Strategic Management Competitiveness And Globalization Concepts And Cases 8th Edition Michael A. Hitt, R. Duane Ireland, Robert E. Hoskisson - Solutions

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4 Economic growth is due to three factors:a A rapidly growing urban middle class b An investment in infrastructure c A drive to conquer international markets
5 The major differences between emerging countries and OECD countries are a number of market failures due to institutional contexts:a Governance marked by weak rule of law, poor control of corruption and regulatory quality b Institutional voids and market imperfections c Ease of doing business
6 Global firms benefit from emerging countries for:a Market development b Sourcing and localization of production capacities
7 Strategies for emerging countries consist of:a Deciding on the kind of product/service redesign and adaptation needed according to the selected segments b Deciding on the localization of strategic capabilities c Deciding whether one engages in strategic partnership with local firms
8 Emerging market champions:a Concentrate on the lower-end segments in their protected home markets b Succeed in building volume in a market that is largely ignored by multinational firms c In the international markets they start first importing low-priced products through OEM and distributors’
2 Why does a growing middle class contribute to growth?
Understand the meaning of culture and the various layers of culture
Understand the variety of different forms of economic organization and business system
Identify the key characteristics of international cultural differences
Understand the different management issues associated with cultural differences
Understand the managerial issues associated with cross-cultural teams
Understand how cultural differences affect international negotiations
Identify the key characteristics of an economic culture
Be aware of differences in the ways of conducting business across cultures
1 How do you assess the situation?
2 Do you think Gunawan was being unreasonable?
3 Do you think the Western consultants did not understand the Indonesian context and culture?
4 How much were the clashes caused by cultural differences as opposed to commercial ones?
2 What is the ‘silent language’ of negotiation?
3 A lower-level manager discovers that his boss has made a wrong decision that could affect the company negatively. Looking at the various cultural norms described in the chapter, how would you expect this manager to behave if she/he was:i Indonesian?ii Danish?
1. The objectives of a project control system?
2. The basics of how a project control system works?
3. The process of preparing a project for construction and control?
4. The models used to monitor and control cash inflows and outflows?
5. How to properly measure and document cost and schedule performance?
1. How is the project doing? (analysis)
2. Is the production improving? (trending)
3. What is the projected outcome? (forecasting)
1. An increase in indirect costs could be directly attributable to an increase in what aspect of a project?a. Qualityb. Direct costsc. Durationd. All of the abovee. None of the above
2. Which of the following is not a suggestion for making controlling successful?a. Managers should make sure that the mechanics of the control process are understood by organizational members involved with controlling.b. Managers should use control activities to achieve many different goals.c.
3. When estimates and schedules are initially prepared, unlimited resources are assumed.True or false?
4. Which of the following best models accounts payable for a general contractor?a. Cost curveb. Cash requirements curvec. Production curved. Cash income curvee. Schedule of values curve
5. To create an accurate cash flow projection, estimate and schedule information must be accurately integrated. True or false?
6. The control cycle/control loop is designed to occur on a monthly basis. As the cycle is accelerated, the accuracy of the collected data decreases. True or false?
7. The standards established for the design of an effective financial accounting system are the same as those required to run a successful @ArcLib management control system. True or false?
8. Time card information recorded in the field is essential actual data for the accomplishment of which of the following task(s)?a. Payrollb. Job costingc. Measurement of job-site productivityd. Completion of invoicese. All of the above
9. Which is the term used for looking at the past successes, failures, and tendencies of a project?a. Trendingb. Reportingc. Forecastingd. Variancee. All of the above
10. One important function of the documentation stage is storing project information for future estimates, schedules, and project plans. True or false?1. Gather from a local construction company some example forms used to report actual cost, schedule, and performance information from the field to
2. Examine a new communication, computational, or software technology and explain what economic benefits it can provide to the construction project control process. Possible topics might be advances in three-dimensional CAD, estimating/scheduling/CAD integration, Internet communications, or digital
1. Job diaries are subjective accounts of what occurred during the course of the construction workday. True or false?
2. An RFI is a formal request for information necessary to help clarify construction operations. True or false?
3. Weather information is typically reported on a daily report. True or false?
4. Meeting minutes are confidential documents kept internally within the organization that recorded them. True or false?
5. What is the name of the document that authorizes the start of construction?a. Notice of awardb. Notice to proceedc. Notice of agreementd. Notice of intente. None of the above
6. Which of the following is not an example of a project submittal?a. Product datab. Addendac. Shop drawingd. Material samples
7. What does the Hyatt story illustrate?a. The importance of proper hotel architectureb. The important role of engineering in the design/build processc. The importance of thoroughly reviewing shop drawingsd. The importance of building codes
8. What is the traditional percentage used for owner retainage?a. 5b. 8c. 10d. 15e. 20
9. Obtaining lien waivers protects the owner in which of the following ways?a. It prevents paying for work that has not been completed.b. It helps prevent overcharging.c. It protects the owner from being subject to a mechanic's lien.d. It prevents duplicate or fraudulent invoices.e. All of the
10. Which of the following is not the normal reason for a change in a lump-sum or fixed price contract?a. Differing site or unforeseen conditions.b. Delays caused by contractor inactivityc. An increase or decrease in owner requirementsd. An error in the design documents
11. In a typical application for payment, the contractor has the option of submitting back-up information separately from the application. True or false?
1. Investigate the specifications for a project that you are familiar with and prepare a list of all of the submittals required. Note the recipient of each submittal. How many copies are required for each? How many days are allotted for designer review? Owner review?
2. Prepare the meeting minutes for the next meeting you attend. (This may or may not be school-related.) Investigate the different forms that companies use to prepare minutes and adopt the form you feel is best.
3. Visit a local project or company and research a recent change that has occurred. Answer the following questions:
4. What is the nature of the change?
5. What caused the change?
6. How was the change identified? By which party?
7. How long did it take for the change to be resolved?
8. What was the impact of the change on the project's scope, budget, and schedule?
1. The role of government in the creation of the statutes and regulations that govern the construction process
2. The hierarchy of the U.S. court system and the manner in which the courts interpret statutes, regulations, and local ordinances
3. What must be done to form a legal contract
4. The methodologies employed for interpreting, resolving, and preventing contract disputes?
1. The legal rules that govern design and construction processes have evolved from which of the following:a. Court interpretationb. Federal, state, and local government statutesc. Specific rules developed by the project participantsd. All of the above
2. Regulations developed by the federal, state, or local administration must be consistent with that government’s statutory language or the regulations may be invalidated by the courts. True or false?
3. The terms, ordinances, or bylaws are often used to denote aa. State statuteb. Licensing law \c. Mechanics liend. Local statute
4. The role of the courts is to interpret statutes, regulations, and local ordinances and to apply common law principles to resolve disputes. True or false?
5. What is the major issue to be taken from the case Perini v. Sands Hotel described in the sidebar?a. The case illustrates preemption—federal statutes take precedence over state statutes.b. The findings of binding arbitration are final and if appropriate may include compensation to an owner for
6. Torts, literally wrongs against people or property, are typically addressed by federal, state, and local statutes. True or false?
7. A contract which may be written or oral is only formed if which of the following occurred?a. An offer has been madeb. An offer has been acceptedc. Something of value (consideration) is exchangedd. The parties to the contract have the capacity to contracte. All of the above
8. Courts will normally enforce a liquidated damages clause if the daily amount is a reasonable prediction of the damages that an owner might suffer. In a liquidated damage clause, the parties agree in advance to the daily amount payable to the owner in the case of contractor- caused delay. True or
9. Which of the following is the name for the technique of preventing disputes from arising on a project?a. Partneringb. TOMc. Mediationd. Dispute resolution
10. Statutes of Limitations for commencing litigation may be put on hold (tolled) until the discovery of the condition giving rise to the condition is made or reasonably should have been made. True or false?
1. Present to the class the findings of a recent construction related court decision. Include the following elements in your presentation:a. Summarize the facts of the caseb. Explain the arguments of the plaintiffc. Explain the arguments of the defendantd. Summarize the decision made by the courte.
2. Review in detail, section by section, a contract for architectural, engineering, contractor, or construction management services. Prepare a written report which summarizes each con- tract section to include the purpose of each section and your opinion as to which construc- tion party benefits
1. How to determine the true cost of an accident
2. The variety of unsafe acts that cause lost workdays
3. The many ways to prevent unsafe acts on the job
4. What to do when an accident occurs?
1. EMR stands for experience modification rate and is a measure of the frequency of accidents that a company experiences. It is used in the calculation of workers' compensation insurance premiums. True or false?
2. The use of material safety data sheets (MSDSs) is of prime importance in which aspect of a safety program?a. Employee orientationb. Personal protection devicesc. Hazard communicationd. Toolbox meetingse. All of the above
3. Material safety data sheets must be prominently displayed at the job site. True or false?
4. Which of the following would go the farthest in the reduction of job-site accidents?a. Increasing the frequency of toolbox meetingsb. Upgrading the quality and availability of personal protection devicesc. Increasing the number of safety training sessionsd. Improving new worker orientation
5. What should a toolbox meeting discuss?a. Specific hazards that workers face at this time on the projectb. Details about any recent accident or near missc. Updated information about hazardous materials now in used. A review of safety procedures in relation to new activities about to occure. All
6. The formula for calculating a company's EMR weighs the total cost of all the company's accidents more heavily than the frequency of accidents. True or false?
7. An OSHA fine is best described as which type of cost?a. Insuranceb. Penaltyc. Liabilityd. Public relationse. None of the above
8. Aggressive construction scheduling often leads to unsafe working conditions. True or false?--- OCR End ---
9. Contractors with good safety records are typically more expensive and exhibit lower job site productivity. True or false?
10. Proper emergency procedure planning should be conducted before the beginning of construction and include which of the following?a. Escape routes in the event of evacuationb. Location of first aid equipmentc. Who and how to call for helpd. What to do if a chemical spill occurse. All of the above?
The chapter described the role of the business scorecard in facilitating effective strategic leadership practices. For this exercise, you will be asked to compare and contrast the balanced scorecard against the Baldridge Quality Award Criteria.The Baldridge Award was created in 1988 to recognize
What are organizational controls? Why are strategic controls and financial controls important aspects of the strategic management process?
What is organizational culture? What must strategic leaders do to develop and sustain an effective organizational culture?
How do strategic leaders effectively manage their firm’s resource portfolio such that its core competencies are exploited and the human capital and social capital are leveraged to achieve a competitive advantage?
What is a top management team, and how does it affect a firm’s performance and its abilities to innovate and make effective strategic changes?
What is strategic leadership? In what ways are top executives considered important resources for an organization?
Discuss the importance and use of organizational controls.
Explain what strategic leaders can do to establish and emphasize ethical practices.
Define organizational culture and explain what must be done to sustain an effective culture.
Describe the importance of strategic leaders in managing the firm’s resources.
Discuss the value of strategic leadership in determining the firm’s strategic direction.
Describe the managerial succession process using internal and external managerial labor markets.

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