MGT 345 (human resource management) EXAM 1
QUESTIONS AND CORRECT ANSWERS
A _________ is a story of how the firm will create value for customers and, more important, how
it will do so profitably. - ANSWER business model
Which of the following is an example of a variable cost for a firm?
a. rent
b. property tax
c. raw materials
d. insurance
e. machinery depreciation - ANSWER c. raw materials
During which phase of the strategic management process does a strategic planning group use
the company's mission and goals, external threats and opportunities, and internal strengths
and weaknesses to generate strategic alternatives? - ANSWER strategy formulation
T/F: The HRM function needs to be involved in each component of a firm's strategic
management process. - ANSWER true
-a firm's strategic mgt decision-making process usually takes place at its top levels, with a
strategic planning group consisting of the CEO, CFO, the president, and various VP's; however,
each component of the process involves people-related business issues, therefore all
, components need to be involved
H&N Corp., an online book retailer, has been the market leader for the last three years.
However, a new firm, Booksie Inc., recently set up its own online store and is eating into
H&N's market share. In the context of strategic factors, Booksie represents what? - ANSWER a
threat
___________(s) include potential labor shortages, new competitors entering the market, pending
legislation that might adversely affect the company, and competitors' technological
innovations. - ANSWER threats
______________ analysis consists of examining the organization's operating environment to
identify the strategic opportunities and threats. - ANSWER external analysis
-opportunities examples: customer markets that are not being served, technological advances
that can aid the company, and labor pools that have not been tapped
Define training: - ANSWER refers to a planned effort to facilitate the learning of job-related
knowledge, skills, and behavior by employees
Define development: - ANSWER involving acquiring knowledge, skills, and behavior that
improve employees' ability to meet the challenges of a variety of existing jobs of jobs that do
not yet exist
QUESTIONS AND CORRECT ANSWERS
A _________ is a story of how the firm will create value for customers and, more important, how
it will do so profitably. - ANSWER business model
Which of the following is an example of a variable cost for a firm?
a. rent
b. property tax
c. raw materials
d. insurance
e. machinery depreciation - ANSWER c. raw materials
During which phase of the strategic management process does a strategic planning group use
the company's mission and goals, external threats and opportunities, and internal strengths
and weaknesses to generate strategic alternatives? - ANSWER strategy formulation
T/F: The HRM function needs to be involved in each component of a firm's strategic
management process. - ANSWER true
-a firm's strategic mgt decision-making process usually takes place at its top levels, with a
strategic planning group consisting of the CEO, CFO, the president, and various VP's; however,
each component of the process involves people-related business issues, therefore all
, components need to be involved
H&N Corp., an online book retailer, has been the market leader for the last three years.
However, a new firm, Booksie Inc., recently set up its own online store and is eating into
H&N's market share. In the context of strategic factors, Booksie represents what? - ANSWER a
threat
___________(s) include potential labor shortages, new competitors entering the market, pending
legislation that might adversely affect the company, and competitors' technological
innovations. - ANSWER threats
______________ analysis consists of examining the organization's operating environment to
identify the strategic opportunities and threats. - ANSWER external analysis
-opportunities examples: customer markets that are not being served, technological advances
that can aid the company, and labor pools that have not been tapped
Define training: - ANSWER refers to a planned effort to facilitate the learning of job-related
knowledge, skills, and behavior by employees
Define development: - ANSWER involving acquiring knowledge, skills, and behavior that
improve employees' ability to meet the challenges of a variety of existing jobs of jobs that do
not yet exist
