WGU C483- Test Prep- Principles of Management Latest Updated 2022/2023

A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? Choose 1 answer Supply and demand Operations and logistics Outsourcing or insourcing Delivery of products or services - ANSWER-Delivery of products or services What happens when an effective value chain is created? Choose 1 answer Profit margins are increased. A mission statement is developed. Customized products are standardized. Total quality management is not required. - ANSWER-Profit margins are increased. Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? Analysis of mission, vision, and goals Analysis of management implementation Analysis of external opportunities and threats Analysis of internal strengths and weaknesses - ANSWER-Analysis of external opportunities and threats Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? Threats Strengths Weaknesses Opportunities - ANSWER-Strengths What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization? Choose 1 answer Strategic values Core competencies Products and services Opportunities and threats - ANSWER-Core competencies According to Michael Porter's competitive environment model, how can suppliers influence strategic planning? Suppliers can reduce the threat from substitute products. Suppliers can reduce the numbers of new entrants in the market. Suppliers can reduce manufacturing time and increase product quality. Suppliers can reduce technological, demographic, and legal threats in the environment. - ANSWER-Suppliers can reduce manufacturing time and increase product quality. A company offers unique products in its industry to create a competitive advantage. Which type of strategy is the company using? Valorization Differentiation Customization Standardization - ANSWER-Differentiation Happy Inc. is a leading provider of family entertainment and BCD is a broadcasting company with news, cable, and entertainment networks. Happy Inc. recently acquired BCD in hopes of boosting its primary business of family entertainment. Which type of corporate strategy is represented by Happy Inc.'s purchase of their distribution network? Choose 1 answer Vertical integration Strategic alliances Networking Horizontal benchmarking - ANSWER-Vertical integration A local business has provided services to its customers for 40 years. The business's mission is "To give our customers the best service in town." The owner of the business has had a long-standing dream to franchise the business and become the best provider of its service in the United States. What describes the owner's dream? Choose 1 answer Strategic vision Strategic mission Strategic planning Strategic management - ANSWER-Strategic vision What is the first step of organizational strategic planning? Choose 1 answer Developing operational goals Developing internal strengths Developing a strategic mission Developing external opportunities - ANSWER-Developing a strategic mission The introduction of statistical tools to analyze the causes of product defects is associated with which quality improvement approach? Six Sigma Flexible Process Customer Process Quality Customization - ANSWER-Six Sigma What is the principal idea of reengineering? Choose 1 answer To analyze system failures To focus on creating two-way exchanges with customers To revolutionize key organizational systems and processes To improve total quality in all businesses for the benefit of producers and consumers - ANSWER-To revolutionize key organizational systems and processes How many defects per million are there at Six Sigma, assuming a product or process is defect-free 99.99966% of the time? Choose 1 answer Less than 3.4 Less than 4.4 Less than 5.3 Less than 6.6 - ANSWER-Less than 3.4 What is the last step to Deming's 14 points of quality management? To cease dependence on mass inspection To break down barriers among departments To evaluate options provided by management To take action to accomplish the transformation - ANSWER-To take action to accomplish the transformation Process checklists and project audits are components of which management process? Choose 1 answer Quality Control Quality Assurance Quality Cooperative Quality Collaboration - ANSWER-Quality Assurance What is the main objective of an internal quality audit? To gauge the quality of human resources To assess the quality of control process failures To determine the quality of an organization's executive management To measure effectiveness of an organization's quality management system - ANSWER-To measure effectiveness of an organization's quality management system A company is trying to systematically improve processes by eliminating nonconformity of their products to product specifications. The company believes their continuous effort to reduce variation in their process outputs is key to their business success. Which quality process is the company utilizing? ISO 9000 Six Sigma Reengineering Continuous processing - ANSWER-Six Sigma Which concept entails all aspects of interaction a company has with its customers in both sales and service-related environments? Customer connection society Customer liaison administration Customer association organization Customer relationship management - ANSWER-Customer relationship management Dr. Ohmae indicates that customer, corporation, and competitors should be integrated in a strategic triangle. What does Dr. Ohmae indicate that an organization can obtain by doing this? Time-based competition Sustained competitive advantage Coordination of mutual adjustment Decentralization of the organization - ANSWER-Sustained competitive advantage What designates those who take hands-on responsibility for creating innovation such as new ideas, products, or methods within an organization? Franchiser Pacesetter Intrapreneur Controller - ANSWER-Intrapreneur Why is innovation an important element of entrepreneurship? Allows the company to meet industry benchmarks Creates unique and different products or services Reduces marketing costs for the company Buffers the impact of changes in the legal environment - ANSWER-Creates unique and different products or services Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are open-minded, able to learn quickly, and skilled at conceptualizing. Which entrepreneurial personality trait is this? Choose 1 answer Opportunity obsession Competitive intelligence Creativity, self-reliance, and ability to adapt Tolerance of risk, ambiguity, and uncertainty - ANSWER-Creativity, self-reliance, and ability to adapt Which personality characteristics are believed to contribute to an entrepreneur's success? Risk aversion Determination Status quo obsession Motivation to delegate - ANSWER-Determination Why would an entrepreneurial business choose to use its own resources versus seeking outside resources in financing a business venture? To go public To spread the risk To maintain control To fuel large growth - ANSWER-To maintain control Which activity should management use to encourage intrapreneurship within an organization? Allow employees to form a union Motivate employees by giving extra time off Provide employees extra training opportunities Encourage employees to work on informal job assignments - ANSWER-Encourage employees to work on informal job assignments What can managers do to encourage useful conflict during a meeting to lessen inhibition about disagreeing and make the conflict less personal? Evaluate leadership style Promote affective conflict Provide a devil's advocate Involve others in collaboration - ANSWER-Provide a devil's advocate Why is consideration of intentions important in conflict situations? People tend to think before they act in some situations. People have habitual patterns of response to conflict situations. Selfish intentions of people often leads to poor decision making. People respond based on their interpretation of others' intentions. - ANSWER-People respond based on their interpretation of others' intentions. What describes dimensions of conflict-handling intentions? Comparativity and associativity Collaboration and aggressiveness Competitiveness and acquiescence Cooperativeness and assertiveness - ANSWER-Cooperativeness and assertiveness A supervisor assigned office space to three new employees. The employees were upset by the offices they were given. The first had a large office but wanted a window, the second had a new computer but wanted room for some plants, and the third had a window but needed high-speed computing to perform the job well. Which conflict resolution technique can the supervisor use to create a win-win solution for these employees? Problem solving Authoritative command Expansion of resources Altering the human variables - ANSWER-Expansion of resources A corporation is experiencing dysfunction in their work teams. The team leader plans to realign work groups based on employees' work locations, and also to alter rules and regulations in the groups and make additional changes to "shake things up a bit." Which conflict-stimulation technique is the team leader applying? Avoidance Communication Knowledge management Restructuring the organization - ANSWER-Restructuring the organization Which type of control system is being implemented when management uses prices, profit centers, and exchange relationships as a control? Choose 1 answer Clan control Market control Dynamic control Bureaucratic control - ANSWER-Market control What is the fourth step of the control process which ensures that operations are adjusted to achieve planned results? Choose 1 answer Measuring performance Taking corrective action Setting performance standards Comparing performance against standards - ANSWER-Taking corrective action A corporation recently disbanded its flex time schedule for employees and now requires that all employees work 9:00 a.m. to 6:00 p.m. Monday through Friday. The employees banded together in opposition of the change. What were the employees of the corporation experiencing? Apathy Timing Peer pressure Abilene paradox - ANSWER-Peer pressure The manager of the human resources department at a corporation agreed to authorize one-hour lunch breaks for all employees of the organization as long as the production manager agreed to shorten the morning and afternoon breaks of all employees to 15 minutes. Which approach were the managers using to enlist cooperation for the change? Facilitation and support Negotiation and reward Participation and involvement Education and communication - ANSWER-Negotiation and reward A corporation offers concrete incentives such as higher wages for cooperation with change. Which strategy is the corporation using to overcome resistance to change? Choose 1 answer Facilitation and support Negotiation and reward Participation and involvement Education and communication - ANSWER-Negotiation and reward During a final job interview, the hiring manager asks candidates about age and national origin. Some of the rejected candidates suspect they did not get the job because of their age.