1. The planning process in most complex businesses is said to involve the creation of seven different plans. These can be listed as follows: Strategic, Financial, Sales, Marketing, Capital expenditure…Complete the list using the suggested words below:
a) Human Resources
b) Operational
c) Pricing
d) Cost
e) Cash Flow
2. Which of the following statements is (are) correct?
a) One important advantage of a planning approach based on traditional budgetary control is that spending is constrained by fixing costs.
b) With traditional budgetary control, content is based predominantly on historical cost accounting systems.
c) Budgetary control offers limited context for all the assumptions and external factors that need to be taken into account.
d) None of the above
3. Which of the following statements about TQM is (are) NOT true:
a) TQM places the customer at the center of the business.
b) TQM also has relevance to the hospitality business, mainly due to its focus on improving customer experience and on the training of employees.
c) TQM requires extensive investment in training and team-building over the long term.
d) TQM means making sure that only the highest quality people are promoted
e) The data analytical requirements of TQM are considerable.
f) All of them.
4. Identify the four perspectives of the Balanced Scorecard approach to company management from the following list:
a) Financial
b) Strategic
c) Customer
d) Learning and Growth
e) Tactical
f) Internal Process
g) Competitors
5. Which of the following is (are) NOT a step (s) in the Hoshin Kanri approach to performance management?
a) Establish a strategic plan
b) Ginko
c) Make adjustments
d) Set play time
e) Document targets to improve
6. Which of the following statements about Hoshin Kanri and Balanced Scorecard (BSC) is (are) NOT correct?
a) Hoshin promotes a focus on the top 3-5 key goals, whatever these may be, the BSC’s goals are balanced across four perspectives: finance, customers, internal processes, and human resources.
b) With either a BSC or a Hoshin planning process, high-level goals are set and progress toward achieving those goals is measured.
c) Hoshin Kanri requires regular reviews and adjustments as needed; BSC relies only on the issuing of monthly reports and variance analysis.
d) While the BSC focuses on regular meetings for execution, Hoshin believes in being out on the factory floor, for managers to understand properly what is happening on the front lines of the business.
7. Select the missing group of words to fill the gaps in the following statement about Beyond Budgeting: Companies that move beyond budgeting shift decision-making from the _____ to the ________. Instead of recognizing in advance the targets managers must reach, the _________ they will have, and their reward for simply doing what is expected, these companies trust their managers to claim the resources they need to seize the _________ they see. In short, an ever-changing market, not a _____ plan, dictates behavior. And it’s beating the competition that brings rewards.
a) Core, Periphery, Bonus, Opportunities, Business
b) Owners, Managers, Resources, Opportunities, Business
c) Owners, Periphery, Resources, Future, Fixed
d) Core, Periphery, Resources, Opportunities, Fixed