Good Strategy Execution Can Involve Policies and Procedures Manuals in Order

question 75

Multiple Choice

Good strategy execution can involve policies and procedures manuals in order to maintain consistency in product quality and service behavior patterns to allow for

• A)activities that need to be strictly prescribed and activities to allow room for independent action on the part of company personnel.
• B)differences in product range and quality across company outlets.
• C)an extremely narrow scope of independent thinking and action of company staff.
• D)a written strategy but not the routines for running the business.
• E)ample leeway in how staff perform activities at different company outlets.

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Definitions:

Randomness Error

The tendency for people to believe they can predict the outcome of chance events based on false information or superstition.

Projection Bias

The inclination to believe other people think, feel, and act the same way we do.

Satisficing

A decision-making strategy that aims for a satisfactory or adequate solution, rather than the optimal one.

Complete Rationality

The assumption in economic theories and models that decision-makers possess complete information, unlimited cognitive abilities, and can optimize their utility.