NR 228 Exam 2 Study Guide Chapter 5 to 11
Exam 2 Study Guide
Exam 2 covers Chapters 5,10 and 11. This study guide is meant to highlight important information in the chapters; it is NOT meant to be the only thing you study. I recommend reading the chapters, looking at LearnSmart modules, reviewing...
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NR 228 Exam 2 Study Guide Chapter
5 to 11
Exam 2 Study Guide
Exam 2 covers Chapters 5,10 and 11. This study guide is meant to highlight
important information in the chapters; it is NOT meant to be the only thing
you study. I recommend reading the chapters, looking at LearnSmart modules,
reviewing your notes and making sure you can answer the questions on this guide.
Chapter 5: Strategic Planning and Decision-Making
What is planning and what are the steps to strategic planning?
1) Establish a Mission, Vision and goals
2) Analyze External opportunities and threats
3) Analyze internal strengths and weaknesses
4) Conduct a SWOT analysis and formulate Strategy
What’s a situational analysis?
A process planners use, within time and resource constraints, to gather,
interpret and summarize all information relevant to the planning issue under
consideration.
What is a contingency plan? Scenario analysis? A strategy? How do different plans
correspond to different levels of management?
Strategy- a pattern of actions and resource allocations designed to achieve
the organizations plans
Scenario analysis- a narrative that describes a particular set of future
condition a different contingency plan is attached to each scenario
Contingency plan- a alternative plan in case something doesn’t work
What is strategic management?
A process that involves managers from all parts of the organization tin the
formulation and implementation of strategic goals and strategies
What is a SMART goal?
is defined as one that is specific, measurable, achievable, results-focused, and
time- bound
What is a mission statement? A strategic vision?
An organizations basic purpose and scope of operation
The long term direction and strategic intent
What is a SWOT analysis and what are the components of it?
A comparison of strengths, weaknesses opportunites and threats that help
executives formulate strategy
Benchmarking?
The process of assessing how well one companys basic functions and skills compare
with those of another company or set of companies
Core competencies?
What are concentration, vertical integration, related vs. unrelated diversification
strategies? Low cost and differentiation strategies?
How does the BCG matrix work?
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