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Midterm Exam Student’s Answer Sheet Essay

1. b
14. b
2. a
15. a
3. a
16. a
4. a
17. d
5. c
18. a
6. e
19. e
7. b
20. d
8. a
21. b
9. b
22. c
10. a
23. c
11. a
24. c
12. a
25. b
13. c
. .

Each Short Answer/Essay Question is worth 8 points. (Feel free to use as much space as you need to answer these five (5) questions.)

26. The four basic elements of strategic management are:

Phase 1- Basic financial planning- this is when managers initiate budget planning for the year. The planning of a budget can be time consuming. Sometimes companies might suspend certain activities while they are working on the budget. (Wheelen, 5) Phase 2- Forecast-based planning- this is when managers try to plan for the next five years. This would include planning for projects that would take more than one year. This type of planning can also be time consuming; it may take from three to five years. (Wheelen, 5)

Phase 3- Externally oriented planning- this is when the upper management will meet and talk about their strategic plan. The strategic plan needs to be updated once a year so the company can keep up with their competitors. (Wheelen, 5)

Phase 4- Strategic management- A good top management team will know that any well made plans will not work out unless everyone knows about the plans and want to help carry out the plans. (Wheelen, 6)

27. Since there has been so many company scandals since 2000 the U.S. Congress passed the Sarbanes-Oxley Act in June of 2002. This act protects shareholders from excesses or failures of a company. Another element of the act is that there is more board independence and oversight. Another element is that boards may no longer give loans to corporate officers. Also the act has established formal procedures for individuals to report incidents of questionable accounting practices. Firms are also prohibited from retaliating against anyone reporting wrong doing. Both CEO and CFO must certify the corporation’s financial information. The act also bans auditors from providing both external and internal audit services to the same company. The act also requires that firms identify whether they have a financial expert on their audit committee and who is independent from management. (Wheelen, 54)

28. The three basic approaches to ethical behavior are:

Utilitarian approach- proposes that actions and plans should be judged by their consequences. Individual rights approach- proposed that human beings have certain fundamental rights that should be respected in all situations. Justice approach- proposes that decision makers be equitable, fair, and impartial in the distribution of costs and benefits to individuals and groups. (Wheelen, 79)

29. The different types of forecasting are:

Extrapolation- is the extension of present trends into the future. This type of forecasting is based on historical events. Brainstorming- This is when the people try to predict the future and they add or slightly change ideas they have already come up with. Expert opinion- this is when experts attempt to forecast likely developments. Delphi technique- this is when different people independently assess the likelihood of specific events. Statistical modeling- this is when a company attempts to discover causal or explanatory factors that link two or more time series together.

Prediction markets- this is a recent forecasting technique enabled by easy access to the Internet. These next two forecasting techniques have not been established as successfully tools. They are cross-impact analysis and trend-impact analysis. The most widely used forecasting technique is scenario writing. This is when a company focuses descriptions of different likely futures presented in a narrative fashion. Industry scenario- is when a company looks at the future of their industry not just their company. (Wheelen, 124-125)

30. Value chain- this is a linked set of value-creating activities beginning with basic raw materials coming from suppliers. Company’s center of gravity- is part of the chain that is most important to the company and the point where its greatest expertise and capabilities lie- its core competencies. This is usually the point at which the company started. (Wheelen, 143-145)


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