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Question
What is strategic management? List and explain each step in the strategic management process.Answer
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Related questions
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Keith works as a construction foreman, and he is viewed as a reliable, competent employee. Keith was recently injured in a car accident while on vacation, and his injuries are so severe that he will not be able to return to work. Which of the following would most likely provide Keith with benefits?
A) group life insurance
B) unemployment insurance
C) workers' compensation insurance
D) supplemental unemployment benefits
Q:
Which of the following terms refers to benefits for time not worked, such as unemployment insurance, vacation and holiday pay, and sick pay?
A) supplemental pay benefits
B) employee assistance
C) financial incentives
D) premium benefits
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All of the following benefits are required by federal or state law EXCEPT ________.
A) workers' compensation
B) unemployment insurance
C) disability insurance
D) maternity leave
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Which of the following was shown by the Harvard Business School to have the greatest impact on employee engagement?
A) feedback
B) job design
C) responsibility
D) challenging work
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All of the following are essential in order for incentive plans to be effective EXCEPT ________.
A) incentives appear to be logical
B) incentives are linked to behaviors
C) rewards are attractive to employees
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McDonald Manufacturing contributes cash to a trust established to purchase shares of McDonald stock for employees. Which of the following is most likely offered by McDonald Manufacturing?
A) cash plans
B) Lincoln incentive systems
C) deferred profit-sharing plans
D) employee stock ownership plans
Q:
Which of the following is NOT a type of gainsharing plan?
A) Improshare
B) Lincoln
C) Rucker
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Ryobi is a large, international power tool manufacturer that develops affordable, high-quality products, such as drills, circular saws, and routers, for both homeowners and craftspeople. As the company continues to grow, its top executives want to ensure that employees are appropriately paid for their performance and that financial incentives are both fair and effective. Currently, the firm provides merit raises based on performance appraisals; however, executives are considering changing the current incentive plan.
Which of the following questions is most relevant to the decision by Ryobi executives to discontinue all merit raises?
A) What are the guidelines for implementing a gainsharing plan?
B) What type of merit raises are effective for high-performing managers?
C) What organization wide incentive plans are used by other manufacturing firms?
D) What is the connection between merit pay increases and employee productivity?
Q:
Studies indicate that in order for merit pay to be most effective, it should be linked to ________.
A) company profits
B) annual base salary
C) employee overtime
D) employee performance
Q:
How does merit pay differ from a bonus?
A) Merit pay becomes part of an employee's base pay, but a bonus does not.
B) A bonus becomes part of an employee's base pay, but merit pay does not.
C) Merit pay is linked to individual performance, while a bonus is linked to profits.
D) A bonus is linked to individual performance, while merit pay is linked to profits.
Q:
Which of the following terms refers to an incentive plan in which a person is paid a sum for each item he or she makes or sells, with a strict proportionality between results and rewards?
A) variable pay
B) straight piecework
C) straight hourly pay
D) standard hour plan
Q:
Which of the following terms refers to changing behavior through rewards or punishments that are contingent on performance?
A) behavior modification
B) personal development
C) instrumentality
D) internal motivation
Q:
In Vroom's theory of motivation, which of the following terms refers to the perceived value a person attaches to a reward?
A) valence
B) instrumentality
C) expectancy
D) variable pay
Q:
Which of the following found that extrinsic rewards could detract from an employee's intrinsic motivation?
A) Frederick Taylor
B) Frederick Herzberg
C) David McClelland
D) Edward Deci
Q:
According to Herzberg's Hygiene-Motivator theory, which of the following factors will most likely satisfy employees' higher-level needs?
A) base salary
B) achievement
C) incentive pay
D) co-worker relationships
Q:
List the basic steps in implementing a gainsharing plan.
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Explain the advantages of employee stock ownership plans.
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In a brief essay, discuss the difference between annual bonuses for employees and gainsharing plans.
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Employers may award merit pay as traditional merit increases that increase an employee's base pay or as a lump sum merit raise. Explain the pros and cons of these two choices.
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The advantages of using BARS as a performance appraisal tool is the method's accuracy, clear standards, and consistency.
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Supervisors at Sun Microsystems use the forced distribution method to evaluate performance, so they must ensure that the proportions in each category are symmetrical.
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Formal performance appraisals have been eliminated by almost all major firms and replaced by daily assessments by peers in addition to extensive training opportunities.
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Job descriptions serve as the primary tool for developing performance standards because they already include specific job goals.
Q:
Which of the following best depicts how information technology supports performance management?
A) tracking team performance with digital dashboards
B) conducting employee training through WebEx software
C) filing benefits information through the company intranet
D) monitoring market performance with electronic scorecards
Q:
A supervisor working for a firm that uses performance management should most likely expect to ________.
A) conduct annual performance appraisals
B) compare team goals to industry standards
C) re-evaluate how employees accomplish tasks
D) use paper forms to handle performance appraisals
Q:
Oshman manufactures small kitchen appliances, such as blenders, toasters, and mixers. The firm has nearly 80,000 employees in 22 countries. Employees receive annual performance appraisals from their supervisors that combine critical incidents with a graphic rating scale. However, the firm's CEO advocates shifting from performance appraisals to performance management in an attempt to make Oshman more competitive and performance driven.
All of the following questions are relevant to Oshman's decision to replace its traditional appraisal methods with the performance management approach EXCEPT ________.
A) What technology is available to help managers gain immediate access to employee performance data?
B) How would work procedures need to be modified to provide more frequent feedback to employees?
C) How would the firm's mission and vision translate into departmental, team, and individual goals?
D) What procedures are already in place to effectively identify and measure critical incidents?
Q:
Oshman manufactures small kitchen appliances, such as blenders, toasters, and mixers. The firm has nearly 80,000 employees in 22 countries. Employees receive annual performance appraisals from their supervisors that combine critical incidents with a graphic rating scale. However, the firm's CEO advocates shifting from performance appraisals to performance management in an attempt to make Oshman more competitive and performance driven.
Which of the following, if true, best supports the argument to replace Oshman's traditional appraisal methods with the performance management approach?
A) Oshman's competitors in the small appliance industry monitor the performance of their employees through electronic performance monitoring systems.
B) Oshman executives want to align the firm's strategic plan with individual employee goals and development needs.
C) Oshman has experienced problems associated with central tendency and bias, and the firm wants to ensure that appraisals are legally sound.
D) Oshman uses management by objectives as a primary appraisal method and requires supervisors to develop SMART goals.
Q:
The continuous process of identifying, measuring, and developing the performance of individuals and teams and aligning their performance with the organization's goals is known as ________.
A) strategic management
B) performance analysis
C) performance appraisal
D) performance management
Q:
When a supervisor must criticize a subordinate in an appraisal interview, it is most important for the supervisor to ________.
A) limit negative feedback to once every year
B) provide specific examples of critical incidents
C) acknowledge the supervisor's personal biases in the situation
D) hold the meeting with other people who can document the situation
Q:
The ________ problem occurs when supervisors tend to rate all their subordinates consistently low.
A) central tendency
B) leniency
C) strictness
D) halo effect