The linked legal concepts of support for claims and sufficiency of teaching govern the relationship between what is claimed and the content of the description . Select one: a. The classical management perspective works on the assumption that CEO can design an explicit "grand strategy" for the entire enterprise. The correct answer is: risk of competitors imitating innovations plan objective? What are the decisions and actions that determine long-run performance of an organization? Everybody needs to be informed at the same level.. Delegate the Work x= y,B". a. integrated marketing (IM) The meetings fall into a rhythm and a cadence. Question 23 Strategic Management Page-179 Lesson-1: Strategy Implementation: The Basic Issues Learning Objectives: After studying this lesson, you should be able to: Understand the importance of strategy implementation vis--vis strategy formulation. But with the preceding steps, the board is in alignment with the challenges to be solved and has seen and provided advice on the range of possibilities from which the recommendation has been drawn. Rely on metrics. Source: Colin B. Carter and Jay W. Lorsch, 2004, Back to the drawing board, p. 194. Boards of integrity want far more than to be identified as aloof VIPs who meet from time to time to rubber-stamp managements decisions. Select one: Some firms may have a (formal or informal) dual board arrangement, with an operations board and a separate advisory board addressing more strategic issues or representing wider family interests. Select one: Select one: a.buffer b.distraction c.irritation d.strategic. d. Chief executive officer. Note, the CEO isnt asking for ratification of a particular approach, but rather seeking advice and feedback on the potential solutions which resonate more, what concerns remain outstanding, how possibilities could be modified, etc. b. return-on-investment (ROI) Select one: You would think that all of these high-powered people that sit on boards could deliver bad news. She has over 15 years of experience working with clients at the intersection of strategy, thought leadership, and executive development in the service of individual and organizational growth. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. Question 22 Writing an implementation plan gives you better clarity of thought and improves your own understanding of the project. S**)gR%ErdxSM0VZJdErL"ZnEbAS5XBWs S{t 5@#4&^Guq|3@6L5/4J-.&V9 8g WY. The strategy comes to it fully baked and all it can say is either: "Yes, we agree" or "No, we don't." The latter is, plainly and simply, a no-confidence vote and leads directly to the same place. Her role includes researching and providing insights that support the success of CEOs. Remain idle and complacent with current performance Feedback Even the notion that boards be actively engaged in overseeing the development and execution of corporate strategy is now being superseded by the expectation that they get actively involved in interpreting complex market dynamics and shaping a vision for the companys future. Marked out of 1. a. Disinvesting or demanding a higher rate of return on their investment. Eventually, some conclusions are drawn. Launch small-scale pilots for the change. Not flaggedFlag question Maureen Bujno is a managing director in Deloitte LLPs Center for Board Effectiveness. The authors are also grateful for the generous support of many colleagues, including Mark Lipton, Deb DeHaas, Bob Lamm, Junko Kaji, Virginie Henry, Caitlin Klein, Steve Jennings, Ambar Chowdhury, Ralph Judah, Mike Lemmons, Siddharth Bali, Rick Sanders, Heather McBride Leef, and the many partners who supported our research and outreach. Boards represent a unique wealth of strategic and leadership experience that CEOs should want to tap into. members, users, etc) those who will monitor its implementation (e.g. 219 0 obj <>/Metadata 242 0 R/Outlines 30 0 R/PageLayout/OneColumn/Pages 216 0 R/StructTreeRoot 264 0 R/Type/Catalog>> endobj 221 0 obj <>/ExtGState<>/Font<>/XObject<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 222 0 obj <>stream Its important that no board member is left out of the information-sharing process. If a board that meets just a few days a year can do a better job of setting strategy than the CEO who is in the business 24/7, then the board has the wrong CEO. Board engagement. b. A strategic plan is a road map, the primary purpose of which is to move a company from its present position to a point where the owners and CEO want to take it. need or want. b. It behooves a CEO to recognize not only the legitimacy, but the need to take an active role in shaping their boards role and effectiveness. Evaluate a CEO on the quality and execution of the company's strategy, its culture, and the strength of its management team, not just on near-term financial performance. They can even encourage the board to develop strategic options that differ from the CEOs ownand give the board enough information, as well as sufficient time and space, to do so. A huge precondition is that you have directors who know what theyre talking about. This 2-day Board Strategy & Risk Management Programme is a core module designed to explore the role of the Board in strategy setting and implementation in order to meet its goals whilst responding to changes in its environment. Question text The correct answer is: lead director Not flaggedFlag question The correct answer is: Customer relationship management Not answered Marks 0/50. Not flaggedFlag question something that happened while they were with that company is known as: What are the key functions of the nominating, audit, governance, and. What about the other extreme where the board simply declares yea or nay to the CEOs strategy? By practicing "self-activism" challenging assumptions, offering counterarguments, and closely monitoring execution boards can help develop a strategy to succeed in the modern age. c. Investing in the company at the lower desired rate of return of investment. The correct answer is: Does not have any other relationships with the company other than his or her Its awful., Some CEOs have started to take different approaches to keeping the board informed, experimenting with a variety of formats and lengths. b. While there is no shortage of advice on how boards can improve their effectiveness as the corporate and management oversight entity, there is far less written on how CEOs and boards can work together to enhance their relationship for strategic benefit.1 We set out to address this by conducting more than 50 conversations with Fortune 1,000 CEOs, board chairs, directors, academics, and external board advisers to ask them to share their experience and perspectives. Marriott International, Inc. is a global leader in the hospitality industry. And even if there is not total agreement, the CEO can incorporate the boards areas of concern from the very beginning of the process. c. be without good substitutes. Feedback Not flaggedFlag question b. Tactical d. no control over resources For example, board members might not feel as adequately informed or educated on the issues as senior executives, and thus feel less qualified to opine on strategy. endstream endobj 49 0 obj<>stream This may seem unnatural to CEOs accustomed to taking a more reactive or passive stance toward the boards role in oversight, compliance, and the execution of its fiduciary duties. When you are forced to think things through, you are better able to document as well as communicate the plan to team members, upper management, and get everyone on board. Ideally, as staff and board engage in the process, they commit to measurable goals, approve priorities for implementation, and also make a plan to revisit the strategy on an ongoing basis as the internal and external environments change. 0000006110 00000 n Not answered, Select one: Board chairs and other directors told us they want to contribute more value and use their full range of talents: The trendline is unequivocal that directors want to be more involved in strategy and discussions at that [top] level., CEOs seem to want that, too. Marked out of 1. Question 19 The answer is easy at the end of the spectrum at which the board claims it should do strategy. For example, they can encourage board members to walk the halls and ask questions, facilitate board member visits to company sites, or arrange direct meetings or informal lunches with key executives and others in management. In particular, the specific question of whether the CEO should also chair the board generated strong opinions on both sides. I feel completely different about that. In one directors words: I have seen repeatedly, in both my CEO career and in my board career, that boards really struggle with giving candid feedback to the CEO. The correct answer is: Core competencies c. strategic management, Not answered A fearlessly transparent CEO can have conversations with members of the nominating committee and the chair or independent director that address essential board capacitiesand identify which ones are missing. One possible answer lies in the recognition that CEOs also have bosses: the boards who hire them, evaluate them, set their pay, and sometimes fire them. It can more easily make a great decision: either the CEO has taken the advice and come back with a better strategy still, or the CEO has failed to take the advice and come up with something uncompelling. When a resource or capability is valuable, rare, costly to imitate, and nonsubstitutable firms may If it doesnt, its members should be fired or choose to resign. Not answered, Select one: b. mission statement analysis Question 9 Feedback 220 0 obj <>stream We also have a board template that can assist your organization in coordinating responses to major incidents as they arise. The correct answer is: looking for ways to enhance existing work processes Tactics 10. As one interviewee put it, Diversity of thinking is not free. But tension in board interactions is not necessarily a bad thing. As CEOs work with their boards to determine the most effective structure, below are questions that can help CEOs to determine the best path, given the specific circumstances of their board and environment: The current structure. No correct answer from the options provided Members of the audit committee must be vigilant, effective, and informed. obtain _____________. Marked out of 1. I have holistic professional exposure with a proven track record of excellence and . What is the CEOs personal effect on others? Who better than the CEO to help identify what those specific skill sets (and mindsets) areand to anticipate what they should be in the future? Not flaggedFlag question A technically minded banking and credit risk leader, with a broad experience of monitoring and optimising secured and unsecured credit risk strategies in both the UK and emerging markets (Africa). Feedback Later strategy perspectives question these normative. Which of the following statements about. c. trailblazer The correct answer is: Board of directors. To be a core competency, a capability must satisfy all of the following criteria EXCEPT _________. Feedback a. leadership effectiveness Background to supply Production and Cost, Interps Notes - Summary Interpretation of Statutes 202, Chapter 12 - Complete - Summary Law of Contract 202[4], Introduction To Micro-Economics Chapter 14, Assignment 2 - the principles of Ubuntu be applied in the criminal justice system to ensure, 11324279 Bentley Smith EUP1504 Assignment 8, Economics 5 MCQ CHAPTER 14 Test bank , with multiple choice questions and memorandum. what percentage of baby boomers are millionaires post oak hotel sunday brunch gator patch vs gator pave white sands footprints science. b. Select one: They may need to consider new ways to include the management team in board meetings. Feedback Banish ultra-technical terms. To achieve this goal, they have had to focus on developing and implementing a strategy that focuses on ethical behavior, social value, innovation and . _________ management sets the companys mission, objectives, broad strategies, and policies. b. c. CEO. community activists, funding bodies, etc) If a board that meets just a few days a year can do a better job of setting strategy than the CEO who is in the business 24/7, then the board has the wrong CEO. Select one: Using this influence, CEOs can set the tone for the relationship between the board and management, establish the tenor of dialogue, set standards for communication, play a role in defining expectations for board composition and education, and more. Not answered . b. To respond effectively and provide value delivery, the company requires ________ to integrate <]>> Marked out of 1. 3) Establish a policy based governance system. c. Firms in given industries, or given industry segments, are assumed to control similar strategically b. the long-term. Email a customized link that shows your highlighted text. particularly be interested in ______________. - 20 years experience in financial planning and. The chairperson of the board of directors and CEO should be leaders with: Vision and problem solving skills. How as a director do you effectively navigate through that? State Finished To avoid this, just have a conversation about them at the start. a. be hard for competing firms to duplicate. Chief compliance officer. Marked out of 1. Through the strategic management process, it allows the organization to formulate sets of decisions, actions and measures - collectively known as strategies - that are subsequently implemented in order to achieve organizational goals and objectives. An independent director is one who: Question 12 Active Scotland Development Group. Question text b. top management team. Managements implementation of board strategies and the board serving as the key decision maker HR=0SiqI))( ]g`hVS}V\qyT@)Ws(c#_Tkhx11sXhi Pl67f+(mC;fxJKI i%]cj0RJK*-^HHV`Mft&P pRCXbK{D+K-()*lNbjwOY|b_U6ZCnN9pi_zup=}12Mqcpv:AYirKX G;z%)/0\vVBQTmc(s[gDEqc@|p!?ey|qmdD9VB|zlAa';\4G#8N#5D[6Y4+k/+ QB 4EG"t.yWmj21qdCCcQdj[`eP!2)H5m%ZAw8Fcj?fW}pi#i'_"avnPmq-NYeF @,SY3vx#B-6l]-Og(-3V t"IP. Implementing and monitoring results and appropriate corrective action. Implementing strategic plans requires strong relationships and, as a manager, you'll be in charge of telling people not only how to interact with each other and how often, but also who the decision-makers are, who's accountable for what, and what to do when an unforeseen issue arises. For instance, one CEO told us that, instead of slides, he now writes short white papers up to three pages long when he requires the boards perspective on a topic. b. d. Organizational The board has a strategic function in providing the vision, mission and goals of the organization. Compliance with law and regulations. a. strategies that result in above-average returns. Select one: Question text Select one: Not flaggedFlag question Select one: c. Chief executive officer. Question 11 The strategy focuses on the ambition that every horse bred to race should lead - and be seen to lead - "a life well-lived". b. d. committing to scientific research One of the most critical aspects of facilitating the board experience is the thoughtful curation and preparation of information. Customer relationship management major business processes (e., order processing, general ledger, payroll, and production) within a Firms in given industries, or given industry segments, are assumed to control strategically. Gator pave white sands footprints science members of the spectrum at which the board has a strategic in. 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