management implementation of board strategies and the board serving

Select one: b. dormant director The correct answer is: business model c. Strengths, d. Opportunities Clearly, this has echoes of the one extreme end laid out above: coming to the board with a fully baked strategy. Managements implementation of board strategies and the board serving as the key decision maker Corporate Not flaggedFlag question The others lay at varying points in between. Through engaging with boards and executive teams on strategy . b. an understanding of what the competition is doing d. One who has answers for all situations? Self-awareness and/or the ability to gather reliable input from board members is critical for the CEO to be able to determine whether to assume or give up the chair role. c. Strategic management. Not answered, Select one: Download the Deloitte Insights and Dow Jones app, Subscribe to receive more related content. 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. c. CEO. If it doesnt, its members should be fired or choose to resign. Marked out of 1. Getting the board engaged is going to pay off down the road.. members, users, etc) those who will monitor its implementation (e.g. 'The central role of the board is to co-create and ultimately agree on the company's strategy' (Casal & Casper 2014). Select one: Meanwhile, the world around them is in constant motion. _____________. Dont be too quick to cut off conversation in the boardroom instead of letting it play out, one director we spoke with advised. Question 39 By influencing what happens between board meetings, CEOs have the opportunity to curate and even cocreate the full board experience. 10. b. A board that is elected in a classified system is known as a: 13. A strategic planning process identifies strategies that will best enable a nonprofit to advance its mission. Whether or not CEOs can count on their boards for strategic insight hinges in large part on having the right people on the board. A board management software helps streamline meeting processes, and it helps keep the discussions, documents and other information remain secure and confidential. To respond effectively and provide value delivery, the company requires ________ to integrate List any two functions of following committees: 9. Not flaggedFlag question It is an objective more appropriate for a marketing plan. a. internal auditing management How to develop a winning strategyand put it to work. a. Not answered a. first mover The board has a strategic function in providing the vision, mission and goals of the organization. The board's role is to advise ministers on the implementation of reform across children's social care . d. Risk assessment. Other decisions, which entailed real strategic choices and could have used two or three hours of debate, did not get enough air time. Select one: Question 11 Most disconnects that I have witnessed developing between boards and CEOs are the product of the CEOs strategy attempting to address problems other than the ones that board thinks are most critical. Question 17 Some CEOs have even arranged off-site field trips and tours of external organizations (such as Google and Singularity University) for their boards, to powerful effect. The board would discuss these issues for 45 minutes and change nothing, make no decision other than the management team should continue on its path. d. Chief executive officer. What. c. leadership ability Mid-level Select one: Not answered d. Create sustainable and enduring corporate value a. important information about an organizations specific resources and capabilities 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. Corporate governance and the strategic management process Not answered Select one: determine the organizations competitive weapons. Select one: Not flaggedFlag question These Kanban board templates were designed to help you effectively manage and improve key ITSM processes, including change, problem, and incident management. To achieve this goal, they have had to focus on developing and implementing a strategy that focuses on ethical behavior, social value, innovation and . Question text A strategic board would qualify simply as a nice to have were it not for the blistering pace of relentless disruptionno longer episodic and isolated, but continuous and ecosystemic. Policy Governance, an integrated board leadership paradigm created by Dr. John Carver, is a groundbreaking model of governance designed to empower boards of directors to fulfill their obligation of accountability for the organizations they govern. Feedback Not answered The chairperson of the board of directors and CEO should be leaders with: Vision and problem solving skills. Not answered, Select one: d. Intervening board. a. point-in-time analysis Feedback c. integrated marketing communications (IMC) Its not necessarily easy for boards to contribute to strategy, however, or even to embrace the idea that they should. b. Many nonprofits start the process by identifying . The correct answer is: intensive growth Marked out of 1. What are the decisions and actions that determine long-run performance of an organization? Question text In her 29 years with Deloitte, she has also worked in Deloitte & Touche LLPs Audit and M&A practices. But now, you get the iPad, and secretly hidden are 1,800 pages. A key to achieving positive outcomes from tension, however, is to make sure that the tension remains constructive rather than destructive. Feedback While the individual who facilitates board meetings obviously plays a key role in managing tension, the mindset and posture of a CEO who clearly evinces comfort with discomfort, and even an appreciation of conflict, can be a subtle but powerful influence on the tenor of the conversation. What is a strategic disadvantage of being a first mover? Keep reading to learn how to use each of these board templates. Question 12 Business acumen. has been saved, Seven steps to a more strategic board Moreover, a board can, should, and usually does have a strong role in implementing a company's strategy by, for example, reviewing and approving its implementation plans, signing off on large capital expenditures it calls for, and making connections through their networks to support it. A lot of the thinking and views that get shaped are ultimately the result of conversations in between meetings, observed one interviewee. b. missions Not flaggedFlag question. management implementation of board strategies and the board servingcabarrus county abc lottery management implementation of board strategies and the board serving. When a resource or capability is valuable, rare, costly to imitate, and nonsubstitutable firms may One of our interviewees put a fine point on it: When a CEO complains about the board not doing much for them, in a sense, it is the CEOs own fault for not having taken advantage of the fact that the board can be an ally and a strategic consultant.. The correct answer is: first mover Implementation, evaluation and control of a company's strategic plan is essential to operating a successful business. Feedback Here are a few tips that could help: Get to know the members of the Board of Directors. d. marketing concept 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. Chief executive officer. Indeed, several interviewees highlighted the common predicament of boards going stale with regard to the needs of the company, not least because of the difficulty in getting people off boards. There is sometimes a lack of refreshment, which leads directors to feel that their service is a lifetime appointment and results in a board full of people who are smart, but have finance experience from the 60s., While it is the nominating/governance committees responsibility to recruit board members, CEOs should not be shy about proactively and strongly signaling what specific capabilities are required of a board that is truly qualified to weigh in on matters of current and future strategy. Set deadlines for the change. Process development strategies seek to achieve a competitive advantage by _____________. b. Select one: I tell my team to let me know, you dont have to do a dry run with me. Board of directors. Describe the relationship that should exist between the audit committee and, 11. Not flaggedFlag question The correct answer is: Does not have any other relationships with the company other than his or her Differences in resources and capabilities are the basis of competitive advantage. Be honest about our shortcomings. 1 We set out to address this by conducting more than 50 conversations with Fortune 1,000 CEOs, board chairs, directors, academics, and external . 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. What is needed for the oversight function of audit committees to be effective? The board has the responsibility of developing a governance system for the business. One CEO shared his approach: I dont want board members here all the time, but if they want to come in, thats great! Feedback On some boards, the prevailing view is that strategy is their job. Question 10 Its awful., Some CEOs have started to take different approaches to keeping the board informed, experimenting with a variety of formats and lengths. One of the first steps for CEOs is to step up. A key challenge for CEOs is how. The most successful boards are able to combine strategic vision with effective group dynamics in order to make the best decisions possible. Feedback To be a CEO today is to have one of the most complex and demandingnot to mention visiblejobs in the world. Select one: d. competitive model. If a researcher is studying the characteristics of individuals who become leaders, he or she would Whatever the specifics are, the CEO has the opportunity to both gain important insights from and align with the board. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, What CEOs really think of their boards,, Building business resilience to the next economic slowdown, Ethical technology use in the Fourth Industrial Revolution, US Chief Executive Program leader, Managing director. . Remain idle and complacent with current performance a. Disinvesting or demanding a higher rate of return on their investment. The director position that is utilized in CEO duality situations to keep the board objective and d. internal/external analysis Select one: Marked out of 1. The Board's Relationship with Management It's in the board's best interest to develop good working relationships with managers. CEOs should also remember that, in a strategic conversation, boards will not always be able to resolve conflicts by arriving at compelling answers or comprehensive solutions. In such cases, it can be more important to agree on well-defined actions. Marked out of 1. b. leader treatment the Competition and Markets Authority's report into the children's social care market. Marked out of 1. . c. be without good substitutes. The correct answer is: a basis to determine if the goals need to be changed BOARDCHANGE: If the board does not like strategy put forwar d by management then the board is empower ed to change the management. The board is also responsible for monitoring the execution of the strategic plan. b. <]>> But when it comes to the boards potential to contribute to strategy, our interviews made it clear that most boards are not naturally positioned to drive this shift. Marked out of 1. The fact is that both pieces are critical to success. Realigned the support of 1,400 mobile devices. Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. K#~>^u&vLfQ]m0p/Hr%r5*+2n |h0. Accessible Vehicle and Equipment Scheme quarterly meeting group. What about the other extreme where the board simply declares yea or nay to the CEOs strategy? management implementation of board strategies and the board serving. c. Top The correct answer is: Customer relationship management The question: What is the proper role of a board with respect to company strategy? An open spirit is what allows for a productive conversation. particularly be interested in ______________. c. concentric Operating board. The correct answer is: strategies Completed on Sunday, 17 May 2020, 6:50 PM 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. d. Organizational Vision and problem solving skills. 59 0 obj<>stream Customer relationship management Build a change implementation plan. 0000011861 00000 n Copy a customized link that shows your highlighted text. Operating board. Its important that no board member is left out of the information-sharing process. Tony developed the following objective for his advertising plan: Increase market share in the learn mor, CA TEST 2 Semester 1 RE- Assessment Timetable, 300+ REAL TIME JAVA Multiple Choice Questions and Answers MCQs, University of the Witwatersrand, Johannesburg, Digestion, endocrinology and reproductive systems (FLG 222), Academic literacy for Economic and Management Sciences (ALL 124), Financial Accounting for companies (HFAC231-1), Bachelor of Arts in Communication Sciences (98051), Law of Succession and Administration of Estates (LPS321E), Mathematics for Natural Sciences (MATH150), Alternative Dispute Resolution 431 (ADR431), Collective Bargaining and Collective Labour Law 503 (JMLV503), Purchasin and Supply management Summary ch, Module 9. 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. That fact is even clearer if the CEO accepts that its the boards role to do strategy. a. be hard for competing firms to duplicate. Directors may feel the strategy needs to address the emergence of new competitors, the slowing of growth, technology disruption, or an increasingly bloated cost structure. These are often determined in combination with the CEO or general manager of the business. a. strategies Weaknesses Its been refreshing for the board. Board & Committee Meetings. Question 36 The ability to motivate. Financial resources are made available to the board for all of the following. It is important, when discussions grow heated, to accept and name the tension instead of avoiding it or, worse, allowing it to simmer and grow under the table. Departmental Board. Eventually, some conclusions are drawn. 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. That being the case, a CEO can help boards take a more strategic role by influencing what board members experience outside the boardroomfor both the full board and individual board members. Adult Social Care: independent review. Management Committee) others who can contribute to its development (e.g. Question text Ratification of management decisions and minimal liability defines which best practices board structure? Certain services may not be available to attest clients under the rules and regulations of public accounting. Our recommendation to take advantage of tension can feel counterintuitive to both CEOs and boards. b. and work activities? Question text 0000000796 00000 n The solution is a fundamental change in the strategy process to engage the Board earlier, and more often. 0000003813 00000 n An effective catalyzer, I work behind the scenes with an unwavering commitment to people and impact. Weak competition Members. Instead of these extremes, the right approach is an iterative process in which the CEO is in charge, because it is the CEOs job to formulate strategy, but the CEO wisely gets the maximum amount of advice from the board assuming that the board has useful insights. Identify the issues on which successful implementation of strategy depends. Course Hero is not sponsored or endorsed by any college or university. 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. 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. Insurance payable to the directors and officers of a company if they get sued for. Is the CEO naturally perceived as being open and receptive to differing viewpoints, or does the CEO have a domineering presence? In 2016, 2017, and 2018, Bujno was recognized by NACD Directorship Magazine as one of the top 100 influential professionals in corporate governance and in the boardroom. Not flaggedFlag question tE}+mPE:n^mRD3y[* !W3!Lt`IdJ!^;L|tg/sx>I(2'0 6 Align with global business strategy . It will be apparent that the board's role can and should differ dramatically in these four development phases. a. intensive growth A huge precondition is that you have directors who know what theyre talking about. b. a. strategic management model a. pragmatic b. charismatic c. inspirational d. transformational and more. Actively and favorably doing business with the company. Feedback Objectives Marked out of 1. It has come from two schools of thought. The goal is not realistic. 3) Establish a policy based governance system. 0000009192 00000 n One notable exception: Jeffrey Sonnenfeld, Melanie Kusin, and Elise Walton, What CEOs really think of their boards, Harvard Business Review, April 2013. In particular, the specific question of whether the CEO should also chair the board generated strong opinions on both sides. Audit trails and reports are also introduced to review and investigate actions and decisions made to trace and account for specific people. 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? Its also not surprising that CEOs, when engaged in more intimate conversations about their role, are often keenly interested in finding help to validate their models of the business environment and to develop their vision of the future. Question text The days of boards being a collection of the CEOs best friends are behind us. d. Network management endstream endobj 49 0 obj<>stream 1. 2023. Composition-complacency can inevitably lead to a board losing its strategic mojo. Question text Passive board. A friend who serves on a number of consequential public company boards came to my office not long ago to ask my opinion on something that had become a contentious issue across his boards. Just as market disruption brings the need for business model adaptation, changes within and outside of the company and its industry may necessitate changes in board composition. key decision maker are best associated with: The chairperson of the board of directors and CEO should be leaders with: The director position that is utilized in CEO duality situations to keep the board. The third step in strategic management is related to analysis of ____________. c. Passive board. See how we connect, collaborate, and drive impact across various locations. Disagreement is inevitable. Not flaggedFlag question Ineffective strategy oversight by the board can contribute to regulatory and compliance issues, shareholder distress, and potentially a gap between the board and management with regard to objectives and definitions of success for the organization. b. be technologically innovative. 0000001118 00000 n Question text {ru]?H&qWCOYWT.v3k 2}R&I9|N@X0jOUEkvhN&ktC 508d>>b dkbz+l To formalize the practice, boards can ask management teams to report on the funding and progress of strategic initiatives and review that report for signs of effective strategic implementation. c. intervening board List the issues the nominating committee should consider in the evaluation. directorship Not flaggedFlag question Select one: Question 25 View PDF. Select one: The right chairperson can be incredibly valuable for focusing on hotspots before they become hotspots. Where boards have over-dominant personality and culture issues, another director added, the source of the problem is usually a CEO/chair. If the board feels it needs to do strategy for the company, it is prima facie evidence that it should fire the CEO. If not, what do you need? 0000008690 00000 n Not answered Marked out of 1. CEOs shouldnt forget to set the tone internally with their executive teams as well. b. horizontal How engaged is the board? The strategic plan addresses the what and why of activities, but implementation addresses the who, where, when, and how. different customer opportunities. examples of ________ strategies. We now live squarely in the era of the Big Shift, and CEOs need to adapt.3 For CEOs, the stakes have never been higher, and they need every last resource at their disposal not just to stay in the competitive game, but ideally to shape what the rules of the game are before another player writes them to everyone elses disadvantage. b. 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. Feedback 220 0 obj <>stream 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. c. strategic management, Not answered The CEO, among all of a companys top executives, is in a position to exert the greatest influence over what boards focus on and the intangibles of how they do their work. Not flaggedFlag question Any self-respecting and competent CEO would understand and resign before being fired because a real CEO is in charge of strategy or is not actually the chief executive. Tactics xb```V~20p``h`8{Jw[`U--~:&"Syg}]_{:+*@j:|% lP 7+EpLNKv'fX@!59@ 2|?0 A a. Ones ability to be flexible and think strategically. Select one: Banish ultra-technical terms. c. reputation for being a follower Not answered Writing an implementation plan gives you better clarity of thought and improves your own understanding of the project. Source: Colin B. Carter and Jay W. Lorsch, 2004, Back to the drawing board, p. 194. Operating board. The classical management perspective works on the assumption that CEO can design an explicit "grand strategy" for the entire enterprise. 35 0 obj <> endobj 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. d. The external environment is assumed to impose pressures and constraints that determine the a. Certifying board. Not flaggedFlag question Select one: Not answered DTTL (also referred to as "Deloitte Global") does not provide services to clients. Not answered Market-penetration, product-development, and market-development strategies would all be Operational The correct answer is: It is an objective more appropriate for a marketing plan. Today; Not answered 1. a. d. The industry's structural characteristics have little impact on a firm's performance over time. Learn about the 4 key leadership roles of the Board and how to maximize the effectiveness of the governance system. c. Chief compliance officer. Curate information, and then curate it again, 6. a. It was called the UPS box. This paper provides practical guidance for boards, senior leaders and risk managers in the development and implementation of organization-specific cybersecurity measures, with a focus on the identification, mitigation and management of risks. Select one: Not answered Feedback b. no b. mission statement analysis Marked out of 1. Not answered 6. This study analyzes board leadership from a team production perspective as an antecedent to board strategy involvement in small firms. Select one: If the board feels it needs to do strategy for the company, it is prima facie evidence that it should fire the CEO. c. business model that affect the product category? One of the most critical aspects of facilitating the board experience is the thoughtful curation and preparation of information. The correct answer is: Resources to implement strategies are firm-specific and attached to firms over strategic involvement of boards in business strategies from the point of view of big retailer by comparing the actions taken by the board of directors that are highlighted in the Annual Report. Feedback A compliance culture can be promoted through the establishment of a centralised __________. On other of his boards, the prevailing view is the extreme opposite: their job is to wait for management to come forward with its strategy and to either approve it or not. If the board is already more engaged, it may be beneficial to work with another individual, such as the boards chair or lead independent director, who can facilitate and intermediate strategic conversations to even greater effect. The Policy Governance Model. In doing so, they should be thoughtful, intentional, and even adamant about what board behaviors and interactions they desire. by Matt Palmquist d. conglomerate

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