...MGT/498 Final Examination Study Guide This study guide will prepare you for the Final Examination you will complete in the final week. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Strategic Overview, Ethics, and Legal Environment Objective: Indicate why a strategic management process is needed. 1. Research of the planning practices of companies in the oil industry concludes that the real value of modern strategic planning is more a. in the planning b. in the strategic thinking and organizational learning c. in the resulting written strategic plan d. in the formality of the process e. in the improved communication within the organization Objective: Describe the primary components of the strategic management process. 2. The time horizon involved with regard to basic financial planning is usually a. one year b. one quarter c. more than five years d. less than one month e. more than three years 3. A difference between basic financial planning and forecast-based planning is a. the time horizon is shorter in forecast-based planning b. forecast-based planning incorporates internal and external information c. basic financial planning utilizes consultants with sophisticated techniques d. basic financial planning utilizes scenarios and contingency strategies ...
Words: 1634 - Pages: 7
...The discussion in week two there was a lot of material covered. I enjoyed the class talking about societal environment analysis that was explained and identified external vital factors like, interest group analysis, community, market, competitor, suppliers and government analysis. All of this revolved around selection of strategic factors and one was opportunities follow by threats. In the class I like the part about driving industry competition and showing how different groups could have the power as a stakeholder, suppliers or even buyers. When the class starts talking about mapping strategic on the restaurant by using a method like high, price and low. It gave me a clear understanding on how the various firms compete. The way I saw of putting this together is, to by keeping in mind that customer is always right and making this be a significant impact on the community and the company as will. Week two covers many different materials to include the strategic management concepts, which pertains to decision and actions that determine the long-run performance of an organization. It was easy to understand that this concept involves environmental scanning, strategy formulation, and among other strategic planning. The strategic management process evaluates and controls external opportunities and threats in light of utilizing strengths and minimizing weaknesses. It is understandable that this process is applicable to small and large groups who face competition. Implementing and formulating...
Words: 306 - Pages: 2
...Business Research Applications Paper January 14, 2013 Res 320 Foundations of Research Professor Deanna (Annie) Moats I work on a farm as a cost accountant. This business is a family owned business for over three generations. This organization has grown a great deal over the generations. Technology and state of the art equipment has helped the organization grow over these years. Some of the research techniques that we use in our office are Google searches on many every day duties. The company uses many search engines and online software data programs to keep the company in compliance with every day duties. On a daily basis we use Google or yahoo to search many different businesses. Doing business in agriculture can get really tough since commodity business is very unpredictable. When doing business with new customers we like to do a full check on if they have a website available and also check their credit references with other customers they do business with. With commodities it is not something that you can repossess if not paid for since it is consumable. Management There are managers that are assigned to different departments within the company. The operations manager is in charge of making sure the business is running smoothly. The operations manager is constantly on top of all training for the employees within the company. This manager is also in charge of all safety training. We utilize online training...
Words: 803 - Pages: 4
...Statistics in Business QNT/351 Aug 21, 2013 Edward Balian Statistics Investopedia defines statistics as a type of mathematical analysis involving the use of quantified representations, models and summaries for a given set of empirical data or real world observations. Statistical analysis involves the process of collecting and analyzing data and then summarizing the data into a numerical form. ("Investopedia", 2013) Types and Levels Descriptive statistics, inferential statistics, ratio-level data, interval- level data, ordinal-level data, and nominal-level date are some types and levels of statistics. Descriptive statistics utilizes numerical and graphical methods to look for patterns in a data set, to summarize the information revealed in a data set, and to present the information in a convenient form. Inferential statistics utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data. Business decision making When it comes to the role of statistics in business decision-making it is applied in many ways in terms of consumer preferences or even financial trends. For example, managers across any type of business formulate problems, they decide on a question relating to the problem and then form a statistical formulation of the question is used to determine answers to all of the above. An example of a business question may be how many calls are answered...
Words: 399 - Pages: 2
...Company Objectives and Overall Marketing Objectives ContinuCare Health Services Inc. is a wholly owned subsidiary of Erlanger Health System and was founded as a Medicare-certified home health agency in 1984 (ContinuCare, 2011). ContinuCare expanded its services to medical billing and management assistance to multiple healthcare providers. In 2012 ContinuCare purchased a local pharmacy called Moore & King and changed the name to Erlanger Pharmacy. Being an in home healthcare provider, ContinuCare’s objective is to provide and deliver professional in home healthcare to patients that are homebound, in need of prescriptions, and recovering from hospital visits. ContinuCare’s slogan is “Driving Healthcare Home”, but we are continuing to grow as a subsidiary of Erlanger Health System. With this merger with Wal-Mart we will be delivering more than just medical care to your front door, we will also be delivering food and basic household needs to the elderly, disabled civilians, and disabled veterans. ContinuCare is a company in good standings with our community here in East Tennessee, but with this merger with Wal-Mart we will be able to expand our company throughout Tennessee and possibly further in the future. Strengths, Weaknesses, Opportunities, and Threats (S.W.O.T.) Although Wal-Mart is a known name and a great organization in the workforce, but ContinuCare is an organization that has a good name and good reputation all in its own. Being a subsidiary of one of the...
Words: 462 - Pages: 2
...Environmental Scan Environmental scanning is very important to a company’s long term and short term run within a business. In this paper there will be two businesses being evaluated through the scanning process. The SWOT analysis is the tool of choice. The SWOT analysis will provide the strengths and weaknesses of each company. The environmental scanning monitors help companies evaluate information from the internal and external factors of a company. The two companies being evaluated is USPS and Wal-Mart. The USPS internal and external factors are as follows: market and economic conditions, competitor actions, regulations, seasonality, and trend (" Internal and External Factors", 2014). The Internal factors are maintenance concepts, pricing strategies, product change, changes in usage factors, and promotions and advertising for products or services"(" Internal and External Factors", 2014). The USPS has to have better pay than the competitors to keep the employees. The carriers are paid well with USPS and tend to stay until the time they are eligible to retire. The "Performance Measurement Systems" (2004) website "External First-Class Measurement System (EXFC) is not a system-wide measurement of all First-Class Mail service performance". The USPS has very effective guidelines and follows protocol to the "T". The USPS takes great steps when ensuring quality service...
Words: 928 - Pages: 4
...Ethics Student Name MGT/498 Due Date Instructor Ethics A business must operate with ethics as a guiding principle to be successful and profitable. A company that is publically traded bears a responsibility of being a good steward of the profits the company earns, for the stakeholders, employees, and clients. The social aspect of a company and ethics go hand-in-hand. If a business fails to act ethically responsible, the result of that behavior can affect it socially. “The concept of social responsibility proposes that a private corporation has responsibilities to society that extend beyond making a profit” (Wheelen & Hunger, 2010, pg. 72). When a company is established, it begins with a foundation constructed from an idea. The idea evolves and must blossom for the business to grow and make a profit. When a business attains the soliciting stakeholders phase, there must be strategic plan in place. An effective strategic plan requires that a model is developed in order for the business to operate. Running a business requires the owner to have a plan that will include the mission, vision, code of conduct, and ethics that it will go by. A code of conduct and ethics is what the organization expects from the employees. It should also have a written policy of what the consequences are for violating any of the policies. Code of Ethics “A code of ethics specifies how an organization expects its employees to behave while on the job” (Wheelen & Hunger, 2010, pg...
Words: 926 - Pages: 4
...Business Ethics MGT/498 Business Ethics This paper will discuss the ethical practices within the business. In the recent years, many businesses have taken a closer look at how the business ethics can either hinder the business or assist them in the growth or sustainability of the business. Examining the different variables of how ethics places into the business’s social responsibilities, and their sustainably organizational strategy and business model. Along with this, both internal and external stakeholders have a part in the influence of the business’s strategy. Although there are many influences to how ethical the business is, many businesses have become more ethically sound after the introduction of the Sarbanes-Oxley (SOX) Act of 2002, which deals with the accounting side of the business (Bateman & Snell, 2011). Every item discussed above plays into the ethics of business and how they relate to the organizational strategy and business model. Ethics in relation to Strategy and Model Ethics is in many areas of business and how it can relate to the businesses strategy, and the business model. Ethics is as simple as right and wrong, but there is more to it than that, it also includes the way business should conduct itself, how individuals conduct themselves, this relates to the morals of the business and individuals in the business. The social responsibilities of business include ethics, along with discretionary, and these have an influence on the business...
Words: 955 - Pages: 4
...Aydee K Ontiveros Ethics and Social Responsibility University of Phoenix March 25, 2013 Robin Sully Ethics and Social Responsibility Ethics can be a very tricky subject to explain because what can be ethical for one company may be unethical for another. A very quick example of different ethical acceptance in a company is Nike in China its ethical for Chinese to employee children in the factories as for here in the United States that is not only unethical but also illegal as well. Also it is important to understand that just because it is legal do not mean it can be ethical. Social Responsibility and Ethics go hand in hand they both involve knowing what is right or wrong and doing what is right. But in dealing with business ethics the right thing might not be so straightforward in many occasions the biggest dilemma in a business ethics are not only should Joe still from Jim or should Jim lie to his supervisor. Many times based on the individual moral principles is easy to do what is ethical and social responsible. In a Strategic Planning When a corporation makes...
Words: 748 - Pages: 3
...NTRO There are many factors, internal as well as external that impact the planning function of management within an organization, and Coca-Cola is no exception. More than a billion times every day, thirsty people around the world reach for Coca-Cola products for refreshment. Coca-Cola is the most popular and biggest-selling soft drink in history, as well as the best-known product in the world. The Coca-Cola franchise covers a population of approximately 398 million people. Coca-Cola Enterprises employs approximately 72,000 people who operate 463 facilities, 54,000 vehicles and approximately 2.4 million vending machines, beverage dispensers and coolers. RAPID CHANGE The Coca-Cola Company experienced a period of rapid change during the 1900 through 1909 timeframe when the company experienced a period of rapid growth. This rapid growth was attributed to three pioneers sectioning off the country into territories and selling bottling rights to local entrepreneurs. Their combined efforts attributed to advancements in bottling technology which improved efficiency and product quality. "By 1909, nearly 400 Coca-Cola bottling plants were operating, most of them family-owned businesses. Some were only open during hot-weather months when demand was high" (Coca-Cola, 2004). During the 1920's and 1930's Coca-Cola began its international expansion led by Robert W. Woodruff, who was the Chief Executive Officer and Chairman of the Board. Coca-Cola plants were opened in France...
Words: 3718 - Pages: 15
...________________2nd _______________Other Patient Last Name First Name Initial D.O.B. Sex Date Description CPT Description CPT Description CPT |New Patients||Injections||Laboratory Proc| |Eval & Mgt -Brief 99201||Solu-Medrol 40mg J2920||Hemmocult 82270| |Eval & Mgt -Limited 99202||Solu-Medrol 120mg J2930||Rapid Throat Cult 87070| |Eval & Mgt -Inter 99203||Toradol 60mg J1885||Urinalysis 81000| |Eval & Mgt -Ext 99204||Vitamin B-12 J3420||Urine Dip 81002| |Eval & Mgt -Comp 99205||Phenergan 50mg J2550||Pro Urine 82570QW| |||Rocephin 1gram J0696||Glucose Random 82947QW| |Well Exam-5-11 yrs old 99383||Depotestosterone 200 mg J1071||Protime 85610QW| |Well Exam-12- 17 yrs old 99384||Injection(s); single tendon ...
Words: 645 - Pages: 3
...Ethics Paper This paper will explain business ethics and the importance of it. Strong business ethics should include integrity, honesty, and fairness to all involved. Ethics isn’t only for the employee but also for the employer of the organization who should have ethical standards in the place established by the leaders of the organization. To have a more in-depth understanding of the importance of a powerful ethical value in a business organization the role of ethics should be explained to include social responsibility, and sustainability in relation to organizational strategies. Various types of shareholders should be examined that influence a company’s strategy. Identify at least one example of a company that exemplifies sustainability and social responsibility in their operation. Factors that may have a negative or positive effect on an organization strategy are ethics, social responsibility, and sustainability. A company’s ethical value can have a far-reaching effect on the following areas of an organization: Business Policies also known as code of ethics, this visible feature of a company’s appliance policies and procedures regarding things such as promotion of diversity and discrimination among the consumers and employees of their organization. Ensuring a diverse and unbiased organization will allow business to increase the odds of attracting a wider variety of future consumers, investors and employees to their organization, regardless of one’s race, gender, or religion...
Words: 857 - Pages: 4
...Output controls focus on results, behavior controls focus on activities that generate performance, and input controls focus on resources used in performing a behavior (Wheelen & Hunger, 2008). Behavior controls define how an employee is to perform. These controls include standard operating procedures, instructions from one's supervisor, policies and rules. One behavior control is monitoring an employee during work. For example, monitoring an employee on a customer service phone call or reviewing a worker's computer for inappropriate content not related to work are types for behavior controls. Output controls include benchmarks and performance goals where the specific outcome can be measured. These include measurable facts and figures such as sales quotas or profit objectives. For example, a firm might tell its sales staff that it needs to sell 20% more than last year's figure or it might tell its operations managers that costs need to be reduced by 10% over last year's figure. Input controls include employee skills, motivation and knowledge. Hiring an individual with the necessary education and job skills to perform in a position is an input control. Additionally, there are several primary measures of corporate performance. Financial measures include return on investment (ROI), earnings per share (EPS), and operating cash flow. Shareholder measures include market value added (MVA) and economic value added (EVA). DQ 2 What methods would you consider to...
Words: 387 - Pages: 2
...Strategic Management Process Paper University of Phoenix MGT/498 Throughout this paper the topic of discussion will be to identify the many different roles involving strategic management and all of the primary components involved in strategic planning. Strategic Management emphasizes on the organizations “long-term performance. Many companies can manage short-term bursts of high performance, but only a few can sustain it over a longer period of time To be successful in the long-run, companies must not only be able to execute current activities to satisfy an existing market, but they must also adapt those activities to satisfy new and changing markets” (Wheelen & Hunger, 2008), pg6). The accomplishments set forth are essentially a way to make certain the organization has continued achievements and meets the demands of the organizations stakeholders. In addition, the long-term performance would show returns on investments to the shareholders. Therefore, the main idea behind strategic planning is to make sure all goals and achievements are continuous and keeping up with the ever change world of the business environment. Just as any business plan it is just what it is which is a plan mapping out the effectiveness of the organization including effective business practices. It is made up of the three primary components, which are strategic operations, strategic functions, and translating the strategy into action. Strategic Operation Environment Part of the strategic management...
Words: 619 - Pages: 3
...Environmental Scan: AAMCO Transmissions, Inc. Thomas Scotti MGT / 498 January 27, 2014 Dr. Chris Mendoza Environmental Scan: AAMCO Transmissions, Inc. Aamco Transmissions, Inc. (ATI) is a national company that has a majority of its store open and operating through a franchise network of individual owners and operators. Currently the franchise chain has approximately 750 open and operating stores, with about 5% (37) of those being company run stores. Aamco Transmissions, Inc. offers a wide variety of automotive services for retail sale, as well as a robust National Fleet program for fleet management companies as well as extended warranty organizations. While ATI does offer a wide variety of automotive services, they are better known for their expertise in the automatic transmission repair segment. Over the course of 50+ years of operating in the United States and Canada, ATI has established themselves as the largest transmission repair chain as well as an innovator with both advertising and manner in which customers are handled. Over the past 10 years, ATI has experienced a decline in transmission repair services performed in their centers, nationwide. On average, the average repair order size (dollar amount) has increase by 3% year over year during that time, but the volume of transmission services performed has continued to decline at a rate of 2% per year, on average. The challenge for the franchise is to maintain the core business model that has sustained the chain...
Words: 1092 - Pages: 5
