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11 Cards in this Set
- Front
- Back
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Which of the following statements is true of the control cycle? a. It ensures that outputs are produced to meet the needs of the market but not the specifications of a firm. b. It provides a firm with mechanisms and systems to monitor its transformation process. c. It can be used only to evaluate the results of strategies and not to plan strategies. d. It is a two-stage process that helps a firm monitor its competitors and consumers. |
b. It provides a firm with mechanisms and systems to monitor its transformation process. |
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Which of the following methods uses four different perspectives—financial, customer, business process, and learning and growth—to align the goals of an organization with the day-to-day action of individual employees? a. The balanced scorecard b. Control-cycle analysis c. Activity-based costing d. Benchmarking |
a.) the balanced scorecard |
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Which of the following perspectives used in the balanced scorecard focuses on measurements that will improve a company's ability to serve and deliver value propositions to its customers? a. The business process perspective b. The customer perspective c. The learning and growth perspective d. The financial perspective |
a.) the business process perspective |
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Which of the following financial measures is most important to a firm in the growth stage of a business life cycle? a. Return on capital b. Probability measurements c. Operating income d. Market share |
d.) market share |
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Which of the following customer metrics does a company track by measuring the percentage growth of business with existing customers? a. New customer acquisition b. Customer loyalty c. Customer satisfaction d. Customer profitability |
b.) customer loyalty |
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Benchmarking is the process of: a. allowing employees to compete against each other and evaluating their relative performance as a basis for their promotion. b. collecting data from the industry's best players and using their numbers as a goal or guideline. c. setting a minimum target for sales and revenue and planning strategies to achieve that target. d. evaluating a firm's tangible and intangible assets and setting goals to utilize them to the maximum possible extent. |
b. collecting data from the industry's best players and using their numbers as a goal or guideline. |
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Open-book management is a practice in which: a. a company does not bind itself to fixed goals or targets and modifies them constantly. b. management shares all of the financial data of a company with all of its employees. c. the employees of a firm are asked to identify potential candidates from their social networks and refer them for jobs in the firm. d. management encourages all the employees to own shares of company stock. |
b. management shares all of the financial data of a company with all of its employees. |
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Which of the following factors undermines the effectiveness of Six Sigma? a. It is not useful in manufacturing industries, where products and processes are mass customized and mass standardized. b. It solves problems in an existing framework but fails to challenge that framework and create a new one in its place. c. It uses a method known as DMAIC, and this makes it a weak option for reducing operating costs. d. The method has a qualitative, not quantitative, focus that results in less credibility. |
b. It solves problems in an existing framework but fails to challenge that framework and create a new one in its place. |
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Which of the following statements is true of ISO 9000? a. It requires organizations to document every part of the process that contributes to the quality of an end product. b. It provides a detailed method to improve an end product. c. It is inexpensive and does not incur huge expenses for companies by way of training, consultants, registration, and time. d. It focuses on improving human resources rather than the processes of production. |
a. It requires organizations to document every part of the process that contributes to the quality of an end product. |
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The last step of the control cycle is to: a. monitor results. b. set targets for long-term performance. c. identify measures to improve performance. d. take corrective action. |
d.) take corrective action |
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Too much emphasis on social support without a counterbalancing focus on performance results in a: a. burnout context. b. low-performance context. c. country club context. d. high-performance context. |
c. country club context. |
