Students should practice Analyzing Strategic Edge – CS Executive Financial and Strategic Management MCQ Questions with Answers based on the latest syllabus.
Analyzing Strategic Edge – Financial and Strategic Management MCQ
Question 1.
What is the term for the act of recreating a core business process with the goal of improving product output, quality, or reducing costs?
(A) Business Process Improvement
(B) Business Process Reengineering
(C) Business Process Change
(D) Business Process Advance
Answer:
(B) Business Process Reengineering
Question 2.
Which of the following is the objective of Business Process Reengineering (BPR)?
(A) Boost effectiveness and produce higher quality products for the end customers.
(B) Improve efficiency in the production processes.
(C) Providing more meaningful work to employees.
(D) All of the above
Answer:
(D) All of the above
Question 3.
Which of the following is pot one of the steps of the Business Process Reengineering (BPR)?
(A) Identify customers and deter¬mine their needs
(B) Determining objectives and framework
(C) Formulation of our design process plan
(D) Partial modification or marginal improvement in the existing work processes.
Answer:
(D) Partial modification or marginal improvement in the existing work processes.
Question 4.
Which of the following is NOT a principle underlying business process reengineering (BPR)?
(A) Business process must be managed end to end
(B) Business processes should be agile.
(C) Business processes should use prototype technology
(D) Business processes must be aligned with organizational strategy and needs
(E) None of the above
Answer:
(C) Business processes should use prototype technology
Question 5.
___is an approach to setting goals and measuring the productivity of firms based on best industry practices or against the products, services, and practices of their competitors or other acknowledged leaders in the industry.
(A) Benchmarking
(B) Bench parking
(C) Object marking
(D) Quality marking
Answer:
(A) Benchmarking
Question 6.
Benchmarking___
(A) Helps businesses in improv¬ing performance by learning from the best practices and the processes by which they are achieved.
(B) Is a process of continuous improvement in search of compet¬itive advantage.
(C) Is an approach of setting goals and measuring the productivity of firms based on best industry practices or against the products, services, and practices of its competitors or other acknowledged leaders in the industry.
(D) All of the above
Answer:
(D) All of the above
Question 7.
Consider the following two statements.
1. It refers to the analysis and re-design of workflows both within and between the organization and the external entities.
2. Benchmarking is a process of finding the best practices within and outside the industry to which an organization belongs.
Select the true statement.
(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2
Answer:
(C) Both 1 and 2
Question 8.
Consider the following two statements.
I. Benchmarking and Business Process re-engineering are one and the same.
II. Benchmarking is a remedy for all problems faced by organizations.
Select the true statement.
(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2
Answer:
(D) Neither 1 nor 2
Question 9.
Managers use this type of benchmarking to identify the best way to compete in the market –
(A) Performance Benchmarking
(B) Process Benchmarking
(C) Strategic Benchmarking
(D) Internal Benchmarking
Answer:
(C) Strategic Benchmarking
Question 10.
___refers to a process when a company compares itself with the competitors inside its industry.
(A) Functional Benchmarking
(B) Competitive benchmarking
(C) Generic Benchmarking
(D) Strategic Benchmarking
Answer:
(B) Competitive benchmarking
Question 11.
Benchmarking Wheel is a stage process.
(A) Four
(B) Five
(C) Six
(D) Seven
Answer:
(B) Five
Question 12.
Which of the following is not Benchmarking Wheel stage process?
(A) Plan
(B) Find
(C) Analyze
(D) Repeat
Answer:
(D) Repeat
Question 13.
TQM owes its genesis to post-war research of American management consultants like –
(A) Drs. Joseph Juran & W. Edwards Deming
(B) Dr. Eric Penheld & Dr. Wilder Penheld
(C) Dr. Eric Berne & W. Edwards Deming
(D) Drs. Joseph Juran & Dr. Wilder Penfield
Answer:
(A) Drs. Joseph Juran & W. Edwards Deming
Question 14.
Which of the following is not a key feature of Total Quality Management?
(A) Continuous improvement
(B) Identifying customers and their needs
(C) Establishing clear specifications
(D) Teamwork, trust, and empowerment
Answer:
(C) Establishing clear specifications
Question 15.
____ collectively established a common set of quality standards known as ISO 9000.
(A) European Economic Community
(B) American Economic Community
(C) Italian Economic Community
(D) Indian Economic Community
Answer:
(A) European Economic Community
Question 16.
As per TQM principles which of the following is a problem____
(A) Process
(B) People
(C) Both process and people
(D) Government policy
Answer:
(A) Process
Question 17.
Which of the following does not correctly depict the TQM principle?
(A) Every employee is responsible for quality.
(B) Quality is a long-term investment.
(C) People, not Processes, are the problem.
(D) All of the above
Answer:
(C) People, not Processes, are the problem.
Question 18.
____ is also considered as a structured approach in managing the uncertainty related to a threat.
(A) Crises management
(B) Risk management
(C) Crises of organizational misdeeds
(D) None of above
Answer:
(B) Risk management
Question 19.
____ is a defined and disciplined business methodology to increase customer satisfaction and profitability by streamlining operations, improving quality, and eliminating defects in every organization-wide process.
(A) Six Sigma
(B) TQM
(C) Five Alpha
(D) Six Beta
Answer:
(A) Six Sigma
Question 20.
The reasons for acquisition are –
(A) Increased market power
(B) Increased diversification
(C) Increased speed to market
(D) All of the these
Answer:
(D) All of the these