SHRM-CP 2024 Exam with Accurate
Solutions
Single/Flate-Rate System Rate System are often used for _____________________ -
correct Answer-Task-based jobs
Performance-based merit pay system - correct Answer-Based on an employee's
individual job performance
HR Strategy - correct Answer-Involves the activities necessary for developing,
implementing, managing, and evaluating the strategic direction required to achieve
organizational success and to create value for stakeholders
HR professionals must be able to: - correct Answer-Identify and understand and
contribute to the strategic initiatives, plans, and direction for decision-making, as well as
contribute to the organizational strategy.
What is the role of strategy? - correct Answer-one that aligns all functions in an
organization to "row together" toward defining
what is necessary for strategy? - correct Answer-development of goals, initiatives, and
objectives
Strategy is - correct Answer-the planning of long-range goals and actions to attain those
goals.
What aspects of the organization does strategy look at? - correct Answer-Strengths,
weaknesses, vulnerabilities, competition, opportunities, external issues, and influence
Henry Mintzberg - correct Answer-"A theorist who argued that a manager in a firm
needs to carry out certain roles. He identified three min roles and these are
interpersonal roles, information roles and decision-making roles."
_________is necessary to set the direction and path for an organization, and
____________is required in leadership of the organization - correct Answer-strategy;
strategic management
Why are 5-year operational and financial forecasts ineffective as strategic planning
tools? - correct Answer-Because they assume there is not significant change in the
environmental, economic, and competitive conditions
,it's important to ensure that all functions are aligned with the organization's
___________ - correct Answer-mission and goals
Why is controlling drift important? - correct Answer-Ensures that the organization is not
"coasting" along and is keeping up with the industry.
What does focusing on core competencies entail? - correct Answer-Knowing what the
organization is good at and focusing efforts on those competencies
What does using culture as a strategic level entail? - correct Answer-Making sure the
culture of the organization aligns with the strategy
What does using structure as a strategic level entail? - correct Answer-Making sure the
structure of the organization aligns with the strategy
The benefits of strategy - correct Answer-1.helps map out allocation of resources
2. helps keep decision making and activities aligned
3. emphasizes that we should prioritize how to deploy resources
How can an organization fail to obtain the benefits of strategy? - correct Answer-
mismanagement of the process or management of the strategy
What are some mistakes organizations can make when implementing strategy? -
correct Answer-1. lack of involvement from management
2. lacking follow-through with the plan
3. Being too comfortable with the status quo
4. lack of communication throughout the organization
What is the organizational level of strategy? - correct Answer-a vision of the future; what
the organization plans to grow into
What is the business unit level of strategy? - correct Answer-how and where the
organization will create value for its stakeholders; the focus is on sectors, divisions,
regions, and product units
What is the operational level of strategy? - correct Answer-the activities, actions, and
functions the organization takes to progress towards its vision.
HR is mainly involved in the ________ level of strategy? - correct Answer-Operational
HR's __________ need to add add value and assist the business units - correct
Answer-policies, programs, and processes
HR's role includes building bridges with both _____________ and _____________
stakeholders - correct Answer-internal; external
,The HR professional will need to address conflicting issues and seek a resolution that is
best for the _____________________ - correct Answer-Organization and its strategy
What is the basic premise with strategy and management? - correct Answer-To lead
activities that yield a great value
How is value in regards to strategy? - correct Answer-what causes the organization to
be successful for stakeholders
Value Chain (Michael Porter) - correct Answer-The process by which a business
receives materials and then adds value to the materials
What is the end goal of the value chain? - correct Answer-Create maximum value for
the least possible cost
HR administration as well as finance and IT are examples of __________ - correct
Answer-secondary activities
Stakeholder Concept (R. Edward Freeman) - correct Answer-Recognizes the different
types of values that an organization creates. Organizations and corporations should
strive to do right by all these stakeholders and that in doing so, the organization will
achieve true lasting success
The biggest role HR has in defining and creating value for its organization is
_____________ - correct Answer-knowing the workforce
What are the 3 critical value-producing activities for HR? - correct Answer-1. Knowing
the core competencies of talent
2. Knowing where to find talent and what is needed
3. Knowing the legal environment
Formulation of the strategy involves ____________ - correct Answer-Gathering the data
to analyze
Development of the strategy involves ____________ - correct Answer-Creating your
plan to gain a competitive advantage
The implementation stage of strategy involves ____________ - correct Answer-Creating
objectives and initiatives that produce outcomes
The evaluation stage of strategy involves ____________ - correct Answer-Accessing
metrics and achievements for stakeholders
Data gathering should be done _________ and ___________ the creation of the
strategic plan - correct Answer-prior to; during
, How do we keep an eye on all the critical elements surrounding the organization? -
correct Answer-By asking :What should we be tracking?"
Environmental Scanning - correct Answer-See what is happening in the environment
around you
PESTLE Analysis - correct Answer-Analysis of the external political, economic, social,
technological, legal and environmental factors affecting an organization
Political Factors (PESTLE) - correct Answer-How the government intervenes in the
economy
Economic Factors (PESTLE) - correct Answer-How organizations do business and how
profitable they are
Social Factors (PESTLE) - correct Answer-Areas that involve shared belief and attitudes
of the population
Technological Factors (PESTLE) - correct Answer-How the technological landscape
impacts how we market our products
Environmental Factors (PESTLE) - correct Answer-How the organization reduces its
impact on the environment
Legal Factors (PESTLE) - correct Answer-What is and what is not legal to avoid fines,
embaressment, reputational damage
SWOT analysis - correct Answer-Strengths
Weaknesses
Opportunities
Threats
What are the 4 phases of the industry lifecycle? - correct Answer-Introduction
Growth
Maturity
Decline
Porter's 5 Forces - correct Answer-Industry Rivalry
Threat of new entrants
Threat of substitute products
Bargaining power of customers
Bargaining power of suppliers
Threat of new entrants - correct Answer-When a company does so well that they attract
new competitors
Solutions
Single/Flate-Rate System Rate System are often used for _____________________ -
correct Answer-Task-based jobs
Performance-based merit pay system - correct Answer-Based on an employee's
individual job performance
HR Strategy - correct Answer-Involves the activities necessary for developing,
implementing, managing, and evaluating the strategic direction required to achieve
organizational success and to create value for stakeholders
HR professionals must be able to: - correct Answer-Identify and understand and
contribute to the strategic initiatives, plans, and direction for decision-making, as well as
contribute to the organizational strategy.
What is the role of strategy? - correct Answer-one that aligns all functions in an
organization to "row together" toward defining
what is necessary for strategy? - correct Answer-development of goals, initiatives, and
objectives
Strategy is - correct Answer-the planning of long-range goals and actions to attain those
goals.
What aspects of the organization does strategy look at? - correct Answer-Strengths,
weaknesses, vulnerabilities, competition, opportunities, external issues, and influence
Henry Mintzberg - correct Answer-"A theorist who argued that a manager in a firm
needs to carry out certain roles. He identified three min roles and these are
interpersonal roles, information roles and decision-making roles."
_________is necessary to set the direction and path for an organization, and
____________is required in leadership of the organization - correct Answer-strategy;
strategic management
Why are 5-year operational and financial forecasts ineffective as strategic planning
tools? - correct Answer-Because they assume there is not significant change in the
environmental, economic, and competitive conditions
,it's important to ensure that all functions are aligned with the organization's
___________ - correct Answer-mission and goals
Why is controlling drift important? - correct Answer-Ensures that the organization is not
"coasting" along and is keeping up with the industry.
What does focusing on core competencies entail? - correct Answer-Knowing what the
organization is good at and focusing efforts on those competencies
What does using culture as a strategic level entail? - correct Answer-Making sure the
culture of the organization aligns with the strategy
What does using structure as a strategic level entail? - correct Answer-Making sure the
structure of the organization aligns with the strategy
The benefits of strategy - correct Answer-1.helps map out allocation of resources
2. helps keep decision making and activities aligned
3. emphasizes that we should prioritize how to deploy resources
How can an organization fail to obtain the benefits of strategy? - correct Answer-
mismanagement of the process or management of the strategy
What are some mistakes organizations can make when implementing strategy? -
correct Answer-1. lack of involvement from management
2. lacking follow-through with the plan
3. Being too comfortable with the status quo
4. lack of communication throughout the organization
What is the organizational level of strategy? - correct Answer-a vision of the future; what
the organization plans to grow into
What is the business unit level of strategy? - correct Answer-how and where the
organization will create value for its stakeholders; the focus is on sectors, divisions,
regions, and product units
What is the operational level of strategy? - correct Answer-the activities, actions, and
functions the organization takes to progress towards its vision.
HR is mainly involved in the ________ level of strategy? - correct Answer-Operational
HR's __________ need to add add value and assist the business units - correct
Answer-policies, programs, and processes
HR's role includes building bridges with both _____________ and _____________
stakeholders - correct Answer-internal; external
,The HR professional will need to address conflicting issues and seek a resolution that is
best for the _____________________ - correct Answer-Organization and its strategy
What is the basic premise with strategy and management? - correct Answer-To lead
activities that yield a great value
How is value in regards to strategy? - correct Answer-what causes the organization to
be successful for stakeholders
Value Chain (Michael Porter) - correct Answer-The process by which a business
receives materials and then adds value to the materials
What is the end goal of the value chain? - correct Answer-Create maximum value for
the least possible cost
HR administration as well as finance and IT are examples of __________ - correct
Answer-secondary activities
Stakeholder Concept (R. Edward Freeman) - correct Answer-Recognizes the different
types of values that an organization creates. Organizations and corporations should
strive to do right by all these stakeholders and that in doing so, the organization will
achieve true lasting success
The biggest role HR has in defining and creating value for its organization is
_____________ - correct Answer-knowing the workforce
What are the 3 critical value-producing activities for HR? - correct Answer-1. Knowing
the core competencies of talent
2. Knowing where to find talent and what is needed
3. Knowing the legal environment
Formulation of the strategy involves ____________ - correct Answer-Gathering the data
to analyze
Development of the strategy involves ____________ - correct Answer-Creating your
plan to gain a competitive advantage
The implementation stage of strategy involves ____________ - correct Answer-Creating
objectives and initiatives that produce outcomes
The evaluation stage of strategy involves ____________ - correct Answer-Accessing
metrics and achievements for stakeholders
Data gathering should be done _________ and ___________ the creation of the
strategic plan - correct Answer-prior to; during
, How do we keep an eye on all the critical elements surrounding the organization? -
correct Answer-By asking :What should we be tracking?"
Environmental Scanning - correct Answer-See what is happening in the environment
around you
PESTLE Analysis - correct Answer-Analysis of the external political, economic, social,
technological, legal and environmental factors affecting an organization
Political Factors (PESTLE) - correct Answer-How the government intervenes in the
economy
Economic Factors (PESTLE) - correct Answer-How organizations do business and how
profitable they are
Social Factors (PESTLE) - correct Answer-Areas that involve shared belief and attitudes
of the population
Technological Factors (PESTLE) - correct Answer-How the technological landscape
impacts how we market our products
Environmental Factors (PESTLE) - correct Answer-How the organization reduces its
impact on the environment
Legal Factors (PESTLE) - correct Answer-What is and what is not legal to avoid fines,
embaressment, reputational damage
SWOT analysis - correct Answer-Strengths
Weaknesses
Opportunities
Threats
What are the 4 phases of the industry lifecycle? - correct Answer-Introduction
Growth
Maturity
Decline
Porter's 5 Forces - correct Answer-Industry Rivalry
Threat of new entrants
Threat of substitute products
Bargaining power of customers
Bargaining power of suppliers
Threat of new entrants - correct Answer-When a company does so well that they attract
new competitors
