Question text b. Boards represent a unique wealth of strategic and leadership experience that CEOs should want to tap into. Not answered obtain _____________. Question 30 Not flaggedFlag question management implementation of board strategies and the board serving. plan objective? We all know that of course, but aspects of the why, what and how of board engagement in strategy are still contested in theory and practice. Select one: Is the CEO naturally perceived as being open and receptive to differing viewpoints, or does the CEO have a domineering presence? Earn badges to share on LinkedIn and your resume. Not answered Not answered One of the first steps for CEOs is to step up. b. 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. return-on-investment (ROI) A platform for serving communities and building trust. Furthermore, directors can use their role to monitor the execution of the strategy and ensure that it is carried out properly. Marked out of 1. A highly dedicated team player with a passion for organizational development, offering leadership in the creation and implementation of people and culture strategies. Select one: Vision and problem solving skills. Skilled employees The chairperson of the board of directors and CEO should be leaders with: a. 0000001118 00000 n d. Did not attend a school supported by the company Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, The Law of Contract in South Africa (Dale Hutchinson and Others), Strategic Management (Lynette Louw; Peet Venter), Principles & Practice of Physics (Eric Mazur; Daryl Pedigo; Peter A. Dourmashkin; Ronald J. Bieniek), Introduction to Business Management (Gawie S. 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For example, if a board is divided over the need for a particular capital investment, identifying and naming the tension can clear the path toward identifying the underlying beliefs and assumptions in play, discussing what data is required to test them, and then deciding when and how to get that data. &-C0Npby{62uU6 0000006110 00000 n Getting the board engaged is going to pay off down the road.. Not answered _____________. Not answered endstream endobj 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. Feedback 1 We set out to address this by conducting more than 50 conversations with Fortune 1,000 CEOs, board chairs, directors, academics, and external . - 20 years experience in financial planning and. Feedback Question 23 a. first mover The Board's Relationship with Management It's in the board's best interest to develop good working relationships with managers. ________ are what you want to accomplish with a strategic plan. View PDF. Weaknesses The correct answer is: Compliance with law and regulations. In fact, companies can gain competitive advantage through implementation if done effectively. Its awful., Some CEOs have started to take different approaches to keeping the board informed, experimenting with a variety of formats and lengths. Eighty-four percent of boards do not believe their organizations have a highly effective risk management strategy and 55% of board members identified that risk management often struggles to keep pace with changes in business strategy. One CEO shared his approach: I dont want board members here all the time, but if they want to come in, thats great! Feedback 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. Marked out of 1. S**)gR%ErdxSM0VZJdErL"ZnEbAS5XBWs S{t 5@#4&^Guq|3@6L5/4J-.&V9 8g WY. 0000003737 00000 n d. Marketing Skill sets need to be thought of as a moving target, said a director. 0000004068 00000 n A MIHRM, MKIM, SHRM Certified HR Business Partner with a successful background spanning over 11 years and extensive exposure as a Strategic Organization Development Consultant, Talent Architect, Performance Management expert and International consultant working on both international and local assignments. Rather, there is an imperative to embrace ambiguity as a means of survival and growth while articulatingand communicatinga clear vision to mobilize and unify the organization. A board that is elected in a classified system is known as a: 13. d. internal/external analysis Not answered Started on Sunday, 17 May 2020, 6:48 PM The board can influence cultur e through this choice of top . Development and implementation of Investment Policy Statements and Procedures; adherence to risk management, compliance and audit frameworks resulting in successful outcomes for regulatory and. Our experience, and that of most of our interviewees, shows that when trust, respect, and support characterize the board culture, communication becomes more reciprocal, with everyone working to find the truth and uncover the unknowns. a. Question text Question 46 The correct answer is: It is an objective more appropriate for a marketing plan. Question 2 c. It is the first step in the strategic management process. When you read a two- to three-page summary instead of a deck of slides, you get a much stronger flavor of the CEOs position and what it is that the CEO wants to discuss., Varying the presentation of information can also be essential. A key challenge for CEOs is how. Question text . Advising a CEO to be fearlessly transparent with his or her board is a pretty tall order. In doing so, they should be thoughtful, intentional, and even adamant about what board behaviors and interactions they desire. But now, you get the iPad, and secretly hidden are 1,800 pages. b. It's very easy for a CEO and a CEO's management team to fall into a routine of information preparation that is always the same in its nature, cautioned one director. {ru]?H&qWCOYWT.v3k 2}R&I9|N@X0jOUEkvhN&ktC 508d>>b dkbz+l Question 22 I think there are multiple ways to get to the same place. Others insisted that CEOs who were also chairs should give up their chair roles to be able to leverage their boards more effectively. CEOs can convey their openness and humility to the board in many ways, but it requires the courage to be willing to engage in an authentic exchange. Question 19 Time taken 1 min 24 secs Marked out of 1. Many, in fact, are looking for guidance and leadership from the CEO. organizational success? <]>> 0000005460 00000 n And even if there is not total agreement, the CEO can incorporate the boards areas of concern from the very beginning of the process. a. point-in-time analysis 21. c. Each firm is a unique collection of resources and capabilities. Question 45 b. market leader Question 43 3hS&A=|0/989LN3wnJB\H ("S!3uL#r>~&F v{LN w @L }Kv6B8B Select one: a. 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. Adult Social Care: independent review. What characteristics define a good director? a. a negative Feedback To the full teams of both the Chief Executive Program and the Center for Board Effectiveness, thank you for making this collaboration possible. One-on-one conversations, said a CEO with whom we spoke, give a CEO opportunities to have casual conversations and open dialogue without the formality, pressure, intensity, and performance assessment of a board meeting. Beyond merely building an interpersonal bond, sharing information with board members throughout the year helps them feel like trusted colleagues and reduces the risk of surpriseswhich is important because being taken by surprise can really sour [a boards] relationship with the CEO, whether or not the CEO had anything to do with it. Some CEOs email periodic updates that cover high and low points of the week or month, or weekly Sunday memos to the board that incorporate news about developments in the industry or current articles of interest. xb```V~20p``h`8{Jw[`U--~:&"Syg}]_{:+*@j:|% lP 7+EpLNKv'fX@!59@ 2|?0 A b. a slow start at forming customer relationships and customer loyalty A lot of the thinking and views that get shaped are ultimately the result of conversations in between meetings, observed one interviewee. The correct answer is: Ones ability to be flexible and think strategically. Feedback In this environment, its no longer enough for boards to simply be check the box boards, or even solid and reliable executors of their fiduciary duties. c. opportunities Question text To avoid this, just have a conversation about them at the start. that affect the product category? Marked out of 1. BOARDCHANGE: If the board does not like strategy put forwar d by management then the board is empower ed to change the management. Source: Colin B. Carter and Jay W. Lorsch, 2004, Back to the drawing board, p. 194. Question text 244 0 obj <<7f5d79293190543b64c64041c2251a88>]>>stream Nadler (2004). Not flaggedFlag question Please see www.deloitte.com/about to learn more about our global network of member firms. The role of the CEO exists at the intersection of the external environment and the internal organization. See something interesting? Question 44 b. First, at the start of the process, the CEO should seek the boards input on the challenges that the board thinks the strategy should address. Not answered, Select one: 5 Steps in the Change Management Process. Before delving into logistics, cultural preparation must first take place to achieve the best business outcome. The correct answer is: Resources to implement strategies are firm-specific and attached to firms over HTn0+xZ,+6;t@|vPb%],~$ef$2)O>Tj1RDF'QF If it didnt fit into the box, it didnt go to the board. The answer is easy at the end of the spectrum at which the board claims it should do strategy. Given how crucial this strategic relationship is, how can CEOs engage the board and derive the most value from their focused attention? d. The external environment is assumed to impose pressures and constraints that determine the c. Passive board. Feedback endstream endobj 36 0 obj<> endobj 37 0 obj<> endobj 38 0 obj<>/Font<>/ProcSet[/PDF/Text]/ExtGState<>>> endobj 39 0 obj<> endobj 40 0 obj<> endobj 41 0 obj<> endobj 42 0 obj<> endobj 43 0 obj<> endobj 44 0 obj<> endobj 45 0 obj<> endobj 46 0 obj<> endobj 47 0 obj<>stream c. a fiduciary duty Question text Question text Accelerate your career with Harvard ManageMentor. 0000003813 00000 n About Highly experienced wealth management professional, specialising in delivery of strategic financial wellbeing and engagement initiatives. Marked out of 1. The Departmental Board provides direction on strategy, performance and risk management. . Marked out of 1. Marked out of 1. Feedback On some of my friends boards, the prevailing view is that strategy is their job and they insist on having board strategy retreats during which they set strategy. Given the weight of responsibility that rests on their shoulders, its no wonder that CEOs, when observed from a distance, are often depicted in near-heroic terms. 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 d. no control over resources c. Passive board. In today's disruptive marketplace, many CEOs and business unit leaders have learned that they can no longer shield their organizations from ambiguity. Participation on a board is too often thought about as merely a series of board meetings. has been saved, Seven steps to a more strategic board 0000002569 00000 n Not answered Not flaggedFlag question Clearly separate the role of the board from the CEO's ability to run the organization. Question text Feedback Select one: Operating board. 0000011861 00000 n The boards cultural context shifts from a focus on power dynamics to what is good for the organization. View in article, This article is an independent publication and has not been authorized, sponsored, or otherwise approved by Apple Inc. iPad is a trademark of Apple Inc., registered in the United States and other countries. a. c. a mixed In reality, the board experience outside the formal board sessions is equally importantor even more so, as some of our interviewees believed. already exists in Saved items. The correct answer is: be technologically innovative. b. Not answered In her 29 years with Deloitte, she has also worked in Deloitte & Touche LLPs Audit and M&A practices. That fact is even clearer if the CEO accepts that its the boards role to do strategy. Passive board. 0000001526 00000 n Not flaggedFlag question The correct answer is: strategies c. business model In the first step of strategic management, identifying the current strategies and goals provides Question 31 Board management software provides a secure and centralized repository where all organizational and compliance data are kept. How can boards strengthen governance to accelerate their ESG journeys? d. marketing concept 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. The strategy comes to it fully baked and all it can say is either: Yes, we agree or No, we dont. The latter is, plainly and simply, a no-confidence vote and leads directly to the same place as above: the board should fire the CEO, if the CEO doesnt resign first. Set deadlines for the change. F.cjB p>stream are best associated with: Not flaggedFlag question In practice, developing, implementing, and monitoring strategy requires close collaboration between the board of directors and management. by Matt Palmquist b. no A key to achieving positive outcomes from tension, however, is to make sure that the tension remains constructive rather than destructive. 4EG"t.yWmj21qdCCcQdj[`eP!2)H5m%ZAw8Fcj?fW}pi#i'_"avnPmq-NYeF @,SY3vx#B-6l]-Og(-3V t"IP. Question 25 As a generic system, it is applicable to the governing body of . Exceptional organizations are led by a purpose. Feedback Course Hero is not sponsored or endorsed by any college or university. Disagreement is inevitable. To stay logged in, change your functional cookie settings. Facilitate the board experience, not just the board meeting, 5. You dont have a company this size, and everything is perfect. What about the other extreme where the board simply declares yea or nay to the CEOs strategy? Not flaggedFlag question management, staff, volunteers) those who will be affected (e.g. In the latter case, it knows without question that it needs a new CEO. But where can CEOs find the sounding board they need without falling short of the extraordinary abilities that people find reassuring to attribute to them? In the process, CEOs can establish a new habit of continuous, open, explicit conversations with their boards to cocreate a board experience that drives the mutual trust, collaboration, and partnership necessary to rise to the occasion. A platform for serving communities and building trust said a director them at the start, many and... And your resume 2004, Back to the governing body of strengthen governance to accelerate their ESG?. Nay to the drawing board, p. 194 place to achieve the best business outcome 5... Any college or university, 5 p. 194 your resume CEO should leaders... It needs a new CEO ] > > stream Nadler ( 2004 ) for... 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