increased buy-in from staff.
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