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Exam 9: Strategy Review, Evaluation, and Control

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Question 31

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In evaluating strategies, which one of Rumelt's criteria for evaluating strategies, refers to the need for strategists to examine sets of trends?

A) consistency
B) consonance
C) feasibility
D) advantage
E) empowerment

F) B) and D)
G) All of the above

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Question 32

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All of the following are reasons to be completely open with the strategy process except:

A) managers, employees and other stakeholders can readily contribute to the process.
B) investors, creditors and other stakeholders have greater basis for supporting a firm that is open.
C) visibility promotes democracy whereas secrecy promotes autocracy.
D) participation and openness enhances understanding, commitment and communication within the firm.
E) openness limits rival firms from imitating or duplicating the firm's strategies

F) A) and E)
G) C) and D)

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Question 33

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Discuss the three challenges that strategists face today.

The decreasing time span for which planning can be done with any degree of certainty is a reason strategy evaluation is more difficult today.

Which of these is not a key financial ratio?

Because large companies have more at stake, it is more important for large organizations to conduct strategy evaluation than small companies.

What is the basis for quantitative financial evaluation?

Regardless of the size of the organization, a certain amount of management by wandering around at all levels is essential to effective strategy evaluation.

Which of these is/are a basic activity of strategy evaluation?

Contingency plans are alternative plans that can be put into effect if certain key events do not occur as expected.

Discuss the extent of the environmental problems facing China.

Consistency, distinctiveness, advantage and feasibility are Richard Rumelt's four criteria for evaluating a strategy.

Taking corrective actions does not necessarily mean that existing strategies will be abandoned, or even that new strategies must be formulated.

Identifying both beneficial and unfavorable events that could possibly derail the strategy or strategies is the first step of effective contingency planning.

Familiarity with local environments usually makes gathering and evaluating information much easier for organizations than for ones.

Public accounting firms usually avoid strategy evaluation services.

When taking corrective action, you need to compare expected results to actual results.

What aims to balance long term with short term concerns, financial with non-financial concerns, and internal with external concerns.

Corrective action should do all of the following except:

If success for one organizational department means failure for another department, then strategies may be