SPMT 262 Exam 1 Questions and Answers 100% Pass

SPMT 262 Exam 1 Questions and Answers 100% Pass Human Capital - ANSWER -- The employees of an organization - The economic value that comes from things like the worker's, experiences, skills knowledge and abilities Social Captital - ANSWER -A set of shared values that allows individuals to work together in a group to effectively achieve a common purpose Human Capital is an? - ANSWER -Intangible assent, unlike tangible assets like. building and equipment. However, both tangible and intangible assets have economic value Human capital assets that bring economic value - ANSWER -- The employees physical and mental health - Persons values and beliefs - Work ethic - Education Human Capital Theory - ANSWER -Investment in individuals in the form of training, education, and well being will lead to future positive returns ESG company - ANSWER -Environmental, Social, and Corporate Governance refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business 2 | P a g e Created by ©EmilyCharlene 2025. All rights reserved. Neoclassical Economics - ANSWER -Argue that the consumers perception of a products value is the driving factor in its price. Supply and Demand determines value - They call the difference between actual production costs and retail price the economic surplus Classical Economics - ANSWER -Assume that the most important factor in a products price is its cost of production. Cost determines value Physical Capital - ANSWER -Man-made goods that assist in the production process. Cash, real estate, equipment, and inventory theory are examples of physical capital Knowledge Management process - ANSWER -- Information: relates to description, definition, or perspective - Knowledge: compromises strategy, practice, method, or approach - Wisdom: embodies principle, Insight, moral, or archetype Explicit Knowledge - ANSWER -Codified knowledge found in documents, databases, etc. Tacit Knowledge - ANSWER -Intuitive knowledge and know-how, which is rooted in context, experience, practice and values Product Function - ANSWER -Y = y(K,L) L- persons hours, education training K- Units of capital, physical capital Y- Outputs, productivity Marginal Productivity - ANSWER -Refers to the additional amount produced when you add one additional unit of a particular factor, such as an additional man hour of labor 3 | P a g e Created by ©EmilyCharlene 2025. All rights reserved. Opportunity Cost - ANSWER -The forgone benefit that would have been derived by an option not chosen Human Resources - ANSWER -Charged with finding, screening, recruiting, and training job applicants, as well as administering employee-benefit programs HR responsibilities - ANSWER -Include compensation and benefits, recruitment, firing, and keeping up to date with any laws that may affect the company and it employees Human Capital Management - ANSWER -The collection of organizational practices related to the acquisition, management, and development of the human workforce within an organization Goal of HCM - ANSWER -To optimize and maximize the economic, or business, value of an organizations human capital in order to gain a competitive advantage Human Resource Management - ANSWER -A comprehensive approach to managing employees and an organizations culture and environment. It focuses on the recruitment, management, and general direction of the people who work in an organization HCM goals Vs. HRM Goals - ANSWER -HCM- Optimize and maximize the value of ROI of the employees in an organization HRM- Create and manage the systems, processes, and policies requires to hire, train, retain and enable employees to do their jobs Leadership Critical Success Factor - ANSWER -How the organization will approach its employees and work on the human capital development Talents Critical Success Factor - ANSWER -Deliver the best potential candidates to hire - Internal: what might be some issues - External: what are talent pools 4 | P a g e Created by ©EmilyCharlene 2025. All rights reserved. High Performance Corporate Culture - ANSWER -Transferring the responsibilities from the management to employees to act individually, but with the mind of the business goals of the organization Strategic Planning Critical Factor - ANSWER -Movement from the reaction planning activities to the proactive planning in the organization. The planning must be organized around the major business initiatives knowledge Management - ANSWER -- Collection of data is not information - Collection of information is not knowledge - Collection of knowledge is not wisdom - Collection of wisdom is not truth Human Resource points - ANSWER -- Most valuable asset