11. While decisions arrived at through consensus are said to have an advantage of being better because they include the input of several individuals, which of the following is a disadvantage of consensus decisions? a. commitment b. decreased input c. habit d. increased judgment e. time

12. ________ refers to situations where the probability that a particular outcome will occur is not known in advance. a. Uncertainty b. Risk c. Unrealistic optimism d. Heuristics e. Overconfidence

13. ________ is the process of ensuring that an organization possesses and benefits from the use of an appropriate organizational strategy. a. Strategic planning b. Strategy visualization c. Decision making d. Strategic management e. Integrated business planning

14. ________ is the ability to create throughout the organization a network of people who can help solve implementation problems as they occur. a. Organizing skill b. Interacting skill c. Monitoring skill d. Allocating skill e. Tactical skill

15. The last step in the strategic management process is ________. a. establishment of an organizational direction b. environmental analysis c. strategy formulation d. strategy implementation e. strategic control

16. The relative degrees of worth that society places on the way in which it exists and functions are ________. a. political ideologies b. economic conditions c. demographics d. social values e. environmental factors

17. According to Porter, threat of new entrants refers to ________. a. the power that customers have over the firms b. the power that suppliers have over the firms c. the extent to which customers may use services from another industry instead of the focal industry d. the ability of new firms to enter an industry e. the intensity of the rules of an organization

18. George's Quick Stop is planning to compete using a cost-leadership strategy. Doing this means George's will have what kind of products in their convenience stores? a. basic, no frills product offerings b. highly unique product offerings c. specialty shopping bags d. high-end products e. live music on the weekends

19. Joe and Jim are planning to open an Italian restaurant in a St. Louis suburb. When the two of them meet to decide what tasks need to be completed in order to meet their vision and then group like tasks into jobs, which of the following management functions are they undertaking? a. planning b. organizing c. influencing d. controlling e. assigning

20. Which of the following is a disadvantage of departmentalizing by matrix? a. It results in duplication of effort. b. It can be confusing for employees. c. It does not allow firms to maintain flexibility. d. It does not allow firms to pool resources for short-term projects. e. It results in a bureaucratic organization.