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Introduction to Business Management Exam Review.docx

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Introduction to Business Management Exam Review Do not forget to read the chapters before studying the questions presented in classYou can expect 70 questions MCQ for the final No short or long answer QuestionsExam will be at Sports Complex SCS from 7pm to 9pmthExam will be on Wednesday December 12 2012 Chapter 81 What are the key functions of setting objectivesAnswer Organizational objectives are the end states or targets that managers aim for while plans are the means by which managers hope to hit the desired targets 2 Define strategic plansAnswer Strategic plans focus on the broad future of the organization and incorporate both external environmental demands and internal resources into the actions managers need to take to achieve the longterm goals of the organization3 What are the key elements of operational plansAnswer Operational plans translate tactical plans into specific goals and actions for small units of organization and focus on the near termThe near term is typically 12 months or lessThese plans are the least complex of the three and rarely have a direct impact beyond the department or unit for which the plan was developed 4 What are the key issues that managers at the corporate level focus on relative to planningAnswer Corporate level executives would primarily focus on questions such as the following What industries would we get into or out of What markets should the firm be in In which businesses should the corporation invest in money5 What type of plans do people at the business level primarily undertakeAnswer At this level managers focus on determining how they are going to complete effectively in the market6 Why is forecasting critical to the planning processAnswer Forecasts are or can be made about virtually every critical element in the environment that managers believe could affect the organization or their area of responsibility 7 What is benchmarking and what role does it play in planningAnswerBenchmarking is the investigation of the best result among competitors and noncompetitors and the practices that lead to those resultsIn terms of results managers might assess competitors that have the highest revenue to employee ratio as a means of assessing productivityFor example managers would then compare their own revenue to employee ratio to get an idea of where they stood relative to competitors If he asks for a definition then just write the bold but if he says explain then write everything 8 Why is determining the priority of objectives importantAnswerNot all objectives are of equal importance or valueFurthermore some objectives might be important now and less important laterWithout a clear understand of which objectives are most important and temporal priorities employees may be working at odds with each other or create unnecessary conflicts 9 What is the difference between defining requirements and assessing resources in the planning processAnswerIn determining resources managers are determining the key drivers of specific goalsplansThis determines what is neededAssessing resources involves determining how much of a resource is needed 10 How can a Gantt chart facilitate the sequence and timing issues in planningAnswerThe chart shows when actions are to be started and how long they are expected to take for completionIt shows which actions are first second or last in the processAnd whether a preceding actions must be completed before a subsequent one can be started Or whether there is expected overlap in the timing of specific actions 11 What are the seven elements in the planning processAnswerThe seven elements in the planning process includeAnalyze the environmentSet objectivesDetermining requirements Assessing resourcesDevelop action plansImplement plansMonitor outcomes 12 How can budgeting be used as a planning tool
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