MGT 3320: LSU DOREEN MATTHES:
EXAM 1 STUDY GUIDE
How is human resource management defined? - Correct Answers -The policies,
practices, and systems that influence employees' behavior, attitudes, and performances
What are HR's 3 product lines and what are the activities in each? - Correct Answers -1.
Administrative services and transactions
- compensation, hiring, staffing
2. Business partner services
-Developing effective HR systems and helping implement business plans, talent
management
3. Strategic Partner
- Contributing to business strategy based on considerations of human capital, business
capabilities, readiness, and developing HR practices as strategic differentiators
◦How can HRM decrease time spent on administrative tasks to increase its strategic
role? - Correct Answers -- implementation of shared service model
- use of technology to reduce HRM's role in administrative tasks, maintaining records,
and providing self-service to employees
- outsourcing
How can HRM help companies compete through environmental, social, and governance
practices? - Correct Answers -- Deal with the workforce and employment implications of
the economy
-Understand and enhance the value of intangible assets, incl. human capital
-meet stakeholder needs
-emphasize customer service and quality
How can HRM help companies compete through globalization? - Correct Answers --
enter international markets
, -offshoring and reshoring of jobs
How can HRM help companies compete through technology? - Correct Answers --
Consider applications of social networking, artificial intelligence, and robotics
-Use HRIS, mobile devices, cloud computing, and HR dashboards
-Consider high-performance work systems and virtual teams
What is a business model? - Correct Answers -Story of how the company will create
value for customers and how it will do so profitably
What is strategic management? - Correct Answers -The process for analyzing a
company's competitive situation, developing the company's strategic goals, and
devising a plan of action and allocation of resources (organizational, human, and
physical) that will help a company achieve its goals
How do labor costs influence profitability? - Correct Answers -Higher labor costs (higher
wage rates and employee benefits) make workers better off, but they can reduce
companies' profits, the number of jobs, and the hours each person works. Overtime pay,
hiring subsidies, the minimum wage, and payroll taxes are just a few of the policies that
affect labor costs.
two-way linkage - Correct Answers -allows for consideration of HR issues during the
strategy formulation process
What are the general strategic types and required role behaviors? - Correct Answers -1.
cost strategy
2. differentiation strategy
cost strategy - Correct Answers -companies define the skills they require for efficient
production and invest in training employees in these skill areas
Give examples for labor costs that are fixed costs vs. variable costs - Correct Answers -
fixed cost ex from textbook: if you are producing widgets in a factory, you have the rent
you pay for the factory, depreciation of the machines, the utilities, the property taxes,
and so on. In addition, you generally have a set number of employees who work a set
number of hours with a specified level of benefits, and although you might be able to
vary these over time, on a regular basis you pay the same total labor costs whether
your factory runs at 70% capacity or 95% capacity
variable cost ex from textbook: all of the materials that go into the widget might cost a
total of $10, which means that you have to charge at least $10 per widget, or you
cannot even cover the variable costs of production.
EXAM 1 STUDY GUIDE
How is human resource management defined? - Correct Answers -The policies,
practices, and systems that influence employees' behavior, attitudes, and performances
What are HR's 3 product lines and what are the activities in each? - Correct Answers -1.
Administrative services and transactions
- compensation, hiring, staffing
2. Business partner services
-Developing effective HR systems and helping implement business plans, talent
management
3. Strategic Partner
- Contributing to business strategy based on considerations of human capital, business
capabilities, readiness, and developing HR practices as strategic differentiators
◦How can HRM decrease time spent on administrative tasks to increase its strategic
role? - Correct Answers -- implementation of shared service model
- use of technology to reduce HRM's role in administrative tasks, maintaining records,
and providing self-service to employees
- outsourcing
How can HRM help companies compete through environmental, social, and governance
practices? - Correct Answers -- Deal with the workforce and employment implications of
the economy
-Understand and enhance the value of intangible assets, incl. human capital
-meet stakeholder needs
-emphasize customer service and quality
How can HRM help companies compete through globalization? - Correct Answers --
enter international markets
, -offshoring and reshoring of jobs
How can HRM help companies compete through technology? - Correct Answers --
Consider applications of social networking, artificial intelligence, and robotics
-Use HRIS, mobile devices, cloud computing, and HR dashboards
-Consider high-performance work systems and virtual teams
What is a business model? - Correct Answers -Story of how the company will create
value for customers and how it will do so profitably
What is strategic management? - Correct Answers -The process for analyzing a
company's competitive situation, developing the company's strategic goals, and
devising a plan of action and allocation of resources (organizational, human, and
physical) that will help a company achieve its goals
How do labor costs influence profitability? - Correct Answers -Higher labor costs (higher
wage rates and employee benefits) make workers better off, but they can reduce
companies' profits, the number of jobs, and the hours each person works. Overtime pay,
hiring subsidies, the minimum wage, and payroll taxes are just a few of the policies that
affect labor costs.
two-way linkage - Correct Answers -allows for consideration of HR issues during the
strategy formulation process
What are the general strategic types and required role behaviors? - Correct Answers -1.
cost strategy
2. differentiation strategy
cost strategy - Correct Answers -companies define the skills they require for efficient
production and invest in training employees in these skill areas
Give examples for labor costs that are fixed costs vs. variable costs - Correct Answers -
fixed cost ex from textbook: if you are producing widgets in a factory, you have the rent
you pay for the factory, depreciation of the machines, the utilities, the property taxes,
and so on. In addition, you generally have a set number of employees who work a set
number of hours with a specified level of benefits, and although you might be able to
vary these over time, on a regular basis you pay the same total labor costs whether
your factory runs at 70% capacity or 95% capacity
variable cost ex from textbook: all of the materials that go into the widget might cost a
total of $10, which means that you have to charge at least $10 per widget, or you
cannot even cover the variable costs of production.
