MGMT 425 FINAL EXAM || 100% EXACT ANSWERS.
Measurement and Knowledge Management in the Baldrige Framework correct answers -The
Baldrige framework establishes measurement and knowledge management as the foundation of
performance excellence
-Measurements and indicators provide a scorecard of business performance that can be used at
all levels of the organization
Key Measurement and Knowledge Management Practices for Performance Excellence correct
answers read slides
Value of Performance Measurement correct answers -If you don't measure results, you can't tell
success from failure
-If you can't see success, you can't reward it- and you are probably rewarding failure
-If you can't recognize failure you can't correct it
Balanced Scorecard correct answers -Financial Perspective
-Internal Perspective
-Customer Perspective
-Innovation and Learning Perspective
Balanced Scorecard: Financial Perspective correct answers profitability, revenue growth, return
on investment, economic value added (EVA), and shareholder value
Balanced Scorecard: Internal Perspective correct answers quality levels, productivity, cycle time,
and cost
Balanced Scorecard: Customer Perspective correct answers service levels, satisfaction ratings,
and repeat business
,Balanced Scorecard: Innovation and Learning Perspective correct answers intellectual assets,
employee satisfaction, market innovation, and skills development
Lagging Measures correct answers (Outcomes) tell what has happened - "look to the past"
Leading Measures correct answers (Performance Drivers) predict what will happen- "look to the
future"
Performance Measurement in the Baldrige Criteria correct answers -Product and process
measures
-Customer-focused measures
-Workforce-focused measures
-Leadership and governance measures
-Financial and market measures
*similar to the balanced scorecard
Analytics correct answers the use of data, information technology, statistical analysis,
quantitative methods, and mathematical or computer-based models
-used to help managers gain improved insight about their business operations and make better,
face-based decisions
Descriptive Analytics correct answers the use of data to understand past and current performance
and make informed decisions
Predictive Analytics correct answers analyzing past performance in an effort to predict the future
by examining historical data, detecting patterns or relationships in these data, and then
extrapolating these relationships forward in time
Prescriptive Analytics correct answers using optimization to identify best alternatives
, Big Data correct answers refers to massive amounts of business data from a wide variety of
sources, much of which is available in real time and much of which is uncertain or unpredictable
Big Data in Balrige correct answers read slides
idesBaldrige Criteria and Analytics correct answers read slides
Designing Effective Performance Measurement Systems correct answers Purposes:
-Providing a perspective of the past, present, and future
-Identifying trends and progress
-Facilitating understanding of cause-and-effect relationships
-Providing direction and support for continuous improvement
-Allowing performance comparison to benchmarks
Selecting Performance Measures correct answers -Fewer is better
-Link to the key business drivers
-Include a mix of past, present, and future
-Address the needs of all stakeholders
-Start at the top and flow down to all levels of employees
-Combine multiple indexes into a single index
-Change as the environment and strategy changes
Linking Measures to Strategy correct answers read slides
Auditing the Measurement System correct answers an outdated measurement system wastes
resources, hinders strategic deployment, and often rewards the wrong behaviors
Measurement and Knowledge Management in the Baldrige Framework correct answers -The
Baldrige framework establishes measurement and knowledge management as the foundation of
performance excellence
-Measurements and indicators provide a scorecard of business performance that can be used at
all levels of the organization
Key Measurement and Knowledge Management Practices for Performance Excellence correct
answers read slides
Value of Performance Measurement correct answers -If you don't measure results, you can't tell
success from failure
-If you can't see success, you can't reward it- and you are probably rewarding failure
-If you can't recognize failure you can't correct it
Balanced Scorecard correct answers -Financial Perspective
-Internal Perspective
-Customer Perspective
-Innovation and Learning Perspective
Balanced Scorecard: Financial Perspective correct answers profitability, revenue growth, return
on investment, economic value added (EVA), and shareholder value
Balanced Scorecard: Internal Perspective correct answers quality levels, productivity, cycle time,
and cost
Balanced Scorecard: Customer Perspective correct answers service levels, satisfaction ratings,
and repeat business
,Balanced Scorecard: Innovation and Learning Perspective correct answers intellectual assets,
employee satisfaction, market innovation, and skills development
Lagging Measures correct answers (Outcomes) tell what has happened - "look to the past"
Leading Measures correct answers (Performance Drivers) predict what will happen- "look to the
future"
Performance Measurement in the Baldrige Criteria correct answers -Product and process
measures
-Customer-focused measures
-Workforce-focused measures
-Leadership and governance measures
-Financial and market measures
*similar to the balanced scorecard
Analytics correct answers the use of data, information technology, statistical analysis,
quantitative methods, and mathematical or computer-based models
-used to help managers gain improved insight about their business operations and make better,
face-based decisions
Descriptive Analytics correct answers the use of data to understand past and current performance
and make informed decisions
Predictive Analytics correct answers analyzing past performance in an effort to predict the future
by examining historical data, detecting patterns or relationships in these data, and then
extrapolating these relationships forward in time
Prescriptive Analytics correct answers using optimization to identify best alternatives
, Big Data correct answers refers to massive amounts of business data from a wide variety of
sources, much of which is available in real time and much of which is uncertain or unpredictable
Big Data in Balrige correct answers read slides
idesBaldrige Criteria and Analytics correct answers read slides
Designing Effective Performance Measurement Systems correct answers Purposes:
-Providing a perspective of the past, present, and future
-Identifying trends and progress
-Facilitating understanding of cause-and-effect relationships
-Providing direction and support for continuous improvement
-Allowing performance comparison to benchmarks
Selecting Performance Measures correct answers -Fewer is better
-Link to the key business drivers
-Include a mix of past, present, and future
-Address the needs of all stakeholders
-Start at the top and flow down to all levels of employees
-Combine multiple indexes into a single index
-Change as the environment and strategy changes
Linking Measures to Strategy correct answers read slides
Auditing the Measurement System correct answers an outdated measurement system wastes
resources, hinders strategic deployment, and often rewards the wrong behaviors
