Exam 4: The Internal Assessment

Empirical indicators of resources are: being rare, hard to imitate, or

________ ties all business functions together and provides the basis for all managerial decisions.

In most industries, only minor costs of producing a product or service are incurred within operations, so production and operations does not have great value as a competitive weapon in a company's overall strategy.

The controlling function of management is especially important for effective strategy evaluation.

Capacity decisions concern distances from raw materials to production sites to customers.

The process of performing an internal audit, compared to the external audit, provides more opportunity for participants to understand how their jobs, departments and divisions fit into the whole organization.

Which of the following does the text call an up-front investment in success?

According to James Van Horne, what are the three decisions that comprise the functions of finance? Describe each function.

Who should perform an internal audit?

Five major stakeholders that affect pricing decisions are consumers, governments, suppliers, distributors, and competitors.