WPC 480 Chapter 12 Questions With Complete Solutions

WPC 480 Chapter 12 Questions With
Complete Solutions

external managerial labor market is the


collection of managerial career opportunities

and the qualified people who are external to the

organization in which the opportunities exist.




internal managerial labor market consists


of a firm's opportunities for managerial positions

and the qualified employees within that firm.




top management team is composed of the


individuals who are responsible for making

certain the firm uses the strategic management

process, especially for the purpose of selecting

and implementing strategies.




Determining strategic direction involves

, WPC 480 Chapter 12 Questions With
Complete Solutions
specifying the vision and the strategy or

strategies to achieve this vision over time.




Human capital refers to the knowledge and


skills of a firm's entire workforce. From the

perspective of human capital, employees are

viewed as a capital resource requiring

continuous investment.




Social capital involves relationships inside and


outside the firm that help in efforts to accomplish

tasks and create value for stakeholders.




balanced scorecard is a tool firms use to


determine if they are achieving an appropriate

balance when using strategic and financial

controls as a means of positively influencing