Understanding Management
11th Edition
ISBN: 9780357033821
Author: Richard Daft
Publisher: South Western Educational Publishing
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 3AYSSL
Summary Introduction
To Select:
Rate the statement on the scale of 1 to 5 "A long term horizon is typically considered while selecting a particular course of action".
Introduction:
Course of action refers to the sequence or procedures of action that is taken into consideration by an individual that helps attain the particular objective or goal. In other words, it is the method or plan selected for attaining a particular goal.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
1. Discuss how the application of PESTEL analysis can assist small businesses in identifying
and managing external risks. Provide examples from at least three PESTEL categories.
(20 marks)
. Mention four early warning indicators that a business may be at risk.
5. A risk that has both a high impact and high probability is referred to as
A. Negligible
B. Moderate
C. Low
D. Extreme
6. A business continuity plan is mainly used to_
A. Increase profits
B. Handle daily tasks
C. Prepare for disruptions
D. Advertise services
7. What is the role of a risk owner?
A. To finance the risk
B. To monitor and manage a specific risk
C. To create risks
D. To avoid planning
8. Early warning indicators help businesses to
A. Avoid legal actions
B. Grow rapidly
C. Detect potential risks
D. Hire employees
9. A hazard-based risk includes
A. Political instability
B. Ergonomic issues
C. Market demand
D. Taxation changes
Chapter 1 Solutions
Understanding Management
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQ
Ch. 1 - Prob. 1AYSSLCh. 1 - Prob. 2AYSSLCh. 1 - Prob. 3AYSSLCh. 1 - Prob. 4AYSSLCh. 1 - Prob. 5AYSSLCh. 1 - Prob. 6AYSSLCh. 1 - Prob. 7AYSSLCh. 1 - Prob. 8AYSSLCh. 1 - Prob. 9AYSSLCh. 1 - Prob. 10AYSSLCh. 1 - Prob. 11AYSSLCh. 1 - Prob. 12AYSSLCh. 1 - Prob. 13AYSSLCh. 1 - Prob. 14AYSSLCh. 1 - Prob. 15AYSSLCh. 1 - Prob. 16AYSSLCh. 1 - Prob. 17AYSSLCh. 1 - Prob. 18AYSSLCh. 1 - Prob. 1AYSGLCh. 1 - Prob. 1AYSALCh. 1 - Prob. 2AYSALCh. 1 - Prob. 3AYSALCh. 1 - Prob. 4AYSALCh. 1 - Prob. 1AYSEDCh. 1 - Prob. 2AYSEDCh. 1 - Prob. 3AYSEDCh. 1 - Prob. 1AYSCFCACh. 1 - Prob. 2AYSCFCACh. 1 - Prob. 3AYSCFCA
Knowledge Booster
Similar questions
- 1. What is the primary purpose of risk management in small businesses? A. To eliminate all risks B. To predict profits C. To reduce and control risks D. To create new risks 2. Which of the following is a type of operational risk? A. Interest rate change B. Natural disaster C. Supplier failure D. Tax policy change 3. SWOT analysis identifies all EXCEPT A. Strengths B. Weaknesses C. Tactics D. Opportunities 4. Which strategy involves taking no action against a risk? A. Mitigation B. Avoidance C. Acceptance D. Transferarrow_forward5. A risk that has both a high impact and high probability is referred to as A. Negligible B. Moderate C. Low D. Extreme 6. A business continuity plan is mainly used to_ A. Increase profits B. Handle daily tasks C. Prepare for disruptions D. Advertise services 7. What is the role of a risk owner? A. To finance the risk B. To monitor and manage a specific risk C. To create risks D. To avoid planning 8. Early warning indicators help businesses to A. Avoid legal actions B. Grow rapidly C. Detect potential risks D. Hire employees 9. A hazard-based risk includes A. Political instability B. Ergonomic issues C. Market demand D. Taxation changesarrow_forward1. What is the primary purpose of risk management in small businesses? A. To eliminate all risks B. To predict profits C. To reduce and control risks D. To create new risks 2. Which of the following is a type of operational risk? A. Interest rate change B. Natural disaster C. Supplier failure D. Tax policy change 3. SWOT analysis identifies all EXCEPT A. Strengths B. Weaknesses C. Tactics D. Opportunities 4. Which strategy involves taking no action against a risk? A. Mitigation B. Avoidance C. Acceptance D. Transferarrow_forward
- List and briefly describe four risk response strategies.arrow_forwardExplain the purpose of a risk register.arrow_forwardAssume that your business is going to apply for a bank loan. Step into the shoes of a banking official who has the power to say yes or no to your loan application. From the bank’s vantage point, what are the strengths and weaknesses of your business plan? Does your plan seem realistic, given the financial assumptions and the business environment? What questions would you, as a bank officer, ask about your business plan? As the entrepreneur behind the business plan, how would you answer these questions and persuade the bank to approve your loan? Write up your questions and answers in one paragraph. Then use what you’ve learned to further strengthen your plan.arrow_forward
- Assume that your business is going to apply for a bank loan. Step into the shoes of a banking official who has the power to say yes or no to your loan application. From the bank’s vantage point, what are the strengths and weaknesses of your business plan? Does your plan seem realistic, given the financial assumptions and the business environment? What questions would you, as a bank officer, ask about your business plan? As the entrepreneur behind the business plan, how would you answer these questions and persuade the bank to approve your loan? Write up your questions and answers in one paragraph. Then use what you’ve learned to further strengthen your plan.arrow_forwardEven before you launch your business, you have to be ready to handle the funds that will flow in and out as you buy raw materials, pay rent, receive customer payments, and reserve cash to pay taxes. Which financial services should you have in place on your first day in business? Which might be needed months later, after you’ve established your business? Write two to three sentences about your company’s need for financial services, now and during the first year.arrow_forwardChester has negotiated a new labor contract for the next round that will affect the cost for their product Camp. Labor costs will go from $3.65 to $4.15 per unit. Assume all period and variable costs as reported on Chester's Income Statement remain the same. If Chester were to pass on half the new labor costs to their customers, how many units of product Camp would need to be sold next round to break even on the product? Select : 1 a) 1,826 b) 1,916 c) 1,743 d) 2,428arrow_forward
- Premises: Alpha, Inc. has contemplated taking over a similar but less well-known corporation. If the merger takes place, Alpha, Inc. will probably change its name and temporarily lower its prices. If the prices are reduced, more merchandise is expected to be purchased. If more merchandise is purchased, more employees will be hired. Alpha, Inc. took over the less well-known corporation. Conclusion:Alpha, Inc. was renamed and more employees were hired. Options: Necessarily true. Probably, but not necessarily, true. Indeterminable, cannot be determined. Probably, but not necessarily, false. Necessarily false.arrow_forwardYou are the newly appointed CEO of TechSouth, a South African multinational technology company based in Cape Town. TechSouth specialises in manufacturing smartphones, laptops, and smart home devices. The company has a significant presence in the African market and has recently expanded into Europe and Asia. However, TechSouth is facing several critical challenges:· Declining Market Share - Over the past three years, TechSouth has lost considerable market share to both localcompetitors and international giants like Samsung and Apple. The company's products are perceived as outdated and lacking innovation.· Employee Engagement Issues - Recent employee surveys indicate low morale and engagement levels, particularly among the younger workforce, leading to high turnover rates. Many employees feel disconnected from the company's vision and mission.· Siloed Departments - The organizational structure at TechSouth is highly siloed, with departments operatingindependently rather than…arrow_forwardYou are the newly appointed CEO of TechSouth, a South African multinational technology company based in Cape Town. TechSouth specialises in manufacturing smartphones, laptops, and smart home devices. The company has a significant presence in the African market and has recently expanded into Europe and Asia. However, TechSouth is facing several critical challenges:· Declining Market Share - Over the past three years, TechSouth has lost considerable market share to both localcompetitors and international giants like Samsung and Apple. The company's products are perceived as outdated and lacking innovation.· Employee Engagement Issues - Recent employee surveys indicate low morale and engagement levels, particularly among the younger workforce, leading to high turnover rates. Many employees feel disconnected from the company's vision and mission.· Siloed Departments - The organizational structure at TechSouth is highly siloed, with departments operatingindependently rather than…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub
Understanding Management (MindTap Course List)ManagementISBN:9781305502215Author:Richard L. Daft, Dorothy MarcicPublisher:Cengage Learning
Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
Understanding Management (MindTap Course List)
Management
ISBN:9781305502215
Author:Richard L. Daft, Dorothy Marcic
Publisher:Cengage Learning