Define strategy. Describe the four major phases in the strategic planning process?
What will be an ideal response?
Strategy is a broad-based formula for how a business is going to accomplish its mission, what its goals should be, and what plans and policies will be needed to carry out those goals. Strategy initiation, strategy formulation, strategy implementation, and strategy assessment are the four major phases. Strategy initiation is the initial phase of strategic planning in which the organization examines itself and its environment. Strategy formulation is the development of strategies to exploit opportunities and manage threats in the business environment in light of corporate strengths and weaknesses. Strategy implementation is the development of detailed, short-term plans for carrying out the projects agreed on in strategy formulation. Strategy assessment is the continuous evaluation of progress toward the organization's strategic goals, resulting in corrective action and, if necessary, strategy reformulation.
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An expenditure qualifies as a(n) _____ if it has the following characteristics: 1 . It embodies a probable future benefit. 2 . A particular entity can obtain the benefit and control others' access to it. 3 . The transaction or other event giving rise to the entity's right to, or control of, the benefit has already occurred. 4 . The fair value of the item at the time of initial recognition can be
measured with sufficient reliability. a. asset b. liability c. shareholders' equity d. revenue e. expense
The closing argument includes a summary of the ____, issues, evidence, and conclusions
that may be drawn from the evidence. Fill in the blanks with correct word
Which of the following was identified by Grant (2008) as the common element of a successful strategy?
a. having a clear vision b. having a clear mission c. having a profound understanding of the competitive environment d. having conducted a thorough stakeholder analysis
ABC Hospital completed its first transplant, and the procedure took 50 hr. The hospital has five more transplants scheduled. Based on other similar procedures carried out, the hospital estimates that it has an 85% learning rate. Estimate the total time required for all five transplants.
A. 160 hr B. 220 hr C. 201.64 hr D. 214.34 hr