Exam 5: Section 1: Planning and Decision Making

Planning is a three-step process which involves setting goals, then next developing effective action plans, and finally tracking progress toward goal achievement.

Krispy Kreme Krispy Kreme is a relatively small doughnut seller. It has only 295 stores while Dunkin Donuts has over 3,600 outlets in the United States and Canada. In spite of its size, Krispy Kreme has been described by many as "the hottest brand in America." The company's success in an environment which has made success difficult for many food operations is due in large part to the long-term vision of its top management and its establishment and achievement of S.M.A.R.T. goals. The company originated in Winston-Salem, North Carolina, in the mid-1930s when Vernon Rudolph bought a secret recipe for yeast doughnuts from a French pastry cook. Rudolph ran the company until he died in 1973 without naming a successor, which caused the company problems for the next decade. -Refer to Krispy Kreme. The company's goal to open six new Krispy Kreme stores in the next six months in British Columbia where it already has a well-established reputation would be an example of a(n)____________ goal.

Which of the following is a possible outcome of planning?

According to the text, which of the following is a pitfall of planning?

According to the S.M.A.R.T. guidelines, goals should be_________ .

A department store is experiencing greater than usual losses due to theft and management wants it stopped. Middle management decided to hire a security company to study the problem and develop the best plan for dealing with it. Middle management have implemented a(n) ____________plan.

Krispy Kreme Krispy Kreme is a relatively small doughnut seller. It has only 295 stores while Dunkin Donuts has over 3,600 outlets in the United States and Canada. In spite of its size, Krispy Kreme has been described by many as "the hottest brand in America." The company's success in an environment which has made success difficult for many food operations is due in large part to the long-term vision of its top management and its establishment and achievement of S.M.A.R.T. goals. The company originated in Winston-Salem, North Carolina, in the mid-1930s when Vernon Rudolph bought a secret recipe for yeast doughnuts from a French pastry cook. Rudolph ran the company until he died in 1973 without naming a successor, which caused the company problems for the next decade. -Refer to Krispy Kreme. Krispy Kreme's goal to open six new Krispy Kreme stores by 2009 in British Columbia where it already has a well-established reputation would be an example of a S.M.A.R.T. goal because it is__________ .

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?

In the 1960s, Coca-Cola executives in Atlanta learned there was a bottler in the Colombian jungle that was bottling pirated Coke in dumped bottles. The company recognized this unauthorized bottler as a(n)___________ .

Both absolute comparisons and relative comparisons are methods for identifying decision criteria.

In the 1960s, Coca-Cola executives in Atlanta learned there was a bottler in the Colombian jungle that was bottling pirated Coke in dumped bottles. Coke decided in the___________ stage of the rational decision-making process that it had to either bring some sort of legal action against the unauthorized bottler, ignore it, or buy it.

Budgets are an example of__________ planning.

The most popular approach to increasing goal commitment is _____________.

The six steps in the rational decision-making process are as follows: (1) frame the problem, (2) identify decision criteria, (3) weight the criteria, (4) generate alternative courses of action, (5) evaluate each alternative, and (6) compute the optimal decision.

The__________ is a type of operational plan that saves managers time because it is created once and then used repeatedly to handle frequently recurring events.

List the six steps in the rational decision making process.

Briefly identify and explain the two accepted methods of tracking progress toward goal achievement.

A daughter of a well-known financier is currently in her first year of college but has decided that she definitely wants to earn an MBA as soon as possible after earning her four-year college degree. Outline the five steps in effective planning and use these planning guidelines to develop an appropriate plan for her.

There are three kinds of___________ plans. They are single-use plans, standing plans, and budgets.

__________are types of standing plans.