Strategic Management Is That Set of Managerial Decisions and Actions

question 46

Multiple Choice

Strategic management is that set of managerial decisions and actions that determine the long-run performance of a corporation.Which one of the following is not one of the basic elements of the strategic management process?

• A) strategy formulation
• B) strategy implementation
• C) statistical process control
• D) evaluation and control
• E) environmental scanning

---

Definitions:

Financial Statements

Compiled financial data that provides an overview of a company's financial position, including balance sheet, income statement, and cash flow statement.

Inventory

Items kept on hand by a company for the purpose of production or sale, encompassing raw materials, work-in-progress, and finished goods.

Moving-average Cost Method

An inventory valuation method that averages the costs of inventory over a period to calculate the cost of goods sold and ending inventory valuation.

Average-cost Method

The average-cost method is an inventory costing method that assigns an average cost to each item in inventory, used to determine the cost of goods sold and ending inventory values.