Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 2.5, Problem 2DQ
Describe some decisions that might be good for an organization’s profitability in the short-term, but bad for the organization in the long-term
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
What is more important for a firm–profit maximization or value maximization? What issues or conflict of interest can come up between owners and managers and how can they be solved?
Implementation of a company’s strategic plan often begins by determining management’s basic expectations about future economic, competitive, and technological conditions, and their effects on anticipated goals, both long-term and short-term. Many firms at this stage conduct a situational analysis that involves examining their strengths and weaknesses and the external opportunities available and the threats that they might face from competitors.
After performing the situational analysis, the organization identifies potential strategies that could enable achievement of its goals. Part of this process involves business managers creating budgets to plan for future operations, create benchmarks to measure progress, and maintain necessary accounting controls.
The majority of literature that has used examples to describe a master budget have been limited to manufacturing companies. These companies tend to have comprehensive operating budgets and therefore serve as a good starting point in…
Using concepts/terms from the book, Management by Bateman, Snell, and Konopaske, 7th edition.
Situation: Consider the major decision of changing from a General Business major to a Marketing Major
Discuss the following questions:
What was the decision you had to make?
How did you go about creating alternative solutions (possible outcomes)?
What was the process you used and was it similar to the formal planning steps noted in the chapter?
Did the outcome meet expectations? (as planned, better, worse, mixed)
Would you change the process you if you had to do it again, regardless of the current outcome?
Chapter 2 Solutions
Principles of Management
Ch. 2.1 - What challenges does New Belgium Brewery face in...Ch. 2.1 - Can you think of any other examples of companies...Ch. 2.1 - Would you like to work for an organization that is...Ch. 2.1 - What are some positive outcomes of decision-making...Ch. 2.1 - How is managerial decision-making different from a...Ch. 2.1 - In addition to the owners of a business, who are...Ch. 2.2 - Explain the two systems used by the brain in...Ch. 2.2 - What is emotional intelligence, and why is it...Ch. 2.3 - Give an example of a programmed decision that a...Ch. 2.3 - Give an example of a nonprogrammed decision.
Ch. 2.3 - What are heuristics, and when are they helpful?Ch. 2.3 - How are programmed and nonprogrammed decisions...Ch. 2.4 - Do you think a culture focused on learning makes...Ch. 2.4 - What are the advantages of a culture that...Ch. 2.4 - The job of CEO means making big decisions that...Ch. 2.4 - Explain the concept of confirmation bias.Ch. 2.4 - List and describe at least three barriers to...Ch. 2.4 - When is conflict beneficial, and when is it...Ch. 2.5 - If you were faced with an ethical dilemma, from...Ch. 2.5 - Describe some decisions that might be good for an...Ch. 2.5 - What factors would you take into consideration if...Ch. 2.5 - Explain what satisficing is and when it may be a...Ch. 2.5 - What are the six steps in the decision-making...Ch. 2.5 - What are the four steps involved in ethical...Ch. 2.6 - Explain why group decision-making can be more...Ch. 2.6 - What are some things that can prevent groups from...Ch. 2.6 - As a manager, what can you do to enhance the...Ch. 2 - What are some of the factors that enabled to Jen...Ch. 2 - What are the two systems that the brain uses in...Ch. 2 - What is a heuristic, and when would it be...Ch. 2 - What is confirmation bias? Explain how it can be a...Ch. 2 - What is a logical fallacy?Ch. 2 - What are the two types of conflict? Which one is...Ch. 2 - What are the steps in the decision-making process?...Ch. 2 - What can individuals do to improve the quality of...Ch. 2 - What can groups or group leaders do to improve the...Ch. 2 - What are the benefits of decision-making in a...Ch. 2 - Why do you think vinyl records are appealing to...Ch. 2 - Do you think the sales growth will continue to be...Ch. 2 - What research would you want to conduct prior to...
Additional Business Textbook Solutions
Find more solutions based on key concepts
What are the four elements of the budgeting cycle?
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Define committed costs and provide two examples of committed costs?
Construction Accounting And Financial Management (4th Edition)
Prepare a production cost report and journal entries (Learning Objectives 4 5) Vintage Accessories manufacture...
Managerial Accounting (5th Edition)
Ravenna Candles recently purchased candleholders for resale in its shops. Which of the following costs would be...
Financial Accounting (12th Edition) (What's New in Accounting)
S4–14 Calculating the current ratio
Learning Objective 6
End of Line Montana Registration has these account b...
Horngren's Accounting (12th Edition)
What is the relationship between management by exception and variance analysis?
Cost Accounting (15th Edition)
Knowledge Booster
Similar questions
- What dangers does a company face if it focuses only on tactical decisions?arrow_forwardA well-managed company means... Select one: a. That optimises its resources. b. That achieves sustainable production. c. That sells more and better.arrow_forwardI need some help with my discussion questions this week Topic One - In the book, the NFL is used as an example for industry-wide advertising. Discuss some possible methods of cost-sharing for the 32 NFL teams, and some of the pros and cons of each. Topic Two - Suppose you are the manager of a large automobile dealership that sells a few different major brands of cars. Consider the following scenario and use marginal analysis to determine how to deal with challenges. There is now information available on the internet about how to make a counterfeit “smart key” that will unlock doors of the cars you have in stock in your parking lots. What should happen to the amount of security you have to prevent auto theft? How might you respond? Explain.arrow_forward
- A software company in Barbados is organizing a competition, inviting business ideas that promote the use of smartphone technology to conduct business. You enter your business plan, an initiative to involve unemployed teenagers and young adults from local communities to generate business and employment, and it was so well received that you were awarded a special prize of 50,000 Barbados dollars. You plan on using your prize money to implement your idea. a. Identify key decisions you need to make, the information you require to make these key decisions, and the five major business processes you need to engage in.arrow_forwardRead the following case and do the tasks below You are a general director for XYZ private hospital in Amman, and the hospital is not doing well at the moment due to many problems. You need to borrow money from Bank and you recognize that they will ask for SWOT analysis and a brief report to convince them that you know what you are doing Use the following facts in your analysis: Facts: - The Hospital location is very close to Amman Mall - One major private hospital in Amman will leave the industry - 30% annual growth in the market by 2022. - Large empty land is owned by the hospital. - Workers laws are flexible concerning employing foreign workforce. - 7% reduction in training cost by 2020 - There are a new shopping centers is being built next to the hospital - Covid-19 is expected to continue for the few coming years. - Four star hotel is being built next to the hospital - Your current customers complain that is always difficult to find a transportation by the hospital - The hospital…arrow_forwardBased on the picture below, explain each briefly like you are teaching this to your students or give a summary explanation about how scenario planning works. Key focal issue Driving forces Critical uncertainties Scenario Frameworkarrow_forward
- which type of cost do you prefer that usefulness in managerial decision-making?arrow_forwardIn the process of understanding customer behavior, give real examples of “Dimensions of decision making”. Also, apply the SMART framework to any business objective of your choice.arrow_forwardIn details, clarify the content of this Competitive Profile Matrix, and what are the uses of this matrix? In addition, if you are a decision taker, clarify how this matrix will help you to take decisions? And what are the decisions that you will take?arrow_forward
- In your opinion,what is the single major benefit using strategic management approach to decision making?Cite an examples to justify your answer.arrow_forwardthis is a management question ... how can an organization's values contribute to its competitive advantage and long-term success?arrow_forward‘Business strategy produces long-term plans for the business, taking into consideration plans and possible actions of competitors, the main objective being to position the firm so it has a competitive advantage... If management accounting is to play this role in strategic management, it must provide managers not only with internal, financial information, but also with information, both financial and non-financial, about the environment in which the firm is operating: strategic management accounting’ (Lord, 2007, p.135). Discuss the previous statement, taking in to consideration the following perspectives: b)The appropriateness of the new performance evaluation techniques (such as balanced scorecard and strategic management accounting techniques) to the strategic management accounting objectives in comparison to the traditional performance measures. * please help me to answer this question in details, thanksarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you