TEST 1 CHAPTER 5

Question 1

Conscious, systematic process of making
decisions about goals and activities that an
individual, group, work unit, or organization will pursue in the future

Answer 1

Planning

Question 2

A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies

Answer 2

Strategic management

Question 3

What does the S stand for in SMART goals?

Answer 3

Specific

Question 4

What does the M stand for in SMART goals?

Answer 4

Measurable

Question 5

What does the A stand for in SMART goals?

Answer 5

Attainable

Question 6

What does the R stand for in SMART goals?

Answer 6

Relevant

Question 7

What does the T stand for in SMART goals?

Answer 7

Time-bound

Question 8

Groups and individuals who affect and are

affected by the achievement of the organization’s mission, goals, and strategies

Answer 8

Stakeholders

Question 9

Inputs to a system that can enhance performance

• Tangible, intangible assets

Answer 9

Resources

Question 10

Process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies
• Goal of benchmarking: to thoroughly understand the “best practices” of other firms and to undertake actions to achieve both better performance and lower costs

Answer 10

Benchmarking