Deck 2: Setting Goals, making Plans, and Improving Costs

Question 1

Operational plans are specific plans that are created to enact policies.Which of the following is NOT part of operational planning?

A)schedules
B)procedures
C)strategy
D)regulations Schedules,procedures,standards,and regulations are part of operational planning.

Answer 1

C

Question 2

What does the acronym MBO stand for?

A)Management By Officers
B)Master Business Operator
C)Management By Objectives
D)Master Business Objectives

Answer 2

C

Question 3

Goals should be SMART,which is an acronym that stands for ______ .

A)supervision,maintenance,attainable,relevant,tertiary
B)specific,measureable,artistic,readable,time-oriented
C)supervision,measureable,attainable,readable,time-oriented
D)specific,measureable,attainable,relevant,time-oriented

Answer 3

D

Question 4

A dramatic look at what an entire organization might be like at a distant point in the future is called a corporate ______.

A)vision
B)value
C)mission statement
D)strategy

Question 5

Lorraine believes her company copied forms too often,so she created a goal to implement a policy of electronically scanning forms.What did she do right in her goal setting?

A)identified an area for improvement
B)consulted with others
C)watched out for limitations
D)assessed the strengths and weaknesses of her department

Question 6

Jesse wrote the following goal for his training team: "The training team will conduct more training sessions by the end of the quarter." How should he improve the wording of this goal?

A)add a time outcome
B)add specific information to the number of trainings
C)add a goal that is more relevant to his team
D)add information that is measureable Jesse could write the goal as,"The training team will conduct eight more training sessions by the end of the quarter."

Question 7

Sherlock has identified his workforce as a potential cost target.What should he do to address this cost target?

A)lay off his assistant
B)ensure that his assistant uses fewer supplies
C)hire a cleaning service
D)implement energy saving methods in his office

Question 8

Lisa has identified the amount of paper used in her office as a cost target.Which type of cost target is this?

A)product
B)people
C)utilities
D)information

Question 9

SWOT stands for Strengths,Weaknesses,Opportunities,and ______ .

A)Treaties
B)Treats
C)Threats
D)Threads

Question 10

Goals can be made measureable by including ______ information.

A)qualitative
B)quantitative
C)relative
D)reactive

Question 11

Emma's match-making business has been slow lately because her clients have identified her services as a cost target.What type of cost target does Emma's business represent?

A)equipment
B)communications
C)product or service
D)materials

Question 12

Which of the following is the best way to determine cost-target priorities?

A)research the most complicated option
B)choose the most difficult issue to solve
C)find the least important issue
D)determine the fastest payback

Question 13

Natasha wrote the following goal for her television sales team: "The Blue Team will sell 30 televisions." How should she improve the wording of this goal?

A)add a time outcome
B)add specific information the number of sales
C)add a sales goal that is more relevant to her team
D)add information that is measureable Natasha could write the goal as,"The Blue Team will sell 30 televisions by the end of the current fiscal year."

Question 14

Which type of plans are typically set by higher management and are expected to be in operation for two to five years?

A)standing plans
B)single-use plans
C)short-range plans
D)long-range plans

Question 15

The first step in the planning process is to ______ .

A)develop a master plan
B)identify numbers and dates
C)provide explanations to all
D)review currency of plans

Question 16

The difference between a corporate vision and corporate values is that ______ .

A)a vision is a concrete plan for the future and values are corporate ethical standards
B)a vision is a look at what a corporation might be like in the distant future and values are corporate ethical standards
C)a vision is a standard of ethics and values are plans for the distant future
D)a vision is a statement of the primary emphasis of a corporation and values are key points that a company will strive for in the distant future

Question 17

Tham has directed her warehouse team to complete the annual inventory audit in the next ten working days.What type of plan is this?

A)long-range standing plan
B)short-range standing plan
C)long-range single-use plan
D)short-range single-use plan

Question 18

In an effort to save costs,your company has decided to delay the launch of their new advertising campaign.What type of belt-tightening program is this?

A)stop spending
B)find an alternative
C)postponement
D)avoidance

Question 19

Vernon's supervisor has just implemented a high priority plan to develop a new line of soap products.The project will be completed within three months.What type of plan is this?

A)long-range standing plan
B)short-range standing plan
C)long-range single-use plan
D)short-range single-use plan

Question 20

The overall plan for how the vision will be achieved and the mission fulfilled is called a corporate ______ .

A)vision
B)value
C)mission statement
D)strategy

Question 21

A good way to evaluate your plan is to ask questions related to the question stems who,what,when,where,why,and how.

Question 22

In the planning process,after you develop a master plan,your next step is to develop supporting plans.

Question 23

A short-range plan tends to last between two and five years.
This is a long-range plan.

Question 24

Which of the following is the best resource for cost-cutting ideas?

A)the government
B)other supervisors
C)former employees
D)your personal finances

Question 25

Employees who are involved in setting goals are more likely to be committed to success in reaching the goal.

Question 26

Goals should be directly connected to the organization's mission and strategy.

Question 27

In order to save on costs,Ellie has determined that her bookstore will sell only what is on the shelves and will order any books that they do not have for customers.This is an example of what cost saving method?

A)reducing waste
B)increasing output
C)spending wisely
D)just-in-time inventory

Question 28

As a manager,it is important that you provide periodic feedback to employees on their progress in achieving goals.

Question 29

Schedules help determine how facilities,equipment,and employees are to be used in order to accomplish organizational goals.

Question 30

What is the best way to communicate a cost reduction plan to employees?

A)explain how employees will benefit from the change
B)send an email
C)explain how the change will increase management bonuses
D)require new reports to ensure all employees are adhering to the new policy

Question 31

A mission statement typically specifies what business a firm is in and what its primary areas of emphasis are.

Question 32

Supervisors should deviate from corporate policy when necessary.

Question 33

A standing plan is used only once.
Single-use plans are used only once.

Question 34

You must create plans before you can develop goals or objectives.
You must develop goals or objectives in order to create a plan to achieve them.

Question 35

Goals should be arranged by easiest to hardest to achieve.
Goals should be arranged by highest to lowest priority.

Question 36

Which of the following is a positive method to reduce costs?

A)eliminate staff positions
B)use space more intelligently
C)reduce the number of products being developed
D)delay regularly scheduled maintenance

Question 37

A company policy is a public commitment to employees,suppliers,customers,and the community.

Question 38

The concept of Management by Objectives (MBO)differs from the basic planning process in that it involves employee feedback.

Question 39

The concept of "continuous improvement" is an effective method of examining costs because ______ .

A)it is a method to ensure that production will increase
B)staff understand that their job could change at any time
C)costs will be analyzed on an ongoing basis
D)it ensures that the product will improve over time

Question 40

The best way to ensure a goal is achieved correctly is to discourage risk-taking and creative efforts.
Risk-taking and creativity can be benefits to achieving goals.

Question 41

Continuous Improvement is a process of evaluating costs annually.
Continuous Improvement refers to a process of constant cost analysis.

Question 42

Utilities such as power,fuel,or water should not be considered when determining cost targets.

Question 43

In general,reducing costs of materials is not a good way to reduce business expenses.
Materials are promising cost targets.

Question 44

Employees fear cost reduction because they believe it threatens their security.
It is important that managers take the time to explain the reason for the change brought on by the cost-saving plan.

Question 45

Reducing the cost of supplies consumed during a production process is reducing the ___________________ costs.

Question 46

Reducing the cost or usage of power,water,or fuel is reducing the ___________________ costs.

Question 47

You should not involve employees when researching cost-cutting ideas.
Employees may have valuable cost-cutting ideas.

Question 48

List four ways to create a framework for organizational direction.

Question 49

A good way to reduce costs is to increase storage space.
Using space intelligently,such as decreasing storage space,is an effective cost-saving technique.

Question 50

When prioritizing cost targets,it is a good idea to look for the easiest method of cost reduction.

Question 51

When reducing costs,it is never a good idea to postpone planned enhancements.

Question 52

An effective method of belt-tightening is to stop spending on conveniences or improvements.

Question 53

___________________ are what come out of the planning process.

Question 54

The first step in the planning process is to ___________________ .

Question 55

Goals should be SMART,which stands for ___________________ .

Question 56

The ongoing process of searching for cost reduction is called ___________________ .

Question 57

___________________ tend to fear cost reduction because it may disrupt their work habits.

Question 58

___________________ includes the basic planning process but includes more employee involvement.

Question 59

Goals that are expressed as numbers,percentages,or dollars are ___________________ .