A PACKAGE DEAL FOR WGU C201 BUSINESS ACUMEN
EXAM 2 VERSIONS WITH DETAILED VERIFIED
SOLUTIONS /A GRADE ASSURED
Key Competencies for Comp Professionals - ANSWER: Financial Management, HR
Management, Resource Management
Financial Management Competencies - ANSWER: 1. funding
2. ROI of programs
3. budget for programs
4. cost benefit thinking
5. expendetures
6. Cost effective approaches
7. procurement & contracting
8. performance plans
HR Management Competencies - ANSWER: 1. Assess current and future staffing
needs based on goals and budget.
2. Ensure staff are selected, developed, appraised and rewarded
3. Take corrective action
4. Understand basic org design principles
Resource Management Competencies - ANSWER: 1. Determine sources and collect
data to facilitate decisions
2. Partner with internal staff and external consult/vendors
3. Use efficient and cost effective approaches to integrate technology
What sets apart top performers - ANSWER: The ability to tie the key competencies
together, distill key messages and make impactful decisions
Business acumen skills and behaviors - ANSWER: 1. Mission, vision, values.
Understanding the purpose of your organization, how it creates value, how it makes
money
2. Business strategy. Understandings your customers competition and competitive
advantage
3. Organizational culture. Understanding the culture and subcultures of the
organization
4. HR strategy. Ability to speak about your area of expertise and collaborate with
others
Business acumen for the comp professional - ANSWER: Demonstrate influencing and
negotiation skills, be an expert with data, navigate regulatory challenges
The importance of business acumen - ANSWER: Contributions to organizational
success, engaging with executive leadership, self improvement and career
development
, Contributions to organizational success - ANSWER: Understand the financial and
strategic context of your organization, influence the organizations bottom line and
financial results
Engaging with executive leadership - ANSWER: Represent the perspective of your
area of expertise and articulate its role in business outcomes, align with the
company's mission and financial priorities
Self-improvement and career development - ANSWER: Better understand
connections between you and wider org opportunities for cooperative value
creation, understand business disciplines and what is critical to their success, Display
confidence and decisiveness, be a better leader, inspire and excite others
Why organizations are in business - ANSWER: Purpose is reflected in mission, vision,
values, strategy, profit model
Mission - ANSWER: The intention or purpose of the business, answers why are we in
business?
Vision - ANSWER: What organization wants for the future, who we are and where we
are heading
Values - ANSWER: Guiding principles and or beliefs, how we work and who we are.
What kind of organization we want to create in pursuit of our vision
Strategy - ANSWER: Goals directions to achieve goals and policies to support. How
we are going to compete and achieve our mission and what makes us different
Profit model - ANSWER: Plan for how organization generates revenue, why
customers are willing to pay
Competitive strategy - ANSWER: Broad framework of principles that guide day to day
decisions affecting business.
Primary focus of competitive strategy - ANSWER: Operational excellence,
product/service leadership, customer intimacy
Operational excellence - ANSWER: Price/cost-based strategy, combo of price, quality,
dependability, ease of purchase, minimizing Waze, rewarding efficiency
Product/service leadership - ANSWER: Innovation based strategy, product
development, market exploitation, best products, better ideas, commercialize faster
Customer intimacy - ANSWER: Solution-based strategy, creating results for
customers by building bonds to build loyalty
EXAM 2 VERSIONS WITH DETAILED VERIFIED
SOLUTIONS /A GRADE ASSURED
Key Competencies for Comp Professionals - ANSWER: Financial Management, HR
Management, Resource Management
Financial Management Competencies - ANSWER: 1. funding
2. ROI of programs
3. budget for programs
4. cost benefit thinking
5. expendetures
6. Cost effective approaches
7. procurement & contracting
8. performance plans
HR Management Competencies - ANSWER: 1. Assess current and future staffing
needs based on goals and budget.
2. Ensure staff are selected, developed, appraised and rewarded
3. Take corrective action
4. Understand basic org design principles
Resource Management Competencies - ANSWER: 1. Determine sources and collect
data to facilitate decisions
2. Partner with internal staff and external consult/vendors
3. Use efficient and cost effective approaches to integrate technology
What sets apart top performers - ANSWER: The ability to tie the key competencies
together, distill key messages and make impactful decisions
Business acumen skills and behaviors - ANSWER: 1. Mission, vision, values.
Understanding the purpose of your organization, how it creates value, how it makes
money
2. Business strategy. Understandings your customers competition and competitive
advantage
3. Organizational culture. Understanding the culture and subcultures of the
organization
4. HR strategy. Ability to speak about your area of expertise and collaborate with
others
Business acumen for the comp professional - ANSWER: Demonstrate influencing and
negotiation skills, be an expert with data, navigate regulatory challenges
The importance of business acumen - ANSWER: Contributions to organizational
success, engaging with executive leadership, self improvement and career
development
, Contributions to organizational success - ANSWER: Understand the financial and
strategic context of your organization, influence the organizations bottom line and
financial results
Engaging with executive leadership - ANSWER: Represent the perspective of your
area of expertise and articulate its role in business outcomes, align with the
company's mission and financial priorities
Self-improvement and career development - ANSWER: Better understand
connections between you and wider org opportunities for cooperative value
creation, understand business disciplines and what is critical to their success, Display
confidence and decisiveness, be a better leader, inspire and excite others
Why organizations are in business - ANSWER: Purpose is reflected in mission, vision,
values, strategy, profit model
Mission - ANSWER: The intention or purpose of the business, answers why are we in
business?
Vision - ANSWER: What organization wants for the future, who we are and where we
are heading
Values - ANSWER: Guiding principles and or beliefs, how we work and who we are.
What kind of organization we want to create in pursuit of our vision
Strategy - ANSWER: Goals directions to achieve goals and policies to support. How
we are going to compete and achieve our mission and what makes us different
Profit model - ANSWER: Plan for how organization generates revenue, why
customers are willing to pay
Competitive strategy - ANSWER: Broad framework of principles that guide day to day
decisions affecting business.
Primary focus of competitive strategy - ANSWER: Operational excellence,
product/service leadership, customer intimacy
Operational excellence - ANSWER: Price/cost-based strategy, combo of price, quality,
dependability, ease of purchase, minimizing Waze, rewarding efficiency
Product/service leadership - ANSWER: Innovation based strategy, product
development, market exploitation, best products, better ideas, commercialize faster
Customer intimacy - ANSWER: Solution-based strategy, creating results for
customers by building bonds to build loyalty
