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ARE 112- Midterm 1 Exam Questions & Answers 2023/2024

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ARE 112- Midterm 1 Exam Questions & Answers 2023/2024 MECE - ANSWER--Mutually Exclusive (each issue is separate & distinct) Collectively Exhaustive (every aspect comes under only one issue) -McKinsey Tool --know all the facts/details -guard against making early selection of solutions before...

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  • July 11, 2023
  • 10
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • ARE 112
  • ARE 112

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ARE 112- Midterm 1 Exam Questions &
Answers 2023/2024
MECE - ANSWER--Mutually Exclusive (each issue is separate & distinct)

Collectively Exhaustive (every aspect comes under only one issue)

-McKinsey Tool

--know all the facts/details

-guard against making early selection of solutions before all other facts are known



Mother City - ANSWER--Caral, Peru; "mother city" of Incan civilization

-complexity and scope

-hierarchy of living arrangements

-served as a major trade area --> rise of class divisions



Transaction Costs - ANSWER--Williamson interview

-cost associated with the time and effort needed to search out, negotiate, and consummate an exchange
(cost of doing business)

--must economize

--have detailed knowledge of attributes of transactions



Cost of Uncertainty - ANSWER--Williamson interview

-making agreements in the context of uncertainty

--hostage situation

--develop bilateral dependency (mutual advantages)

--introduces a kind of deterrence

-reduce uncertainty --> reduce costs



Bounded Rationality - ANSWER--Williamson interview

-can't choose the convenient assumption

, --adhere closely to reality and behavior that intends to be rational -- not capable of maximizing in all
situations

--limitation on ability to work towards the right answer



Incomplete contracts - ANSWER--Williamson interview

-transaction costs, cost of uncertainty, and bounded rationality all cause incomplete contracts

-cannot maximize all benefits of a transaction because they are not aware of all the factors

--complex contracts

--disallowed by old apparatus

--both parties are not equal



Genghis Khan management style - ANSWER--keep only the best people -- promote by ability NOT rank

-looked after their needs

-organized so no one in the dark

--based on decimal system - easy to train

--commands by hand signals and banners - communication

-train, train, train

-mission driven organization



Dynastic Cycles - ANSWER--history driven organization

- ruler unites under "mandate from heaven"

-leads to prosperity

-leads to population increases

-leads to corruption

-leads to no ability to respond to disasters

-ruler loses "mandate from heaven"

-leads to warring states emerging

-leads to one victorious state

-"mandate from heaven" comes back

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