MGT 521 Week 5 Knowledge Check

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MGT 521 Week 5 Knowledge Check

The material presented below is not meant to be a comprehensive list of all you need to know in the content area. Rather it is a starting point for building your knowledge and skills. Additional study materials are recommended in each area below to help you master the material.

Personalized Study Guide Results:

Score: 17 / 17

Concepts Mastery Questions

Control Process 100% • 1

• 2

• 3

• 17

Feedforward/Concurrent/Feedback Controls 100% • 4

• 5• 6

Financial Controls 100% • 7

• 8• 9

Balanced Scorecard 100% • 10

• 11

• 12

• 13

Benchmarking 100% • 14

• 15

• 16

Concept: Control Process

Mastery : 100% Questions : • 1

• 2

• 3

• 17

Materials on the concept:

• Introduction to Controlling

• The Control Process

• Step 1. Measuring Actual Performance

• Managerial Decisions in Controlling

• Correct Actual Performance

1.

The control process assumes that ________.

• A.

employees require clear directions from management

• B.

employees are underqualified and require training

• C.

specific goals for performance were already created during the planning process

• D.

employee monitoring costs are part and parcel of doing business

2.

An example of control criteria that can be used in any situation is ________.

• A.

number of calls taken per day

• B.

employee satisfaction

• C.

average time to process paperwork

• D.

client requests completed per hour

3.

In reviewing the result of the control process, managers could choose to avoid taking action when ________.

• A.

an employee fails to attain the standard because of internal problems

• B.

the variance between actual performance and the standard is acceptable

• C.

performance standards are acceptable, though the employees have not attained it

• D.

the variance observed from the expected performance is caused due to unrealistic standards

17.

If a manager rationalizes that he does not have time to investigate the source of a problem and instead resorts to “putting out fires,” the manager is missing the use of ________.

• A.

bureaucratic control

• B.

immediate corrective action

• C.

basic corrective action

• D.

concurrent control

Concept: Feedforward/Concurrent/Feedback Controls

Mastery : 100% Questions : • 4

• 5• 6

Materials on the concept:

• Feedforward/Concurrent/Feedback Controls

• Feedforward Control

• Introduction to Controlling

• Concurrent Control

• Feedback Control

4.

Which of the following types of control prevents problems because it takes place prior to the actual activity?

• A.

Feedforward control

• B.

Concurrent control

• C.

Feedback control

• D.

Management control

5.

Management by walking around is what type of control?

• A.

Feedforward control

• B.

Concurrent control

• C.

Feedback control

• D.

Reactive control

6.

What type of control gives employees information on how well they performed, and therefore, can increase motivation?

• A.

Feedforward control

• B.

Concurrent control

• C.

Feedback control

• D.

Proactive control

Concept: Financial Controls

Mastery : 100% Questions : • 7

• 8• 9

Materials on the concept:

• Financial Controls

• Introduction to Controlling

• Tools for Measuring Organizational Performance

7.

The current ratio and acid test are two examples of what type of ratio?

• A.

Activity

• B.

Liquidity

• C.

Leverage

• D.

Profitability



8.

Which of the following ratios measures an organization’s ability to meet financial obligations (debt) and allow someone to understand the company’s use of different methods of financing to pay interest?

• A.

Liquidity ratios

• B.

Leverage ratios

• C.

Profitability

• D.

Activity ratios

9.

If a firm wants to measure items related to sales and turnover, it should use what type of ratio?

• A.

Liquidity

• B.

Leverage

• C.

Profitability

• D.

Activity

Concept: Balanced Scorecard

Mastery : 100% Questions : • 10

• 11

• 12

• 13

Materials on the concept:

• Introduction to Controlling

• Tools for Measuring Organizational Performance

• Balanced Scorecard

10.

Which of the following is a performance measurement tool that looks at four areas that can help a company succeed?

• A.

Market value method

• B.

Economic value method

• C.

Balanced scorecard approach

• D.

Information control approach

11.

Suzy’s Packing Supplies is an organization that prides itself on keeping its employees happy. In fact, most of Suzy’s performance measures are based around the firm’s workers. If Suzy chooses to measure the organization’s performance using the balanced scorecard tool, which one of the four factors will she focus on the most?

• A.

Financial

• B.

Customer

• C.

Internal processes

• D.

People/innovation/growth strategies

12.

Which of the following options listed would be an example of a measurement in the internal processes area of a balanced scorecard?

• A.

Employee satisfaction

• B.

Customer satisfaction

• C.

Quarterly profits

• D.

Duplicate activities across functions

13.

Which of the four areas of a balanced scorecard can help a firm best answer the question, “how do we look to shareholders?”

• A.

Customer

• B.

Internal processes

• C.

People/innovation/growth assets

• D.

Financial

Concept: Benchmarking

Mastery : 100% Questions : • 14

• 15

• 16

Materials on the concept:

• Introduction to Controlling

• Tools for Measuring Organizational Performance

• Benchmarking of Best Practices

14.

________ is a method through which organizations compare themselves to other firms to improve their processes and products.

• A.

Factor analysis

• B.

Total quality management

• C.

Market positioning

• D.

Benchmarking

15.

Firms can benchmark their performance against competitors, but they can also benchmark against themselves. This is known as _____.

• A.

self-analysis

• B.

planning

• C.

intra-organizational benchmarking

• D.

internal benchmarking

16.

Amy’s Waffle Hut is not performing well in inventory turnover (products are sitting unused for too long, and some are spoiling). To correct this, Amy walks across the street to speak to Sue, owner of Sue’s Cinnamon Rolls, to see how she handles her inventory. Amy is engaged in what process?

• A.

Competitor sabotage

• B.

Networking

• C.

Competitor analysis

• D.

Benchmarking
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