Executive Decision Making
Mock Exam
Course Introduction
Executive Decision Making explores the theories, models, and practices that guide high-level decision-making in organizational environments. This course delves into critical thinking and problem-solving frameworks, examining how executives assess complex situations, balance competing priorities, and navigate uncertainty. Students will analyze real-world case studies, learn to apply quantitative and qualitative decision-making tools, and develop strategies to manage risk, leverage data, and lead organizations through change. Emphasis is placed on ethical considerations, stakeholder engagement, and the impact of cognitive biases on executive choices, preparing students to make informed, strategic decisions at the highest levels of leadership.
Recommended Textbook
Strategic Management A Competitive Advantage Approach 15th Edition by Fred
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R. David
Chapter 1: The Nature of Strategic Management
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Sample Questions
Q1) Define and discuss the differences between vision and mission statements.
Answer: Many organizations today develop a vision statement that answers the question "What do we want to become?"Developing a vision statement is often considered the first step in strategic planning,preceding even development of a mission statement.Many vision statements are a single sentence.For example,the vision statement of Stokes Eye Clinic in Florence,South Carolina,is "Our vision is to take care of your vision."Mission statements are "enduring statements of purpose that distinguish one business from other similar firms.A mission statement identifies the scope of a firm's operations in product and market terms."It addresses the basic question that faces all strategists:"What is our business?"A clear mission statement describes the values and priorities of an organization.Developing a mission statement compels strategists to think about the nature and scope of present operations and to assess the potential attractiveness of future markets and activities.A mission statement broadly charts the future direction of an organization.
Q2) The element of surprise provides great competitive advantages in both military and business strategy.
A)True
B)False
Answer: True
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Chapter 2: The Business Vision and Mission
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Sample Questions
Q1) According to Vern McGinnis, an effective mission statement should define what the organization is and what the organization aspires to be.
A)True
B)False
Answer: True
Q2) Define and give an example of the self-concept component in a mission statement.
Answer: The self-concept component of a mission statement asks the question,"What is the firm's distinctive competence or major competitive advantage?"An example of the self-concept component is,"Crown Zellerbach is committed to leapfrogging ongoing competition within 1,000 days by unleashing the constructive and creative abilities and energies of each of its employees."
Q3) If an organization chooses to have both a mission and a vision, the mission statement should be established first.
A)True
B)False
Answer: False
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Chapter 3: The External Assessment
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Sample Questions
Q1) According to Michael Porter, what are the five competitive forces that create vital opportunities and threats for organizations? Which force do you feel is most important in the computer industry today? Why?
Answer: The forces are:
1)rivalry among competing firms
2)potential entry of new competitors
3)potential development of substitute products
4)bargaining power of suppliers
5)bargaining power of consumers.The rest of the response will vary by student.
Q2) Which of the following sectors of the economy would be most impacted by technological developments?
A) Forestry
B) Aeronautics
C) Textiles
D) Metals
E) Cloth
Answer: B
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Page 5
Chapter 4: The Internal Assessment
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Sample Questions
Q1) Organizational resources include all of the following EXCEPT
A) employee training.
B) firm structure.
C) planning processes.
D) information systems.
E) copyrights.
Q2) Dividend decisions concern issues such as the percentage of earnings paid to stockholders, the stability of dividends paid over time, and the repurchase or issuance of stock.
A)True
B)False
Q3) Metaphors are
A) several rites connected together.
B) shorthand of words used to capture a vision or to reinforce old or new values.
C) narratives based on true events.
D) fictional stories.
E) any objects, acts, events, qualities, or relations used to convey meaning.
Q4) According to Roger Schroeder, there are five basic functions or decision areas in production. Describe these five functions.
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Chapter 5: Strategies in Action
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Sample Questions
Q1) A chief executive officer is located in the divisional level of a large firm.
A)True
B)False
Q2) The most effective differentiation bases are those that are hard or expensive for rivals to duplicate.
A)True
B)False
Q3) What principle is built on the idea that there is no general plan for which way to go and what to do?
A) Managing by crisis
B) Managing by extrapolation
C) Managing by objectives
D) Managing by hope
E) Managing by subjectives
Q4) Financial objectives involve all of the following EXCEPT
A) growth in revenues.
B) larger market share.
C) higher dividends.
D) greater return on investment.
E) a rising stock price.
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Chapter 6: Strategy Analysis and Choice
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Sample Questions
Q1) In a BCG Matrix the pie slice indicates the proportion of corporate profits generated by that division.
A)True
B)False
Q2) Compare and contrast the IE Matrix with the BCG Matrix.
Q3) The BCG Matrix does not reflect whether or not various divisions or their industries are growing over time.
A)True
B)False
Q4) Today, boards of directors are composed mostly of
A) outsiders.
B) management.
C) union members.
D) company employees.
E) past executives.
Q5) Strategy changes may be highly effective and productive if a supportive culture does not exist.
A)True
B)False
Q6) Discuss the appropriate role of a board of directors in an organization.
Page 8
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Chapter 7: Implementing Strategies: Management and Operations Issues
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Sample Questions
Q1) Why do changes in company strategy often require changes in the way an organization is structured?
A) Structure dictates how goals and objectives will be established.
B) Structure dictates how resources will be allocated.
C) Structure should be designed to facilitate the strategic pursuit of a firm.
D) All of the above
E) None of the above
Q2) Four types of resources that can be used to achieve desired objectives are financial, physical, human, and technological.
A)True
B)False
Q3) What are five differences between strategy formulation and strategy implementation?
Q4) Strategists should strive to preserve, emphasize, and build upon aspects of an existing culture that are antagonistic to a proposed strategy.
A)True
B)False
Q5) What are the advantages and disadvantages of a divisional organizational structure?
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Chapter 8: Implementing Strategies: Marketing, Finance/Accounting,
R&D, and MIS
Issues
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Sample Questions
Q1) The first step in performing projected financial analysis is to
A) prepare the projected balance sheet.
B) take an inventory of goods.
C) estimate increases in debt.
D) prepare the projected income statement.
E) calculate the projected net income.
Q2) After completing an EPS/EBIT analysis, what conclusions would you make if the debt line is above the stock line throughout the range of EBIT on the graph?
A) Debt appears to be the best financing alternative.
B) Stock would be the best financing alternative.
C) A combination of debt and stock is probably the best financial alternative.
D) Dividends must be considered before conclusions can be made.
E) The company should be privately owned.
Q3) Besides net profit from operations and the sale of assets, two basic sources of funds for an ongoing enterprise are debt and equity.
A)True
B)False
Q4) What is business analytics and why is it so important in businesses today?
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Q5) Discuss some ways in which management information systems can benefit a company.
Chapter 9: Strategy Review, Evaluation, and Control
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Sample Questions
Q1) Identifying both good and bad events that could jeopardize strategies is the first step of effective contingency planning.
A)True
B)False
Q2) Compare and contrast two of Rumelt's four criteria for evaluating strategies.
Q3) Quantitative criteria commonly used to evaluate strategies are
A) cash budgets.
B) Balanced Scorecards.
C) Capital Asset Pricing Models.
D) financial ratios.
E) present value analyses.
Q4) The strategy-evaluation process should foster A) mutual understanding.
B) doubt.
C) corporate culture.
D) complexity.
E) division.
Q5) Adequate and timely feedback is important to effective strategy evaluation. A)True
B)False
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Chapter 10: Business Ethics, Social Responsibility, and Environmental Sustainability
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Sample Questions
Q1) Which of the following companies ranks among those against whom some of the largest payouts for class-action legal fraud suits ever were judged?
A) AOL Time Warner
B) Walt Disney
C) Starbucks
D) Herman Miller
E) Edison
Q2) Some of the largest payouts for class-action legal fraud suits ever were against Enron ($7.16 billion)and WorldCom ($6.16 billion).
A)True
B)False
Q3) Why should companies have policies addressing workplace romance?
Q4) A rising tide of consciousness about the importance of business ethics is sweeping the United States and the rest of the world.
A)True
B)False
Q5) Describe a sustainability report.
Q6) Within an organization, who is responsible for providing ethics leadership?
Page 12
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Chapter 11: Global and International Issues
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Sample Questions
Q1) In China, one should eat heartily to demonstrate enjoyment of the food.
A)True
B)False
Q2) Though China has more than 1.3 billion residents, the middle class segment that is able to buy goods and services is rapidly shrinking.
A)True
B)False
Q3) The U.S. furniture manufacturing industry is not yet greatly challenged by foreign competitors.
A)True
B)False
Q4) To avoid paying U.S. taxes on income made in other countries, many U.S. companies are ________ outside the USA but ________ inside the USA.
A) cash-poor; cash-rich
B) cash-rich; cash-poor
C) unincorporated; incorporated
D) cash-poor; incorporated
E) unincorporated; cash-rich
Q5) Describe some key features of the European work environment.
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