Mana 3320 Test 1 Exam Questions With Verified Answers

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. Strategic Planning and Human Resources - (ANSWER) Strategic Planning- Procedures for making decisions about the organization's long-term goals and strategies. Human Resources Planning- Process of anticipating and making provision for the movement (flow) of people into, within, and out of an organization. Human Resources Competency Model - (ANSWER) A set of competencies that managers need to acquire. Human Resources Competency Model- Business Mastery - (ANSWER) HR professionals need to know the business of their organization thoroughly. This require understanding of its economic and financial capabilities so that they can become a key member of the team of business managers in order to develop the firm's strategic direction. Human Resources Competency Model- HR Mastery - (ANSWER) HR Professionals are the organizations behavioral science experts. They should develop expert knowledge in the ares of staffing, development, appraisals, rewards, team building, and communication. Human Resources Competency Model- Change Mastery - (ANSWER) HR Professionals have to be able to manage change processes so that their firms' HR activities are effectively merged with the business need of their organization. Human Resources Competency Model- Personal Credibility - (ANSWER) HR Professionals must establish credibility in the eyes of their internal and external customers. Strategic Planning - (ANSWER) Procedures for making decisions about the organization's long-term goals and strategies. The plans especially on how the organization will position itself relative to its competitors in order to ensure long-term survival, create value, and grow. It is a strong external orientation that covers major portions. Human Resources Planning (HRP) - (ANSWER) The process of anticipating and providing for the movement of people into, within, and out of an organization. Overall, its purpose is to help manager deploy their human resources as effectively as possible, when and where they are needed, in order to accomplish the organization's goals. It's position depends a lot on the organization's competitors. Environmental Scanning - (ANSWER) Systematic monitoring of the major external forces influencing the organization. These include Economic factors, industry and competitive trends, technological advances, government and legislative issues, social concerns, and demographic and labor market trends. By scanning the environment for changes, managers can anticipate their impact and make adjustments early. Forecasting - (ANSWER) Involves forecasting demand for labor, supply for labor, and balancing supply and demand considerations.