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Mgt 3301 UHD Ch. 8 Exam Questions And Correct Answers
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Mgt 3301 UHD Ch. 8 Exam Questions And Correct AnswersManagers monitor the four building blocks of competitive advantage by using
organizational _______. - ANSWER control
Managers use control systems to _______. - ANSWER monitor, evaluate and get
feedback on the organization's efficiency and effectiveness
Click and drag on elements in order
Rank the following steps of the control process in order from first (at the top) to last (at
the bottom). - ANSWER 1. Establish standards of performance
2. Measure actual performance
3. Actual performance is matched against pre-set standards.
4. Manager evaluates the outcome and institutes corrective action
As it relates to performance, managers must have to conscientiously select the
standard that will help them to measure how they are performing with all four of the
building blocks of _______ advantage. - ANSWER competitive
Which step of control process compares actual performance against standards or
chosen standard of performance? - ANSWER Step three
Control systems help monitor which of the following building blocks of competitive
advantage? (Check all that apply.) - ANSWER Superior efficiency
Innovation
Quality
Responsiveness to customers
Financial measures, organizational goals, and operating budgets are ____ controls. -
ANSWER output
, Feedback systems which provide managers with information about how well the
organizational strategy and structure are working are an example of _______. - ANSWER
control systems
Which of the following measures of financial performance is the product of the
organization's net income before taxes divided by its total assets? - ANS Return on
investment
Which of the following are steps of the control process? (Select all that apply.) - ANS
Establish standards of performance
Measure actual performance
Evaluate the result and initiate corrective action
Compare actual performance to established standards
A company is highly leveraged if it uses more _______. - ANSWER debt than equity
When managers set the goals and standards of performance for employees to meet,
they are accomplishing the _______ step of the organizational control process. -
ANSWER first
What kind of ratio indicates how well managers are using the organization's resources
to create profits? - ANSWER Profit
The third step of the organizational control process is to _______. - ANSWER compare
actual performance against chosen standards of performance
Operating margin is calculated by _______. - ANSWER dividing a company's operating
profit by sales revenues
Which of the following are the three main output controls? (Check all that apply.) -
ANSWER Organizational goals
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