Strategy

Question 1

Concept that proposes that any organization operates within a complex environment in which it affects and is affected by a variety of forces or stakeholders who all share in the value of the organization and its activities.

Answer 1

Stakeholder concept

Question 2

Statistical method that identifies the degree of difference between planned and actual performance.

Answer 2

Variance analysis

Question 3

The process by which an organization creates the product or service it offers to the customer.

Answer 3

Value chain

Question 4

A metric that describes an activity that can change future performance and indicate higher degree of success in achieving strategic goals.

Answer 4

Leading indicator

Question 5

Process that compares performance levels and/or processes of one entity with those of another to identify performance gaps and set goals aimed at improving performance.

Answer 5

Benchmarking

Question 6

Ability to gather and analyze date from inside and outside the organization so that information is available for decision makers.

Answer 6

Business intelligence

Question 7

Describes the shortest amount of time required to complete a project, taking into account all project task relationships–for example, whether task C must be completed before Task E, and whether Tasks A and B can be completed at the same time.

Answer 7

Critical path

Question 8

Statement that reports the financial position of the organization at a specific point in time; shows assets, liabilities, and shareholder equity.

Answer 8

Balance sheet

Question 9

A state in which an organization’s strategy is consistent with its external opportunities and circumstances and its internal structure, resources, and capabilities.

Answer 9

Strategic fit

Question 10

Statistical method used to test the possible effects of altering the details of a strategy to see if the likely outcome can be improved.

Answer 10

Scenario/what-if analysis

Question 11

The actions that leaders take to move their organizations toward those goals and create value for all stakeholders.

Answer 11

Strategic management

Question 12

Statement that reports revenues, expenses, and net income (profit) for a specified period–for example, quarterly or annually.

Answer 12

Income statement

Question 13

Statement that shows incoming and outgoing cash in the areas of operations, investments, and financing and remaining cash reserves; reflects an organization’s ability to meets its current and short-term obligations.

Answer 13

Cash flows statement

Question 14

Strategies that create competitive advantage by creating a new marketplace arena in which there are no other competitors.

Answer 14

Blue ocean strategies

Question 15

Beliefs that are importance to an organization and often dictate employee behavior.

Answer 15

Organizational values

Question 16

Statement that specifies what activities an organization intends to pursue and what course management has chartered for the future; a concise statement of its strategy.

Answer 16

Mission statement

Question 17

A metric that describes an activity that has already occurred.

Answer 17

Lagging indicator

Question 18

The basic beliefs and customs shared by members of an organization that contribute to an organization’s sense of its identity.

Answer 18

Organizational culture

Question 19

Statistical method that studies the way in which a variable may change over time.

Answer 19

Trend analysis

Question 20

The process of setting goals and designing a path toward a competitive position.

Answer 20

Strategic planning

Question 21

Vivid, guiding image of an organizations’s desired future, the future it hopes to attain through its strategy.

Answer 21

Vision statement

Question 22

Actions, processes, or results that are needed to deliver a desired value.

Answer 22

Value drivers

Question 23

The benefit created when an organization meets its strategic goals.

Answer 23

Value