MGT 521 WEEK 5 KNOWLEDGE CHECK | VERIFIED ANSWERS

MGT 521 WEEK 5 KNOWLEDGE CHECKMGT 521 WEEK 5 KNOWLEDGE CHECK Week 5 Knowledge Check 1 . The control process assumes that ________. A. employees require clear directions from management B. employees are underqualified & require training C. specific goals for performance were already created during the planning process D. employee monitoring costs are part & 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 satisfactio C. average time to proces paperwork D. client requests completed per hou Correct : 3 . In reviewng the result of the control process, managers could choose to avoid taking action when _______. A. an emloyee fails to attain the standard because of internal problems B. the vaiance between actual performance & the standard is acceptable C. perforance standards are acceptable, though the employees have not attained it D. the variance observed from the expected performance is caused due to unrealistic standard 4 . Which of the following types of control prevents problems because it takes place prior to the ctual activity? . Feedforward control . Concurrent control . Feedback control . Management control 5 . Management by walking around is what type of control? . Feedforward control . Concurrent control . Feedback control . Reactive control 6 . What type of control gives employees information on how well they performed, & therefore, an increase motivation? . Feedforward control . Concurrent control . Feedback control D. Proactive control 7 . The current ratio & acid test are two examples of what type of ratio? . Activity . Liquidity . Leverage . Profitability 8 . Which of the following ratios measures an organization’s ability to meet financial obligations (debt) & 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 & turnover, it should use what type of ratio? A. Liquidity B. Leverage C. Profitability D. Activity 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 14 . ________ is a method through which organizations compare themselves to other firms to improve their processes & 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, & 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 17 . If a manager rationalizes that he does not have time to investigate the source of a problem & 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 Week 3 Discussion Question 1 What attributes do successful entrepreneurs possess? Which attribute do you feel is the most important & why? Successful entrepreneurs possess strong leadership abilities & strong communication skills. They should also be well educated in fields necessary to run a business such as management. It definitely helps if entrepreneurs are trusted & respected. Strong leadership skills are very important because employees need to feel guided, motivated, & secure in their position within the company. Strong communication skills are essential in any business. A leader should be able to communicate clearly, concisely, & effectively. The education an entrepnuar has should have a wide range of fields so that he or she is able to make intelligent & knowledgeable decisions for the best of the company & the employees. If the entrepreneur is has strong leadership skills, communication skills, & is educated in their field than the trust & respect will follow. I think the most important skills an entrepreneur must possess are leadership abilities & communication sklls but I believe education to be equally important. It is difficult to follow a leader who is motiated, driven, & excited about the next project but has no idea how to make it happen or even get it started. What motivation the leader may have brought out in the employees will quickly dwinle to frustration. Being a good leader has to include to good "know-how". Without leadershi skills employees may lack motivation, drive, & even happiness at work. Absenteeism maybecome a problem & tasks & projects may fail to be completed on time. Lack of communicationskills can also lead to employee frustration. No matter how knowledgeable a leader is & how mtivated he or she makes employees, if the leader lacks solid communication skills employees cn become frustrated & even confused. 2nd ResponseEntrepreneurs need to possess a lot of good attributes to be successful. They need to be fearless, decisive, good salesmen, optimistic, & handle rejection well. Entrepreneurs need to be fearless.This means that they are willing to take the risk. It is also connected to the other attributes becuse they need to be decisive & optimistic as well when they are fearless. This is why I think itis the most important attribute of entrepreneurs. By being able to know when to take the risk, he entrepreneur should not be trapped in the idea of "what if it fails?". Entrepreneurs make things happen. They not only have goals & plans but they move forward. They are read to face & adapt to the challenges as they go along. They overcome their fears because they are prepared for rejection. They should also be good salesmen because in business they need to sell their products, services, & ideas not only to their clients but to investors & lenders as well. Being fearless is the best attribute of an entrepreneur because it helps them be more open-minded. This attribute gives them more alternatives because they are willing to take the risk to achieve their goals.