C201 BUSINESS ACUMEN UPDATED END OF COURSE
QUESTIONS AND ANSWERS GUARANTEE A+
✔✔Strategic Management - ✔✔The actions leaders take to move the organization
toward set goals to achieve a competitive position.
✔✔Business Intelligence - ✔✔Raw data, internal and external to an organization, that is
translated into meaningful information for decision makers to use in taking strategic
action.
✔✔Three basic components of a business intelligence system (data gathering/data
warehousing/query and reporting) - ✔✔A business intelligence system is designed to
provide leaders with more data and better means to analyze the data. This allows
leaders to make better decisions that are based on actual data rather than on "instincts"
or "best guesses." It does not necessarily improve data security, especially since it
gathers more data from more points. Nor does it necessarily provide access to all staff
levels. Leaders may spend more time analyzing but may make better decisions.
✔✔BI System - data gathering - ✔✔Data is routinely gathered through different
computer systems in all parts of the organization
✔✔BI System - Data Warehousing - ✔✔Data gathered from different systems is
translated into a standard format, cleaned and scrubbed and then stored in databases
related to specific uses like operations, finance, HR, sales.
✔✔ERP (Enterprise Resource Planning) - ✔✔Data Warehousing component. Software
that allows databases to be integrated so an organization can manage the business and
automate many back office functions related to technology, services and human
resources. ERP allows everyone to access the same current data.
✔✔BI System - Query-and-reporting tools - ✔✔Users can access the data they need
and use stand alone or integrated ERP business application software to sort, describe
and analyze data in many ways to create reports and charts
✔✔Business intelligence portals - ✔✔Users point of access to the data and applications
stores on an information system
✔✔OLAP - ✔✔Online analytical processing apps can analyze data faster and in more
ways than traditional relational data bases. OLAP's allow all the data to intersect and
provides greater flexibility within the data.
Sometimes part of HRIS tools. Not an interface or portal. For example: HR director
wants to quickly compare engagement survey results among different groups at
different levels within the organization
, ✔✔Advanced Analytics - ✔✔Advanced analytics use historical and current data to get a
better sense of the future and even to shape the future. Uses algorithms to predict
outcomes. (A Dashboard App might use historical and current data to predict future
outcomes)
✔✔Dashboards - ✔✔A dashboard provides leaders with high-level, real-time metrics
that are configurable to user preferences. It allows the leader to link data to essential
organizational metrics in order to make correlations between HR outcomes and the
organization's strategic goals. It is a user interface that organizes and presents
information in a way that is easy to read and interpret. A dashboard arranges
information in a visual fashion that allows the user to view and compare data.
✔✔Machine Learning - ✔✔Machine learning allows a computer system to think and
perform like a human—in this case, to apply "rules" about what constitutes a likely
candidate and then automate the contact process. This saves time when HR resources
are limited.
✔✔Analyzing Survey Results - ✔✔A best practice in analyzing and responding to
survey results is to create a cross-functional team to review and further discuss the
results and to develop action items.
✔✔Budgeting Process and types of budgets (4) - ✔✔varies in different organizations.
Some use a collaborative, top-down/bottom-up process in which organizational and
functional leaders present budget goals and guidelines and departments respond with
proposed budgets. The final budget is usually the result of negotiation. This approach
helps ensure that budgets reflect leadership's larger strategic needs as well as
department managers' more granular knowledge of activity requirements and risks.
Types: Zero-based, Activity based, formula, incremental
✔✔HR Variable vs fixed budge costs - ✔✔HR Variable/operational: recruitment and
selection, employee relations activities, training, and talent management
Variable operational costs are greatly impacted by HR strategies.
the first thing HR leaders must do in the process of allocating resources to strategic
activities is to compare previous/current activities and budget allocations with what will
be needed to support the proposed organizational strategy
✔✔incremental budgeting - ✔✔allocates increased or decreased funds to a department
by using the last budget period as a reference point; only incremental changes in the
budget request are reviewed
✔✔Zero-Based Budget - ✔✔allocates resources as if each budget was brand new.
Each unit or goal is ranked. then $ allocated in order. It tends to reduce wasteful
spending practices that can go unchallenged with other approaches.
QUESTIONS AND ANSWERS GUARANTEE A+
✔✔Strategic Management - ✔✔The actions leaders take to move the organization
toward set goals to achieve a competitive position.
✔✔Business Intelligence - ✔✔Raw data, internal and external to an organization, that is
translated into meaningful information for decision makers to use in taking strategic
action.
✔✔Three basic components of a business intelligence system (data gathering/data
warehousing/query and reporting) - ✔✔A business intelligence system is designed to
provide leaders with more data and better means to analyze the data. This allows
leaders to make better decisions that are based on actual data rather than on "instincts"
or "best guesses." It does not necessarily improve data security, especially since it
gathers more data from more points. Nor does it necessarily provide access to all staff
levels. Leaders may spend more time analyzing but may make better decisions.
✔✔BI System - data gathering - ✔✔Data is routinely gathered through different
computer systems in all parts of the organization
✔✔BI System - Data Warehousing - ✔✔Data gathered from different systems is
translated into a standard format, cleaned and scrubbed and then stored in databases
related to specific uses like operations, finance, HR, sales.
✔✔ERP (Enterprise Resource Planning) - ✔✔Data Warehousing component. Software
that allows databases to be integrated so an organization can manage the business and
automate many back office functions related to technology, services and human
resources. ERP allows everyone to access the same current data.
✔✔BI System - Query-and-reporting tools - ✔✔Users can access the data they need
and use stand alone or integrated ERP business application software to sort, describe
and analyze data in many ways to create reports and charts
✔✔Business intelligence portals - ✔✔Users point of access to the data and applications
stores on an information system
✔✔OLAP - ✔✔Online analytical processing apps can analyze data faster and in more
ways than traditional relational data bases. OLAP's allow all the data to intersect and
provides greater flexibility within the data.
Sometimes part of HRIS tools. Not an interface or portal. For example: HR director
wants to quickly compare engagement survey results among different groups at
different levels within the organization
, ✔✔Advanced Analytics - ✔✔Advanced analytics use historical and current data to get a
better sense of the future and even to shape the future. Uses algorithms to predict
outcomes. (A Dashboard App might use historical and current data to predict future
outcomes)
✔✔Dashboards - ✔✔A dashboard provides leaders with high-level, real-time metrics
that are configurable to user preferences. It allows the leader to link data to essential
organizational metrics in order to make correlations between HR outcomes and the
organization's strategic goals. It is a user interface that organizes and presents
information in a way that is easy to read and interpret. A dashboard arranges
information in a visual fashion that allows the user to view and compare data.
✔✔Machine Learning - ✔✔Machine learning allows a computer system to think and
perform like a human—in this case, to apply "rules" about what constitutes a likely
candidate and then automate the contact process. This saves time when HR resources
are limited.
✔✔Analyzing Survey Results - ✔✔A best practice in analyzing and responding to
survey results is to create a cross-functional team to review and further discuss the
results and to develop action items.
✔✔Budgeting Process and types of budgets (4) - ✔✔varies in different organizations.
Some use a collaborative, top-down/bottom-up process in which organizational and
functional leaders present budget goals and guidelines and departments respond with
proposed budgets. The final budget is usually the result of negotiation. This approach
helps ensure that budgets reflect leadership's larger strategic needs as well as
department managers' more granular knowledge of activity requirements and risks.
Types: Zero-based, Activity based, formula, incremental
✔✔HR Variable vs fixed budge costs - ✔✔HR Variable/operational: recruitment and
selection, employee relations activities, training, and talent management
Variable operational costs are greatly impacted by HR strategies.
the first thing HR leaders must do in the process of allocating resources to strategic
activities is to compare previous/current activities and budget allocations with what will
be needed to support the proposed organizational strategy
✔✔incremental budgeting - ✔✔allocates increased or decreased funds to a department
by using the last budget period as a reference point; only incremental changes in the
budget request are reviewed
✔✔Zero-Based Budget - ✔✔allocates resources as if each budget was brand new.
Each unit or goal is ranked. then $ allocated in order. It tends to reduce wasteful
spending practices that can go unchallenged with other approaches.
