Mana 3320 Test 1 Exam Questions
With Verified Answers
/.Mission - Answer-✅The basic purpose of the organization as well as its scope of
operations. It is the statement of the organization's reason of existing.
Ex. Google's Mission- To organize the world's information and make it universally
accessible and useful
/.Strategic Vision - Answer-✅A statement about where the company is going and what
it can become in the future; clarifies the long-term direction of the company and its
strategic intent.
/.Core Values - Answer-✅The strong and enduring beliefs and principles that the
company uses as a foundation for its decisions.
Ex. include "provide a great work environment and treat each other with dignity and
respect"
/.Business Strategy - Answer-✅Focus on how the company will compete against rival
firms in order to create value for customers. There are multiple strategies including Low-
Cost Strategy and Differentiation Strategy.
/.Value Creation - Answer-✅What the firm adds to a product or service by virtue of
making it; the amount of benefits provided by the product or service once the costs of
making it are subtracted.
/.Competitive Challenges and
Human Resources Management (6 Total) - Answer-✅-Competing, recruiting, and
staffing globally
-Embracing new technology
-Managing change
-Managing talent, or human capital
-Responding to the market
-Containing costs
/.Competing, Recruiting, and Staffing Globally - Answer-✅-Globalization: The trend
toward opening up foreign markets to international trade and investment
-Impact of Globalization: Partnerships with foreign firms, Lower trade and tariff barriers
-Corporate Social Responsibility (CSR): The responsibility of the firm to act in the best
interests of the people and communities affected by its activities
-Globalization's Impact on HRM: Different geographies, cultures, laws, and business
practices,
, /.Embracing New Technology - Answer-✅-Knowledge Workers: Workers whose
responsibilities extend beyond the physical execution of work to include planning,
decision making, and problem solving.
-Knowledge-Based Training:Online instruction, "Just-in-time" learning via the Internet
on company intranets, Virtual learning
/.Managing Change - Answer-✅Being able to change is paramount to the firm's
success. In highly competitive environments, where competition is global and innovation
is continuous, being able to manage change has become a core competency sought by
organizations.
-Reactive change: Change that occurs after external forces have already affected
performance
-Proactive change: Change initiated to take advantage of targeted opportunities
/.Managing Talent, or Human Capital - Answer-✅The knowledge, skills, and capabilities
of individuals that have economic value to an organization. It is valuable because capital
is based on company-specific skills, it is gained through long-term experience, and can
be expanded through development.
/.Responding to the Market - Answer-✅-Total Quality Management (TQM): A set of
principles and practices whose core ideas include understanding customer needs, doing
things right the first time, and striving for continuous improvement.
- Six Sigma: A process used to translate customer needs into a set of optimal tasks that
are performed in concert with one another
/.Influence of Technology in HRM - Answer-✅Introduction of Human Resources
Information Systems (HRIS)- a computerized system that provides current and accurate
data for purposes of control and decision-making. HRIS lowers admin costs, increases
productivity, speeds up response times, and improves decision making for employees
and managers. "Self Service" systems have become popular, allowing employees to
access and change benefits and other personal information.
/.Cost Containment - Answer-✅As companies see rising costs for transportation, health
care, and other benefits, they might have to adopt some drastic cost savings.
Downsizing is a popular choice since labor is one of the most expensive costs.
Outsourcing and offshoring by contracting labor outside of their companiy is popular
because of reduced labor costs overseas and by contract workers. Companies can also
reduce costs by employee leasing. Larger companies will take over HR control of the
smaller company, reducing costs and giving employees better benefits.
/.Strategic Human Resources Management (SHRM) - Answer-✅The pattern of human
resources developments and activities that enable an organization to achieve its
strategic goals.
With Verified Answers
/.Mission - Answer-✅The basic purpose of the organization as well as its scope of
operations. It is the statement of the organization's reason of existing.
Ex. Google's Mission- To organize the world's information and make it universally
accessible and useful
/.Strategic Vision - Answer-✅A statement about where the company is going and what
it can become in the future; clarifies the long-term direction of the company and its
strategic intent.
/.Core Values - Answer-✅The strong and enduring beliefs and principles that the
company uses as a foundation for its decisions.
Ex. include "provide a great work environment and treat each other with dignity and
respect"
/.Business Strategy - Answer-✅Focus on how the company will compete against rival
firms in order to create value for customers. There are multiple strategies including Low-
Cost Strategy and Differentiation Strategy.
/.Value Creation - Answer-✅What the firm adds to a product or service by virtue of
making it; the amount of benefits provided by the product or service once the costs of
making it are subtracted.
/.Competitive Challenges and
Human Resources Management (6 Total) - Answer-✅-Competing, recruiting, and
staffing globally
-Embracing new technology
-Managing change
-Managing talent, or human capital
-Responding to the market
-Containing costs
/.Competing, Recruiting, and Staffing Globally - Answer-✅-Globalization: The trend
toward opening up foreign markets to international trade and investment
-Impact of Globalization: Partnerships with foreign firms, Lower trade and tariff barriers
-Corporate Social Responsibility (CSR): The responsibility of the firm to act in the best
interests of the people and communities affected by its activities
-Globalization's Impact on HRM: Different geographies, cultures, laws, and business
practices,
, /.Embracing New Technology - Answer-✅-Knowledge Workers: Workers whose
responsibilities extend beyond the physical execution of work to include planning,
decision making, and problem solving.
-Knowledge-Based Training:Online instruction, "Just-in-time" learning via the Internet
on company intranets, Virtual learning
/.Managing Change - Answer-✅Being able to change is paramount to the firm's
success. In highly competitive environments, where competition is global and innovation
is continuous, being able to manage change has become a core competency sought by
organizations.
-Reactive change: Change that occurs after external forces have already affected
performance
-Proactive change: Change initiated to take advantage of targeted opportunities
/.Managing Talent, or Human Capital - Answer-✅The knowledge, skills, and capabilities
of individuals that have economic value to an organization. It is valuable because capital
is based on company-specific skills, it is gained through long-term experience, and can
be expanded through development.
/.Responding to the Market - Answer-✅-Total Quality Management (TQM): A set of
principles and practices whose core ideas include understanding customer needs, doing
things right the first time, and striving for continuous improvement.
- Six Sigma: A process used to translate customer needs into a set of optimal tasks that
are performed in concert with one another
/.Influence of Technology in HRM - Answer-✅Introduction of Human Resources
Information Systems (HRIS)- a computerized system that provides current and accurate
data for purposes of control and decision-making. HRIS lowers admin costs, increases
productivity, speeds up response times, and improves decision making for employees
and managers. "Self Service" systems have become popular, allowing employees to
access and change benefits and other personal information.
/.Cost Containment - Answer-✅As companies see rising costs for transportation, health
care, and other benefits, they might have to adopt some drastic cost savings.
Downsizing is a popular choice since labor is one of the most expensive costs.
Outsourcing and offshoring by contracting labor outside of their companiy is popular
because of reduced labor costs overseas and by contract workers. Companies can also
reduce costs by employee leasing. Larger companies will take over HR control of the
smaller company, reducing costs and giving employees better benefits.
/.Strategic Human Resources Management (SHRM) - Answer-✅The pattern of human
resources developments and activities that enable an organization to achieve its
strategic goals.
