Exam (elaborations)
Mgt 3301 UHD Ch. 8 Exam Questions And Correct Answers
- Course
- Institution
Mgt 3301 UHD Ch. 8 Exam Questions And Correct Answers...
[Show more]
Content preview
Mgt 3301 UHD Ch. 8 Exam Questions And Correct AnswersManagers monitor the four building blocks of competitive advantage by using
organizational _______. - ANSWER control
Managers use control systems to _______. - ANSWER monitor, evaluate and get
feedback on the organization's efficiency and effectiveness
Click and drag on elements in order
Rank the following steps of the control process in order from first (at the top) to last (at
the bottom). - ANSWER 1. Establish standards of performance
2. Measure actual performance
3. Actual performance is matched against pre-set standards.
4. Manager evaluates the outcome and institutes corrective action
As it relates to performance, managers must have to conscientiously select the
standard that will help them to measure how they are performing with all four of the
building blocks of _______ advantage. - ANSWER competitive
Which step of control process compares actual performance against standards or
chosen standard of performance? - ANSWER Step three
Control systems help monitor which of the following building blocks of competitive
advantage? (Check all that apply.) - ANSWER Superior efficiency
Innovation
Quality
Responsiveness to customers
Financial measures, organizational goals, and operating budgets are ____ controls. -
ANSWER output
, Feedback systems which provide managers with information about how well the
organizational strategy and structure are working are an example of _______. - ANSWER
control systems
Which of the following measures of financial performance is the product of the
organization's net income before taxes divided by its total assets? - ANS Return on
investment
Which of the following are steps of the control process? (Select all that apply.) - ANS
Establish standards of performance
Measure actual performance
Evaluate the result and initiate corrective action
Compare actual performance to established standards
A company is highly leveraged if it uses more _______. - ANSWER debt than equity
When managers set the goals and standards of performance for employees to meet,
they are accomplishing the _______ step of the organizational control process. -
ANSWER first
What kind of ratio indicates how well managers are using the organization's resources
to create profits? - ANSWER Profit
The third step of the organizational control process is to _______. - ANSWER compare
actual performance against chosen standards of performance
Operating margin is calculated by _______. - ANSWER dividing a company's operating
profit by sales revenues
Which of the following are the three main output controls? (Check all that apply.) -
ANSWER Organizational goals
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83750 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now