MGMT 3101 Exam 2 Study Guide Already Graded A
Planning ️After earning $8 billion in profit, Royal Dutch/Shell decided to strive to double its profits
within the next five years. Which classical management function would be instrumental in achieving this
goal?
encourages people to work fas...
MGMT 3101 Exam 2 Study Guide Already Graded A
Planning ✔️After earning $8 billion in profit, Royal Dutch/Shell decided to strive to double its profits
within the next five years. Which classical management function would be instrumental in achieving this
goal?
encourages people to work faster
encourages people to try a variety of different ways to do others' jobs
reduces employee turnover
eliminates all discriminatory practices
Correct Response
does none of these ✔️One of the benefits of planning is how it ____.
Intensified effort, persistence, direction, and creation of task strategies ✔️How does a company benefit
from planning?
Assumptions ✔️The use of ____ in planning produces a false sense of certainty and is often cited as
one of the major pitfalls of planning.
A false sense of certainty based on faulty assumptions ✔️According to the text, which of the following
is a pitfall of planning?
Maintain flexibility in planning ✔️The last step in effective planning is to ____.
Planning may harm individual and organizational performance ✔️Which of the following is a possible
outcome of planning?
, Measurable ✔️According to the S.M.A.R.T. guidelines, goals should be ____.
Encouraging workers' participation in goal setting ✔️The most popular approach to increasing goal
commitment is ____.
Options-based ✔️____ planning keeps options open by making small, simultaneous investments in
many alternative plans.
Resources ✔️_______ are the assets, capabilities, processes, information, and knowledge that an
organization uses to improve its effectiveness and efficiency, to create and sustain competitive
advantage, and to fulfill a need or solve a problem.
Those companies have, for the moment, stopped trying to duplicate the advantage ✔️A sustainable
competitive advantage exists for an organization when other companies have tried unsuccessfully to
duplicate the advantage and ____.
Imperfectly Imitable Resources ✔️Which of the following must be met if a firm's resources are to be
used to achieve a sustainable competitive advantage?
Situational Analysis ✔️A ____, also called a SWOT analysis for strengths, weaknesses, opportunities,
and threats, is an assessment of the strengths and weaknesses in an organization's internal environment
and the opportunities and threats in its external environment.
No, because size is not a criteria for sustainable competitive advantage ✔️Deutsche Bank is the largest
bank in the world. Would this give it a sustainable competitive advantage?
Rare ✔️A(n) ____ resource is a resource that is not controlled or possessed by many competing firms.
Imperfectly Imitable ✔️A(n) ____ is a resource that is impossible or extremely costly or difficult for
other firms to duplicate.
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