Question 1

IFRS standards comprise 25,000 pages, whereas GAAP standards comprise 5,000 pages.

Accepted Answer

A) True 
 B)False

Question 2

All of the following are reasons to be completely open as opposed to secretive with the strategy process EXCEPT

Accepted Answer

A)  Managers, employees and other stakeholders can readily contribute to the process. 
B)  Stakeholders have greater basis for understanding and committing to a firm that is open. 
C)  All levels of today's workforce exhibit increased education and diversity, making such contributions valuable. 
D)  Participation and openness enhance understanding, commitment and communication within the firm. 
E)  Openness limits rival firms from imitating or duplicating the firm's strategies. 
A)  Managers, employees and other stakeholders can readily contribute to the process. 
B)  Stakeholders have greater basis for understanding and committing to a firm that is open. 
C)  All levels of today's workforce exhibit increased education and diversity, making such contributions valuable. 
D)  Participation and openness enhance understanding, commitment and communication within the firm. 
E)  Openness limits rival firms from imitating or duplicating the firm's strategies.

Question 3

Consistency, distinctiveness, advantage, and feasibility are Richard Rumelt's four criteria for evaluating a strategy.

Accepted Answer

A) True 
 B)False

Question 4

Most quantitative evaluation criteria are geared to long-term objectives rather than annual objectives.

Accepted Answer

A) True 
 B)False

Question 5

Corrective actions should always

Accepted Answer

A)  strengthen an organization's competitive position in its industry. 
B)  streamline asset holdings. 
C)  have no risk. 
D)  involve abandoning existing strategies. 
E)  all of the above 
A)  strengthen an organization's competitive position in its industry. 
B)  streamline asset holdings. 
C)  have no risk. 
D)  involve abandoning existing strategies. 
E)  all of the above

Question 6

According to Rumelt, consistency and feasibility are largely based on a firm's internal assessment.

Accepted Answer

A) True 
 B)False

Question 7

A revised ________ should indicate how effective a firm's strategies have been in response to key opportunities and threats.

Accepted Answer

A)  IFE matrix 
B)  mission 
C)  EFE matrix 
D)  vision 
E)  CPM matrix 
A)  IFE matrix 
B)  mission 
C)  EFE matrix 
D)  vision 
E)  CPM matrix

Question 8

The U.S. Chamber of Commerce is against the accounting switch from GAAP to IFRS, saying it will cause cross-border commerce to decline.

Accepted Answer

A) True 
 B)False

Question 9

What term is defined as "a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between these assertions and established criteria, and communicating the results to interested users"?

Accepted Answer

A)  Auditing 
B)  Innovation 
C)  R&D 
D)  Strategic Management 
E)  Financial ratios 
A)  Auditing 
B)  Innovation 
C)  R&D 
D)  Strategic Management 
E)  Financial ratios

Question 10

Too much emphasis on evaluating strategies may be expensive and counterproductive.

Accepted Answer

A) True 
 B)False

Question 11

Describe the steps involved in effective contingency planning.

Accepted Answer

The suggested process of effective conti

Question 12

With the passage of time strategy evaluation is becoming

Accepted Answer

A)  increasingly difficult. 
B)  much simpler. 
C)  very convenient. 
D)  an unnecessary activity. 
E)  less important. 
A)  increasingly difficult. 
B)  much simpler. 
C)  very convenient. 
D)  an unnecessary activity. 
E)  less important.

Question 13

Strategy evaluation should have a long-run focus and avoid a short-run focus.

Accepted Answer

A) True 
 B)False

Question 14

Strategies may be inconsistent if policy problems and issues continue to be brought to the top for resolution.

Accepted Answer

A) True 
 B)False

Question 15

Rumelt's criteria of consonance refers to the need for strategists to examine

Accepted Answer

A)  inconsistent goals. 
B)  sets of trends. 
C)  impractical objectives. 
D)  competitive advantages. 
E)  the costs associated with particular strategies. 
A)  inconsistent goals. 
B)  sets of trends. 
C)  impractical objectives. 
D)  competitive advantages. 
E)  the costs associated with particular strategies.

Question 16

Which of these is a potential problem associated with using only quantitative criteria for selecting strategies?

Accepted Answer

A)  Most quantitative criteria are geared to long-term objectives rather than annual objectives. 
B)  Different accounting methods can provide different results on many quantitative criteria. 
C)  Intuitive judgments are never used in deriving quantitative criteria. 
D)  Quantitative criteria include human factors that may be underlying causes of declining performance. 
E)  Quantitative criteria are not able to compare the firm's performance over different period of time. 
A)  Most quantitative criteria are geared to long-term objectives rather than annual objectives. 
B)  Different accounting methods can provide different results on many quantitative criteria. 
C)  Intuitive judgments are never used in deriving quantitative criteria. 
D)  Quantitative criteria include human factors that may be underlying causes of declining performance. 
E)  Quantitative criteria are not able to compare the firm's performance over different period of time.

Question 17

The Balanced Scorecard approach deals with the question, "How satisfied are the firm's customers?"

Accepted Answer

A) True 
 B)False

Question 18

Each year, Fortune publishes strategy-evaluation research on both the United States and other countries.

Accepted Answer

A) True 
 B)False

Question 19

Small organizations require a more elaborate and detailed strategy-evaluation system because they are still evolving.

Accepted Answer

A) True 
 B)False

Question 20

A revised ________ should focus on changes in the organization's management, marketing, finance and accounting, production and operations, research and development (R&D), and management information systems (MIS)strengths and weaknesses.

Accepted Answer

A)  mission 
B)  IFE matrix 
C)  vision 
D)  EFE matrix 
E)  EPM matrix 
A)  mission 
B)  IFE matrix 
C)  vision 
D)  EFE matrix 
E)  EPM matrix

IFRS standards comprise 25,000 pages, whereas GAAP standards comprise 5,000 pages.

All of the following are reasons to be completely open as opposed to secretive with the strategy process EXCEPT

Consistency, distinctiveness, advantage, and feasibility are Richard Rumelt's four criteria for evaluating a strategy.

Most quantitative evaluation criteria are geared to long-term objectives rather than annual objectives.

Corrective actions should always

According to Rumelt, consistency and feasibility are largely based on a firm's internal assessment.

A revised ________ should indicate how effective a firm's strategies have been in response to key opportunities and threats.

The U.S. Chamber of Commerce is against the accounting switch from GAAP to IFRS, saying it will cause cross-border commerce to decline.

What term is defined as "a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between these assertions and established criteria, and communicating the results to interested users"?

Too much emphasis on evaluating strategies may be expensive and counterproductive.

Describe the steps involved in effective contingency planning.

With the passage of time strategy evaluation is becoming

Strategy evaluation should have a long-run focus and avoid a short-run focus.

Strategies may be inconsistent if policy problems and issues continue to be brought to the top for resolution.

Rumelt's criteria of consonance refers to the need for strategists to examine

Which of these is a potential problem associated with using only quantitative criteria for selecting strategies?

The Balanced Scorecard approach deals with the question, "How satisfied are the firm's customers?"

Each year, Fortune publishes strategy-evaluation research on both the United States and other countries.

Small organizations require a more elaborate and detailed strategy-evaluation system because they are still evolving.

A revised ________ should focus on changes in the organization's management, marketing, finance and accounting, production and operations, research and development (R&D), and management information systems (MIS)strengths and weaknesses.

The Nature of Strategic Management

The Business Vision and Mission

The External Assessment

The Internal Assessment

Strategies in Action

Strategy Analysis and Choice

Implementing Strategies: Management and Operations Issues

Implementing Strategies: Marketing, Finance/Accounting, R&D, and MIS Issues

Business Ethics, Social Responsibility, and Environmental Sustainability

Global and International Issues

Filters

Exam 9: Strategy Review, Evaluation, and Control

IFRS standards comprise 25,000 pages, whereas GAAP standards comprise 5,000 pages.

All of the following are reasons to be completely open as opposed to secretive with the strategy process EXCEPT

Consistency, distinctiveness, advantage, and feasibility are Richard Rumelt's four criteria for evaluating a strategy.

Most quantitative evaluation criteria are geared to long-term objectives rather than annual objectives.

Corrective actions should always

According to Rumelt, consistency and feasibility are largely based on a firm's internal assessment.

A revised ________ should indicate how effective a firm's strategies have been in response to key opportunities and threats.

The U.S. Chamber of Commerce is against the accounting switch from GAAP to IFRS, saying it will cause cross-border commerce to decline.

What term is defined as "a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between these assertions and established criteria, and communicating the results to interested users"?

Too much emphasis on evaluating strategies may be expensive and counterproductive.

Describe the steps involved in effective contingency planning.

With the passage of time strategy evaluation is becoming

Strategy evaluation should have a long-run focus and avoid a short-run focus.

Strategies may be inconsistent if policy problems and issues continue to be brought to the top for resolution.

Rumelt's criteria of consonance refers to the need for strategists to examine

Which of these is a potential problem associated with using only quantitative criteria for selecting strategies?

The Balanced Scorecard approach deals with the question, "How satisfied are the firm's customers?"

Each year, Fortune publishes strategy-evaluation research on both the United States and other countries.

Small organizations require a more elaborate and detailed strategy-evaluation system because they are still evolving.

A revised ________ should focus on changes in the organization's management, marketing, finance and accounting, production and operations, research and development (R&D), and management information systems (MIS)strengths and weaknesses.

The Nature of Strategic Management

The Business Vision and Mission

The External Assessment

The Internal Assessment

Strategies in Action

Strategy Analysis and Choice

Implementing Strategies: Management and Operations Issues

Implementing Strategies: Marketing, Finance/Accounting, R&D, and MIS Issues

Business Ethics, Social Responsibility, and Environmental Sustainability

Global and International Issues

Filters