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Exam 5: Planning and Decision Making

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Question 1

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One of the benefits of planning is how it .

A) encourages people to work faster
B) encourages people to try a variety of different ways to do others' jobs
C) reduces employee turnover
D) eliminates all discriminatory practices
E) does none of these

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Question 2

Multiple Choice

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As a company that manufactures janitorial cleaning supplies tries to develop more environmentally -friendly products that can clean as well as its current ones, the company's manager must select among alternatives derived from oranges, parsley, lemon, or a combination of these ingredients. This is the making model.

A) generate alternative courses of action
B) evaluate each alternative
C) compute the optimal decision
D) satisfice each alternative _{e. bounded rationality}
Step in the rational decision-

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B

Question 3

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On average, companies that create plans have larger profits and grow much faster than companies that don't.

Management by objectives (MBO) is a management technique often used to develop and carry out .

is a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions.

Planning can impede change, create a false sense of certainty, and lead to the detachment of planners.

Budgeting is a critical management task, one that most managers could do better.

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. Which of the following would be an example of an operational plan for Krispy Kreme?

In the Dephi technique, the members of a panel of experts respond to questions and to each other until reaching agreement on an issue.

Planning is ultimately based upon .

Which of the following is the most specific type of standing plan?

One method of weighting decision criteria uses compared directly to every other criterion.

Creating and executing a plan is one of the most important tasks of a manager.

The first step in rational decision making is to:

can help organizations to maintain flexibility as they plan.

S.M.A.R.T. goals are Specific, Meaningful, Active, Reachable, and Timely.

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. How does Krispy Kreme benefit from planning?

How does a company benefit from planning?

Who is responsible for the creation of tactical plans?

Which of the following is the most specific type of standing plan?