Part -1 Risk and Insurance in International Trade
Assignment A
Answer the following questions:
Q1: Briefly explain what is risk. Also enumerate different types of risks and ways of assessing risk.
Q2: Explain the meaning and importance of marine insurance. Briefly discuss various documents required for insurance.
Q3: Explain Country Risks and Interest Rate Risks. Enumerate measures to manage Interest Rate Risks.
Q4: Give a brief overview of International Payment Methods. What do you understand by Bill of Lading and Bill of Exchange?
Q5: What is the scope of coverage of Transport Insurance? How is transport risk managed?
Assignment B
The Case of the Never Ending Scope Creep
In 1999, the XY Department of the Federal Government reviewed its Year 2000 Date Turnover Computer Risks and found that its outdated computer systems for managing public clients needed replacing. A business case was prepared for funding the replacement while at the same time implementing some improvements. The total budget requested was $2.3 million.
In view of a shortage of funds around at the time, government did not approve this amount. Only $1.5 million was authorized. However, the XY Department accepted this amount after they decided that they could maybe do the work for around the $1.5 m.
Accordingly, a project was scoped and planned, with specific milestones for implementing the hardware and, subsequently the software, across 87 sites within its jurisdiction. A final completion date of 30th June 2001 was projected. The original business case had loosely identified some risks to the project that were also included in the project plan. A project steering committee was established, with the department chief (CEO) as the sponsor, and representation by influential managers with differing outcome needs to suit their particular work environment. The project commenced in July 1999.
In view of the shortfall on its original budget request, the committee decided not to employ a project manager. Instead it assigned this responsibility to its Finance Manager, who would undertake the work along with his normal duties.
A Company, called "Good Programs" was contracted to supply the software and assist in the implementation. This company recognized the marketing opportunities of this project, as the XY Department was its biggest client in the region. As a result, they offered, free of charge, many more features that were not in the original scope, provided the department allowed them to be, in essence a research and development (R&D) site. This would assist Good Programs to more readily sell their products elsewhere around the world, while providing the XY Department with additional functionality and benefits.
Initially, the steering committee met regularly, but as new versions of the resulting software were being implemented regularly, meetings became less frequent and Good Programs were left to do more and more of the day to day management of the new version implementations.
These new versions were developed after consultation with the various individual managers to accommodate requested new features with little consultation amongst all of the managers. All the XY Department and steering committee had to do was to identify problems with the software and to make the system testers available for new versions. However, the effect was an unanticipated overhead for the department.
Sometime after the original project was scoped and commenced, both the original CEO and finance manager had been moved out of the department and new officers have been appointed.
At this time, the new CEO has been advised that about $185,000 more is needed for the project, which is not in his current budget. The original project has not been signed off, indeed, it is evident that it has not been completed. The new CEO of the department is not sure of the original scope of the project, what aspects have been implemented, nor what has been spent for which parts. There do not seem to be any reliable reports available as to original scope, scope changes, schedule or budget.
The CEO is concerned that the project has become more of a career than a project, with version 16.5 of the client management system now being tested with yet more features. In addition, there are some past software problems that are still outstanding. Nevertheless, Good Systems have promised that problems will be fixed in the next version ... .
You are a senior consultant with PM Right Track (PMRT), a competent project management consulting company. The CEO has called you in for advice. The information is brief, but this is all the information that he and the new finance manager are able to provide. The CEO's mandate to you is to:
1. Report and Compare your assessment of the current project status.
2. Recommend improvements to the XY Department's future project management practices.
3. If a very similar project had to be done again, what attributes and/or skill sets would you recommend in selecting a project manager?
Assignment C
Choose the right option:
1. Suppose the project has many hazards that could easily injure one or more persons and there is no method of avoiding the potential for damages. The project manager should consider __________ as a means of deflecting the risk.
a) abandoning the project
b) buying insurance for personal bodily injury
c) establishing a contingency fund
d) establishing a management reserve
e) not acknowledging the potential for injury
2. Risk Management includes all of the following processes except:
a) Risk Monitoring and Control
b) Risk Identification
c) Risk Avoidance
d) Risk Response Planning
e) Risk Management Planning
3. When should a risk be avoided?
a) When the risk event has a low probability of occurrence and low impact
b) When the risk event is unacceptable -- generally one with a very high probability of occurrence and high impact
c) When it can be transferred by purchasing insurance
d) A risk event can never be avoided
4. All of the following are financial risks which may be faced by business organizations EXCEPT
a) interest rate risk.
b) commodity price risk.
c) product liability risk.
d) currency exchange rate risk.
5. Which of the following is not an example of personal risk?
a) Earning risk
b) Medical expenses
c) Longevity risk
d) Worker Injury
6. _____________ risk refers to uncertainty over total of cash flows due to possible changes in output and input prices.
a) Personal
b) Pure
c) Price
d) Credit
7. Which of the following is not an object of risk management?
a) Identify all potential risks.
b) Identify high-impact/high priority risks.
c) Document risk identification and analysis process.
d) Assume risk
8.All of the following are disadvantages of using insurance EXCEPT
a) There is an opportunity cost because premiums must be paid in advance.
b) Considerable time and effort must be spent selecting and negotiating coverages.
c) It results in considerable fluctuations in earnings after a loss occurs.
d) Attitudes toward loss control may become lax.
9. Which of the following types of loss exposures are best met by the use of avoidance?
a) low-frequency, low-severity
b) low-frequency, high-severity
c) high-frequency, low-severity
d) high-frequency, high-severity
10. What is the methods of handling risk ?
a) avoidance
b) loss control
c) retention
d) noninsurance transfers
e) insurance
11. Which of the following is not part of risk management process?
a) identify and evaluate frequency and severity of losses
b) choosing and implementing risk management methods
c) Shelving a business plan due to high risk
d) monitoring the performance and suitability of the methods.
12. Risk avoidance means:
a) Measures are taken to eliminate loss exposure
b) Measures are taken to reduce loss severity
c) Insurance has been purchased and risk transferred to an insurance company
d) Is not a useful risk management tool.
13. Business firms face liability lawsuits when their :
a) Products injure consumers
b) Customers steal their inventory
c) Unions go on strike
d) Attorney fails to file legal document
14. The principle of indemnity provides that
a) Insurance premium rates must be neither too high nor too low
b) The insured should be paid for the loss he or she suffered and no more no less
c) The insured shall be paid exactly the face amount of the policy
d) People who cause accidents should pay for the loss that results
e) Only indemnity companies may issue contracts of indemnity
15. Principle of Insurable interest refers to
a) All facts should be disclosed to insurer
b) The amount of interest to be paid by the insurer
c) No person can enter into a valid contract of insurance unless he has insurable interest in the object
d) None of the above
16. Institute cargo Clause C covers loss of or damage to the goods caused by
a) Fire or explosion
b) Theft, pilferage and non-delivery
c) Fresh and/or rain and/or river water damage.
d) Hook, oil, mud, acid and damage by other cargo.
17. Which policy covers all risks of loss of or damage to the goods insured and is the widest cover
a) Institute Cargo Clause A
b) Institute Cargo Clause B
c) Institute Cargo Clause C
d) War and Strikes, Riots and Civil Commotion (SRCC) Clause
18. Principle of Causa Proxima implies that
a) the insurer becomes liable to pay for loss if the insured peril or risk is the proximate cause of loss
b) the contracts of insurance only indemnify a loss resulting from risk covered under the Policy
c) the insurer becomes liable to pay for loss if the insured peril or risk is the exact cause of loss
d) the insurer becomes liable to pay for loss irrespective of the cause of loss
19. Maritime perils are cause due to
a) faults in loading, keeping, carrying and unloading of the cargo
b) acts of God or man made events
c) war including civil war, revolution, rebellion etc.
d) strikes, lock-outs, labour disturbances, riots, civil commotion
20. Which document sets out all the terms and conditions of the contract between the insurer and the insured
a) Certificate of Insurance
b) Insurance Broker's Note
c) Insurance Policy
d) None of the above
21. A country that analyzes the probability of: (1) an uprising, (2) the election of a socialist nationalizing government, and (3) the stability of per capita income, is engaging in:
a) factor risk analysis.
b) political situation analysis.
c) country risk analysis.
d) consumer purchasing power analysis.
22. Which of the following statements is true?
a) A tax increase is never the result of political forces and can therefore not be considered a political risk.
b) Political risk is confined to third world countries.
c) One form of political risk is government measures to improve the competitiveness of national companies.
d) All of the above.
23. Which of the following statements is true?
a) Expropriation of assets by communist governments is a form of micro political risk.
b) In 2004, government X, which had been providing preferential treatment to countries in the A region, provided equal opportunities to manufacturers across the world. This is a case of micro-political risk.
c) In 2006, the producers of widgets in Germany lobbied their government to impose tariffs on imports of widgets. This is a case of macro political risk.
d) All of the above
24. Which of the following is not a factor that an MNE must be acquainted with when dealing with a foreign government?
a) Their culture.
b) Their policy objectives.
c) Their levers of power.
d) None of the above.
25. Which of the following is a Berlin-based organization that produces reports on corruption each year?
a) The Business Ethics Bureau.
b) Transparency International.
c) Corruption Watchdog.
d) Corruption Monitor.
26. World Banks' subsidiary that guarantees against non-commercial risks is
a) MIGA
b) IDA
c) IRBD
d) IFC
27. Which of the following is a ECA in Africa?
a) African Export-Import Bank
b) Arab Investment & Export Credit Guarantee Corporation
c) Corporación Andina de Fomento
d) European Bank for Reconstruction and Development
28. Credit Insurance is beneficial to the exporter as it facilitates:
a) Effective management of interest rate fluctuations
b) Offering more competitive credit terms to new customers.
c) Effective management of foreign currency fluctuations
d) Offering more competitive credit terms to banks
29. Which of the following tool will not help a company in minimizing its bad debt
a) Confirmed LC
b) debt purchase
c) credit insurance.
d) Hedging
30. In case of undisclosed factoring
a) client's customers are not notified of the factoring arrangement.
b) client's customers are notified of the factoring arrangement.
c) client is notified of the factoring arrangement.
d) Client is not customers are not notified of the factoring arrangement.
31. Purchasing of an exporter's receivables at a discount price by paying cash is known as
a) Factoring
b) Forfeiting
c) Hedging
d) Arbitration
32. Forfeiting is beneficial to banks because :
a) Lower credit administration and credit follow up
b) It helps in maintaining liquidity
c) It helps bank to offer competitive interest rates
d) Increases assets base
33. Which of the following is not characteristic of factoring
a) Factoring is possible in case of bad debts.
b) Credit rating is mandatory.
c) It is a method of offbalance sheet financing.
d) Cost of factoring is never equal
34. In case of Forfeiting exporter has to bear the following cost :
a) Commitment fee
b) Interest
c) Commission
d) Dividends
35.Liquidity risk pertains to timing mismatches between cash inflows and outflows is known as
a) gap risk
b) Commercial risk
c) Personal risk
d) Business Risk
36.In Gap Analysis If the difference between the assets and liabilities which mature or are re-priced during that interval is positive
e) there will be a net cash deficit
f) there will be no change in net cash
g) there will be a net cash surplus
h) None of the above
37.A combination of interest rate puts is referred to as an
a) interest rate cap
b) interest rate floor
c) Call
d) Put
38. LIBOR stands for
a) Liberal Interbank Offered Rate
b) London Interbank Offered Rate
c) Liberal Interbank Offered Ratio
d) Liberal Interbank Official Rate
39. Put option is considered the mirror image of a
a) call option
b) floor
c) cap
d) Collar
40. In plain vanilla swap
a) one party paying a fixed interest rate and receiving a floating rate and the other party paying a floating rate and receiving a fixed rate.
b) one party pays and receives a fixed interest rate and the other party paying a floating rate and receiving a fixed rate
c) Both parties pay and receive fixed interest rate
d) Both parties pay and receive floating interest rate
Part -B International Strategic Management
Assignment A
Answer the following questions:
Q1: Briefly explain strategy. Differentiate strategy from strategic management. Also explain the levels of strategy formulation.
Q2: Differentiate between International and Global Strategic Management. Explain different types of international strategies.
Q3: Briefly explain Value chain analysis and Mc Kinsey's 7s Framework.
Q4: Why do firm's globalise? Explain the different phases of Global Strategy.
Q5: Explain Porter's 5 Force Model, BCG Matrix and GE Nine Cell Matrix.
Assignment B
The Business Operations of Robin Hood and the Merrymen
Robin and the Merrymen are in business to steal from the rich and give to the poor. The organization had begun as a personal interest to Robin, and has grown with allies and new recruits to become a very large organization. Robin is the head of all operations with few delegates who have their own specific duties.
The Merrymen's dilemma is that they must overcome their largest competitor, the Sheriff, who is growing stronger and becoming better organized. The Sheriff has gained the money and men and is beginning to cause problems for the Merrymen, looking for their weaknesses. The Merrymen have several strategy options in order to triumph over the Sheriff. There are three approaches we will focus on to find a strategy to overcome the Sheriff and his band. First, Robin and the Merrymen can find ways to improve their internal operations in order to compete. By finding internal strengths and weaknesses the Merrymen can capitalize on their strengths and improve their weaknesses. Second, the Merrymen can focus externally on market opportunities, competitive advantages, consumer expectations, competitor's actions, and technological advances. Third, Robin could chose to mix internal and external focus and perform a SWOT analysis to find the complete standing of the Merrymen compared with their competitors.
Focusing internally, the Merrymen could change their business strategy in order to end competition with the Sheriff before they are completely defeated. Secondly, with an external focus, Robin could kill the Sheriff. But, Robin believes this would not completely solve the problem. Third, they could join an alliance by helping the barons in their goal to free King Richard the Lionheart. This would save the Merrymen from the Sheriff's increasing power, but is also a risky choice.
There are several issues that the Merrymen must consider while striving to compete with the Sheriff. The size of the band of Merrymen is becoming too large for the economic resources available. Robin is feeling like he is not in touch with his employees because of the increasing size of the band. Vigilance is in decline and discipline is becoming hard to enforce. Robin needs to decide whether or not to change the business strategy of the band from confiscation of goods from the rich to a fixed transit tax.
In the beginning, Robin Hood takes on a leadership role by ruling supreme and making all-important decisions. He delegated specific tasks to followers who worked towards a vision that Robin Hood, the leader, prescribes. In forming a vision Robin felt that his strength was in numbers so he accepted allies and later also excepting all those who had a willingness to serve for Robin. The best leaders will have the most followers. His followers need to be motivated, believing in Robin's vision and taking this vision on themselves for it to be successful. Its Robin's responsibility to commit to leadership and the enterprise (Merrymen) in order to have a successful band of Merrymen. Without his leadership of his strategy, the Merrymen would not have a road map to carry out Robin's vision.
Perhaps Robin's success was in part to his power as a trustworthy leader. Robin's influence of referent and expert power helped to give to his charismatic leadership style. Robin exerts expert power by providing knowledge and advice, which helps, increase his credibility and trust within the band of Merrymen. He links his referent power to his Merrymen by valuing and accepting them as well as making them feel important which enables his followers work closely towards his vision as a leader.
As the size of the band increased changes arose in Robin's leadership role although his original vision of strength in numbers still held strong. Due to large band of Merrymen, Robin began to fade into the crowd and eventually losing control over his followers. All these organizational changes contributed to Robin's inability to recognize his own band of men, overlooked the lack of food, resources, and financial reserves, as well as discipline. Due to the lack of control and his change in power, this shifted his leadership role to a management role. His original followers have now become mere subordinates with their own goals in mind. In his new management role Robin has shifted his strategy from previously establishing direction to now working towards his goal. Instead of aligning his Merrymen he now needs to focus more on aligning his resources to satisfy his band. Although Robin's role has shifted it is important that he must maintain the level of motivation that existed under his leadership role with his subordinates.
As his leadership role was altered, as did his power over his Merrymen. Now taking on more of a management position his power included legitimate, reward, coercive, and referent power, which was a change from his previous expert, and referent power in a leadership position. His new legitimate power, which was granted by the organization, enabled the Merrymen to realize their own responsibilities. Although Robin held reward power, it was not visible to his Merrymen; this indirect power kept them free from the Sheriffs rule. Coercive power is also indirectly seen by his Merrymen in that if they choose to leave the band and were caught they risked a confrontation with Robin. Referent power the only power that Robin hold intact as a previous role as a leader, he valued and accepted his Merrymen to make them feel important.
Forming an Alliance
The barons have approached Robin and asked him to join their conspiracy against Prince John and the Sheriff. Due to this, Robin is now faced with a very important decision he has to make about the future of the Merrymen. He has to figure out if it will be better for the Merrymen to form an alliance, a merger, or to continue to not have any ties with the barons.
If Robin takes the first option and forms a merger with the barons, he and the Merrymen would dramatically strengthen their position, and open up the opportunity to gain a competitive advantage against the sheriff. This competitive advantage would occur, because the merger would help fill many resource gaps that the Merrymen currently have. The main resource gap being the fact that the barons would be contributing their financials, which, in turn, would help pay for the rising costs of food. These lower costs will help stop the draining of the Merrymen's financial reserves and Robin and his Merrymen could be able to invest their financial resources somewhere else.
Robin could take the second option and form an alliance with the barons. This option is more probable for the Merrymen's current situation due to the fact that alliance's can be quickly formed and disbanded if necessary. At the same time, an alliance offers almost all of the advantages of a merger, without all the disadvantages. If Robin were to form an alliance with the barons and it did not work out, the alliance could be quickly dissolved, whereas a merger can not. Also, in an alliance, not all resources are shared, so the Merrymen would not have to worry about a strain on their already diminishing resources.
The final option Robin has is to not form a merger or an alliance with the Barons. Robin may not want to take the risk that is associated with the baron's proposition. He may want to explore other strategic options to overcome Prince John and the Sheriff. Although there is a high return (future amnesty) for Robin and the Merrymen's services, there is also a high risk associated with this venture. Robin knows this and has to make a decision on what he thinks is best for the Merrymen.
Answer the following questions:
Q1: What problems does Robin Hood have/ what issues need to be addressed?
Q2: What strategic options does Robin Hood have? Is continuing with the present strategy an option or is the present strategy obsolete?
Q3: What action plan would you recommend to Robin?
Assignment C
Choose the right option:
Q.1. Strategy is
(a)A sense of organizations objectives and how it achieves them
(b)An art of motivating employees
(c)To increase profits
(d) None of the above
Q.2 Strategic Management includes
(a)Managing strategies
(b)All functional areas of an organisation
(c)Is similar too operations management
(d) All of the above
Q.3 The Strategic Management Process does not include:
(a) Strategy Formulation
(b) Strategy Evaluation & Implementation
(c) Strategy Control
(d)Strategic Intent
Q.4 Strategy implementation represents
(a) The purposes for which a company exists and operates
(b) A tool strategists use to evaluate Strengths, Weaknesses, Opportunities, and Threats
(c)Formation of a strategy
(d) A pattern of decisions and actions that are intended to carry out the plan
Q.5 Corporate Level Decisions are
(a) Made at the highest level
(b) Made by functional managers
(c) Represented by different operating divisions or lines of business
(d) All of the above
Q.6 Functional Level Strategies
(a) Positions the business against rivals
(b) Managing Activities and Business Interrelationships
(c) Are related to business processes and the value chain
(d) Defining the issues that are corporate responsibilities
Q.7Global Strategy is different from International Strategy as
(a)There is lack of coordination between centre and subsidiaries
(b) Subsidiaries are independent to plan and execute competitive moves
(c)There is standardization of products across all subsidiaries
(d)All of the above
Q.8 Competitive Advantage from a Global Strategy depends on
(a)Efficiency
(b)Risk
(c)Learning
(d)All of the above
Q.9 Customer Drivers depend on
(a)Transportation Costs
(b)Global Customers
(c)Trade Policies
(d) Global Competitors
Q.10 An important characteristic of Joint Ventures are
(a) Minimizes risk and investment.
(b) Able to circumvent trade barriers
(c) Overcomes ownership restrictions and cultural distance
(d)All of the above
Q.11 Licensing has a disadvantage of
(a) Minimizes risk and investment
(b) Trade barriers & tariffs add to costs
(c) Maximizes scale; uses existing facilities
(d) Licensee may become competitor
Q.12 The primary activities in a value chain are supported by
(a)Infrastructure
(b)Technology
(c)Human Resource
(d)All of the above
Q.13 Value Chain Analysis helps a firm in
(a) Differentiation
(b)Increasing Cost
(c)Reducing Profit
(d)None of the above
Q.14 Value chain activities maybe outsourced
(a)When the activity is performed better by suppliers
(b)The risk of performing an activity in house is nil
(c)When the activity is performed better in house
(d)The lead is low when produced in house
Q.15 The micro environment consists of
(a)Market
(b)Technological environment
(c)Social environment
(d)Political environment
Q.16 Location of a business is a
(a)Weakness
(b)Threat
(c)Opportunity
(d)Strength
Q.17 A new international market is a
(a)Threat
(b)Weakness
(c)Opportunity
(d)Strength
Q.18 Purpose refers to
(a) Implied objectives
(b) What an organisation hopes to accomplish in the near future
(c) Description of its current and future business
(d) The basis for strategic decision-making
Q.19 Objective refers to
(a) The basis for strategic decision-making
(b) Description of its current and future business
(c) What an organisation hopes to accomplish in the near future
(d) Implied objectives
Q.20 Mission refers to
(a) Description of its current and future business
(b) The basis for strategic decision-making
(c) Implied objectives
(d) What an organisation hopes to accomplish in the near future
Q.21 Goals refers to
(a) Implied objectives
(b) What an organisation hopes to accomplish in the near future
(c) Description of its current and future business
(d) The basis for strategic decision-making
Q.22 Strategic Intent
(a) Sets targets
(b)Envisions leadership
(c)Lays down criteria for progress
(d)All of the above
Q.23 Mission should
(a)Provide basis for motivation
(b)Serve as focal point for understanding firms objectives
(c)Specify organizational purpose
(d)All of the above
Q.24 Global Strategies require firms to
(a) Co-ordinate pricing strategies across subsidiaries
(b) To reduce profits
(c)To increase costs
(d)None of the above
Q.25 The reason for going international is
(a)To increase cost
(b)To increase risk
(c)To expand sales
(d)All of the above
Q.26 To develop a global strategy, the following steps should be followed
(a) Develop the strategy, Internationalise the strategy, Globalise the strategy
(b) Internationalise the strategy, Develop the strategy, Globalise the strategy
(c)Internationalise the strategy, Globalise the strategy, Develop the strategy
(d) Develop the strategy, Globalise the strategy, Internationalise the strategy
Q.27 CSR refers to
(a) The way a company balances the social aspects of its operation
(b) The way a company balances the economic, environmental and social aspects of its operation, addressing the expectations of its stakeholders
(c) The way a company balances the economic aspects of its operation
(d) The way a company balances the environmental aspects of its operation
Q.28 The BCG Matrix was developed by
(a)Hofer
(b) Michael Porter
(c) GE
(d) Boston Consulting Group
Q.29 ETOP refers to
(a) Economic threat and opportunity profile
(b)Environmental threat and opportunity profile
(c)Electronic threat and opportunity profile
(d)All of the above
Q.30 SAP refers to
(a) Strategic absolute profile
(b) Social advantage profile
(c) Social absolute profile
(d) Strategic advantage profile
Q.31Stars refer to
(a)High market share, Low Market growth rate
(b) Low market share, High Market growth rate
(c) Low market share, Low Market growth rate
(d) High market share, High Market growth rate
Q.32 Hofer's Model suggests that a strategy analysis is made up of
(a) Identification of the principle resources and skills on which the business can build a competitive strategy
(b) The identification of the major strategic opportunities and threats that the business will face given its current strategic position
(c) Identification of major issues and gaps deriving from the current position and the threats and opportunities identified in the future.
(d)All of the above
Q.33 Cost Leadership Strategy is
(a)Ability to cut prices
(b)Customer Loyalty
(c)Developing core competencies
(d)All of the above
Q.34 The Grand strategy includes
(a) Cost Leadership
(b) Differentiation
(c)Retrenchment strategy
(d) Focus strategy
Q.35 Retrenchment strategy
(a) Concentrate their resource where the company presently has or can rapidly develop a meaning full competitive advantage
(b) a mixture of all the strategies
(c) involves a total or partial withdrawal from either a customer group or customer functions
(d)Focuses on increase in sales, profits and assets
Q.36 Strategic Alliance
(a) Shares risks
(b) is a mutual relationship
(c) provides resources
(d) All of the above
Q.37 Operationalising strategy depends on
(a)Structure
(b)Culture
(c)Leadership
(d)All of the above
Q.38 Strategic leadership
(a) establish organizational structure
(b) Disallocate resources
(c)Bars communication
(d) None of the above
Q.39 Strategic evaluation and control
(a) Is the first step in strategic management
(b) Is the last step in Strategic management
(c) is of no importance to strategic management
(d)none of the above
Q.40 The balanced scorecard is
(a) a strategic planning and management system
(b) used extensively in business and industry, government, and nonprofit organizations
(c) used to align business activities to the vision and strategy of the organization
(d) All of the above