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WorksheetsUnit 2
Total questions: 24
Worksheet time: 9mins
The benefit that is lost in making a choice between two competing uses of business resources is the:
sunk cost
fixed cost
social cost
opportunity cost
When an investment analyst uses an already completed decision tree in order to predict the expected values and net gains from competing business projects, she must work through the calculations using figures from:
top to bottom
bottom to top
left to right
right to left
Which of the following is not a resource constraint which can influence business decision-making? A shortage of:
financial capital
factory space
trained staff
measuring objectives
Employees, customers and suppliers are business:
resources
rewards
shareholders
stakeholders
A business uses a decision tree to aid decision making. The decision tree will show:
lead time
expected value
total costs
confidence levels
The Tannenbaum Schmidt Continuum shows the relationship between the level of freedom that a manager chooses to give a group of staff and the level of authority used by the manager. How many levels of delegated freedom does this model identify?
3
5
7
9
Stakeholder mapping is a technique that plots business stakeholders in terms of:
accurate postal codes to identify specific locations and length of the supply chain
overall ethical awareness relative to current cash flow
their relative influence on share price movements
how much power they have and how interested they are in business activities
When constructing a decision tree a business analyst must draw it from:
top to bottom
bottom to top
left to right
right to left
Which one of the following leadership/management styles will not feature on the Blake Moulton Grid?
Country club
Impoverished
Urban guerrilla
Team leader
On a decision tree a square indicates:
a possible choice
a possible outcome
where a decision has to be made
a chance
Which one of the following is a feature of scientific decision making?
Using last year's sales figures to predict future sales?
Introducing a suggestion box
Asking employees to discuss potential decisions
Eliminating risk and uncertainty
Which of these is a feature of a decision tree?
Estimated gain
Net worth
Guaranteed outcomes
Net gain
Which one of the following is a leadership style on the Blake Mouton grid?
Country production
Impoverished employees
Team style
Top of the road
A director expects that the launch of a new product has a 40% chance of being successful, which would result in sales of £90,000. If the launch fails, the anticipated sales are £5,000. If the decision carries a cost of £20,000, what is the net gain?
£39,000
£36,000
£19,000
£3,000
Which of the following is an opportunity cost of investing in the development of a new website?
An increase in e-commerce sales
The cost of hiring a web developer
Increased risk of a cyber attack
A fall in retail store investment
Opportunity cost is best described as
the next best alternative
the initial cost of an investment
the average cost of a new idea
the money spent on the choice made
According to the Tannenbaum & Schmidt continuum of leadership what type of manager behaviour would give the lowest area of freedom for subordinates?
Tells
sells
Delegates
Consults
A country club leadership style is one where the leader has
A low concern for people and a low concern for production
A high concern for people and a high concern for production
A low concern for people and a high concern for production
A high concern for people and a low concern for production
What type of leadership style would be most appropriate for when a rapid decision is needed?
Democratic
Laissez faire
Autocratic
None of the above
A short-term decision which is taken regularly and involves few resources is known as what type of decision?
Strategic decision
Tactical decision
Non-programmed decision
Programmed decision
What would be the most appropriate action to take to engage with a group of low interest/low power stakeholders?
Consultation
Partnership
Participation
'Pull' communication
Which of the following best describes a country club manager in the Blake Mouton grid?
Leaders try to maintain a balance between goals and needs of people
Leaders focus on both team and people
Leaders have a high focus on people but low focus on task
Leaders have a high focus on task but low focus on people
Which of the following is not a method that might be used in scientific decision making?
Market research data analysis
Decision trees
Investment appraisal
Gut reaction
In a relocation decision, which groups of stakeholders are likely to have the most impact and power?
Employees and government
Government and local community
Local community and shareholders
Shareholders and employees
