How does benchmarking improve the creation of an organizational strategy quizlet?
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Works with stakeholders to define strategically aligned project objectives. Show These objectives are used to create metrics that will be used to evaluate the project's results. This activity is critical. It is possible for a project to meet its objectives but not have strategic merit. The project's purpose should be clearly related to the organization's strategy. Defines the project's deliverables. These deliverables may be broken down further into units that represent the essential work to be done to accomplish the deliverables—the work breakdown structure. The work breakdown structure will provide input into determining the required resources (e.g., time, number of team members, special skills and tools, additional expenses such as travel or training). These will in turn be used to create the project budget. Creates a project schedule. The project schedule often represents the best balance of competing and interdependent interests: time, resources, and quality. If time and quality are critical, then resources must be added. If quality and resources are limited, then more time will be required. Various tools have been developed to assist in project scheduling: Critical path analysis uses information about start or mandatory end dates, the logical relationship of tasks* (e.g., whether task C must be completed before task F can begin), and the length of each task to find the earliest completion date (or latest start date). Gantt charts primary way to communicate expectations to the team and coordinate activities. identifies problematic conflicts in activities or gaps that can be exploited to condense the schedule. Assembles a team with the requisite skills and communicates to them the project's connection with the organization's strategy, its specific objectives, and their specific roles and responsibilities. A matrix chart showing the responsibilities of each team member for each task (e.g., responsible, contributing, consulting) can be used to clarify roles and minimize misunderstandings. Recommended textbook solutions
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Terms in this set (47)What is strategic control? consists of determining the extent to which the organization's strategies are successful in attaining its goals and objectives. (True/False): It is during the strategic control process that gaps between the intended and realized strategies (i.e., what was planned and what really happened) are identified and addressed. True What two key factors is imperative for strategic control? Knowing how well the firm is performing and supporting the need for strategic control is organizational and environmental uncertainty. Who can exert the strategic control? CEO, the board of directors, or even individuals outside of the top management team What is the five-step strategic control process? Step 1: Identify factors to serve as focus of strategic control Step 2: Develop standards or benchmarks for the factors Step 3: Measure actual performance both quantitatively and qualitatively Step 4: Compare measurements with standards or benchmarks Step 5: Take corrective action as needed to align performance with standards What is competitive benchmarking? the process of measuring a firm's performance against that of the top performers, usually in the same industry What are best practices? processes or activities that have been successful in other firms— may be adopted as a means of improving performance Should strategic control occur constantly at various organizational levels and within various functions of the organization Yes What is PIMS (Profit Impact of Market Strategy) program? A database that contains quantitative and qualitative information on the performance of more than 5,000 business units. What is a common measure of performance for a firm? Market Share What is relative market share? a firm's proportion of total revenues when only a select group of rivals are considered What is a balanced scorecard? An approach to measuring performance based on an array of quantitative and qualitative factors, such as ROA, market share, customer loyalty and satisfaction, speed, and innovation. Informal organization Interpersonal norms, behaviors, and expectations that evolve when individuals and groups come into contact with one another. Formal organization The official structure of relationships and procedures used to manage organizational activity. What is business process reengineering? the application of technology and creativity in an effort to eliminate unnecessary operations or drastically improve those that are not performing well. Crisis Any substantial disruption in operations that physically affects an organization, its basic assumptions, or its core activities. Crisis Management The process of planning for and implementing the response to a wide range of negative events that could severely affect an organization Crisis management team a cross-functional group of individuals within the organization who have been designated to develop and plan for worst-case scenarios and define standard operating procedures that should be implemented prior to any crisis event. What three key points should be highlighted during crisis management planning? First, organizational leaders should take crisis management seriously. Sooner or later, every organization will face a crisis, and survival may hinge on the organization's ability to manage the situation properly. Second, steps should be taken to prevent or reduce the likelihood of crisis events whenever such action is practicable. Finally, even when a crisis cannot be avoided, it should be handled appropriately. Managing a crisis requires an investment of time attending to specific activities before, during, and after a crisis. How a crisis is managed can have a tremendous effect on the organization in both the short and long term. What are three inconsistencies of crisis management? First, some executives view crisis events as largely unpredictable or unavoidable and therefore not worthy of precious managerial time and resources. Second, many managers feel that they lack the time to adequately prepare for potential crises. Third, some leaders recognize the need for crisis planning and are willing to commit the time but simply lack the expertise necessary to make the appropriate preparations. (True/False) Strategic control should be ongoing and occur throughout the strategic management process. True Although strategic control is the final step in the strategic management process, it should be an ongoing process. (True/False): The PIMS program is a government-sponsored effort to improve strategic planning effectiveness in the United States. False The PIMS program is a database that contains quantitative and qualitative information on the performance of thousands of firms and more than 5,000 business units. (True/False): Corrective action should usually, but not always, be taken at all levels if actual performance is less than the standard that has been established. True Corrective action should be taken at all levels if actual performance is less than the standard that has been established unless extraordinary causes of the discrepancy can be identified. (True/False): Strategic control can be exerted through either the formal or informal organization. True Control can be exerted through either the official, formal organization, or through the informal organization—the norms, behaviors, and expectations that evolve when individuals and groups come into contact with one another. (True/False): Crisis management refers to efforts made to eliminate the possibility that the organization can be affected negatively by unforeseen events. False Crisis management refers to the process of planning for and implementing the response to a wide range of negative events that could severely affect an organization. Crisis management may work to reduce the likelihood of crisis events but cannot eliminate the possibility that they might occur. (True/False): Crisis management involves a series of steps that can be taken before a crisis occurs, while it is occurring, and after it has passed. True A number of steps can be taken to facilitate crisis management before, during, and after the crisis. Strategic control is important because __________. D. A & B only Strategic control helps managers understand how the firm is performing and also assists in addressing changes in an uncertain environment. Strategic control has nothing to do with feedback from lower-level managers. The strategic control process begins by __________. A. identifying appropriate In the first step of strategic control, top management determines the focus of control by identifying internal factors that can serve as effective measures for the success or failure of a strategy, as well as outside factors that could trigger responses from the organization. The process of measuring a firm's performance against that of the top performers, usually in the same industry, is known as __________. C. Benchmarking Benchmarking is the process of measuring a firm's performance against that of the top performers—usually in the same industry. Sources of published information for strategic control available to the public include all of the following except __________. C. PIMS data PIMS data is available only to firms participating in the PIMS project. Benchmarks should be __________. B. associated with the strategy's success Benchmarks should be specific, associated with the strategy's success, and within the firm's control. Which of the following approaches bases the measurement of performance on an array of quantitative and qualitative factors instead of a single quantitative measure in the organization, such as profitability? A. balanced scorecard According to the balanced scorecard approach to measuring performance, measurement is based on an array of quantitative and qualitative factors, such as ROA, market share, customer loyalty and satisfaction, speed, and innovation. (True/False): The balanced scorecard considers both quantitative and qualitative measures. True Planning for largely unpredictable and
uncontrollable negative events is most closely associated with D. crisis management (True/False): Strategic control consists of determining the extent to which the organization's strategies are successful in attaining its goals and objectives True The first step in the strategic control process is C. identifying factors that can serve as measures Strategic control may be exerted by D. all of the above (True/False): Computer sabotage is an example of an organizational crisis True (True/False): Performance measurement should emphasize comparisons to past performance False For some companies, emphasizing increases in relative market share in the strategic control process can be counterproductive True Which of the following is true about market share? D. all of the above are true
A possible surrogate measure of firm innovation is D. None of the above The final step in the strategic control process is C. taking corrective action Which of the following is not an example of crisis event? C. change in consumer preferences Which of the following is not a source of competitive benchmarking? A. data from the firm's best quarters in the previous several years Which of the following is not a valid means of evaluating firm performance? A. examine the performance of top managers relative to those in other organizations Worst-case scenarios should be developed A. by the crisis management team Students also viewedMADM 760 CH1247 terms ashtyncurtis MADM 760 Chapter 12 Quiz27 terms lorena_k Strategic Management: Theory and Practice, chapter…53 terms xjohnb22 Chapter 12. Practice Quiz12 terms AnnPerelygin Other sets by this creatorChapter 3: Competitive Intelligence19 terms Taylor_Adams606 Chapter 2: External Analysis28 terms Taylor_Adams606 Chapter 1: The Strategic Perspective23 terms Taylor_Adams606 Econ Midterm53 terms Taylor_Adams606 Recommended textbook solutions
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