MANGT 421 STANDARD EXAMS ANSWERS AND
QUESTIONS SET A+
✔✔
✔✔Key success factors (KSFs) - ✔✔Activities or factors that are key to achieving
competitive advantage
✔✔Core competencies - ✔✔A set of skills, talents, and capabilities in which a firm is
particularly strong
✔✔Outsourcing - ✔✔Transferring a firm's activities that have traditionally been internal
to external suppliers
✔✔Theory of comparative advantage - ✔✔A theory which states that countries benefit
from specializing in (and exporting) goods and services in which they have relative
advantage, and they benefit from importing goods and services in which they have a
relative disadvantage
✔✔International business - ✔✔A firm that engages in cross-border transactions
✔✔Multinational corporation (MNC) - ✔✔A firm that has extensive involvement in
international business, owning or controlling facilities in more than one country
✔✔Operations managers of international and multinational firms approach global
opportunities with one of four strategies: - ✔✔International, multidomestic, global, or
transnational
✔✔International strategy - ✔✔A strategy in which global markets are penetrated using
exports and licenses
✔✔Multidomestic strategy - ✔✔A strategy in which operating decisions are
decentralized to each country to enhance local responsiveness
, ✔✔Global strategy - ✔✔A strategy in which operating decisions are centralized and
headquarters coordinates the standardization and learning between facilities
✔✔Transnational strategy - ✔✔A strategy that combines the benefits of global-scale
efficiencies with the benefits of local responsiveness
✔✔Project organization - ✔✔An organization formed to ensure that programs (projects)
receive the proper management and attention
✔✔The management of projects involves three phases: - ✔✔1. Planning- this phase
includes goal setting, defining the project, and team organization
2. Scheduling- this phase relates people, money, and supplies to specific activities and
relates activities to each other
3. Controlling- here the firm monitors resources, costs, quality, and budgets. It also
revises or changes plans and shifts resources to meet time and cost demands
✔✔Chapter 3 - ✔✔Chapter 3
✔✔The project organization may be most helpful when: - ✔✔1. Work tasks can be
defined with a specific goal and deadline
2. The job is unique or somewhat unfamiliar to the existing organization
3. The work contains complex interrelated tasks requiring specialized skills
4. The project is temporary but critical to the organization
5. The project cuts across organizational lines
✔✔Project managers receive high visibility in a firm and are responsible for making sure
that - ✔✔1. all necessary activities are finished in proper sequence and on time
2. the project comes in within budget
3. the project meets its quality goals
4. the people assigned to the project receive the motivation, direction, and information
needed to do their jobs
This means that project managers should be good coaches and communicators, and be
able to organize activities from a variety of disciplines
✔✔Project managers not only have high visibility but they also face ethical decisions on
a daily basis. How they act establishes the code of conduct for the project. Project
managers deal with: - ✔✔1. offers of gifts form contractors
2. pressure to alter status reports to mask the reality of delays
3. false reports for charges of time and expenses
4. pressures to compromise quality to meet bonuses or avoid penalties related to
schedules
✔✔Work breakdown structure (WBS) - ✔✔A hierarchical description of a project into
more and more detailed components
QUESTIONS SET A+
✔✔
✔✔Key success factors (KSFs) - ✔✔Activities or factors that are key to achieving
competitive advantage
✔✔Core competencies - ✔✔A set of skills, talents, and capabilities in which a firm is
particularly strong
✔✔Outsourcing - ✔✔Transferring a firm's activities that have traditionally been internal
to external suppliers
✔✔Theory of comparative advantage - ✔✔A theory which states that countries benefit
from specializing in (and exporting) goods and services in which they have relative
advantage, and they benefit from importing goods and services in which they have a
relative disadvantage
✔✔International business - ✔✔A firm that engages in cross-border transactions
✔✔Multinational corporation (MNC) - ✔✔A firm that has extensive involvement in
international business, owning or controlling facilities in more than one country
✔✔Operations managers of international and multinational firms approach global
opportunities with one of four strategies: - ✔✔International, multidomestic, global, or
transnational
✔✔International strategy - ✔✔A strategy in which global markets are penetrated using
exports and licenses
✔✔Multidomestic strategy - ✔✔A strategy in which operating decisions are
decentralized to each country to enhance local responsiveness
, ✔✔Global strategy - ✔✔A strategy in which operating decisions are centralized and
headquarters coordinates the standardization and learning between facilities
✔✔Transnational strategy - ✔✔A strategy that combines the benefits of global-scale
efficiencies with the benefits of local responsiveness
✔✔Project organization - ✔✔An organization formed to ensure that programs (projects)
receive the proper management and attention
✔✔The management of projects involves three phases: - ✔✔1. Planning- this phase
includes goal setting, defining the project, and team organization
2. Scheduling- this phase relates people, money, and supplies to specific activities and
relates activities to each other
3. Controlling- here the firm monitors resources, costs, quality, and budgets. It also
revises or changes plans and shifts resources to meet time and cost demands
✔✔Chapter 3 - ✔✔Chapter 3
✔✔The project organization may be most helpful when: - ✔✔1. Work tasks can be
defined with a specific goal and deadline
2. The job is unique or somewhat unfamiliar to the existing organization
3. The work contains complex interrelated tasks requiring specialized skills
4. The project is temporary but critical to the organization
5. The project cuts across organizational lines
✔✔Project managers receive high visibility in a firm and are responsible for making sure
that - ✔✔1. all necessary activities are finished in proper sequence and on time
2. the project comes in within budget
3. the project meets its quality goals
4. the people assigned to the project receive the motivation, direction, and information
needed to do their jobs
This means that project managers should be good coaches and communicators, and be
able to organize activities from a variety of disciplines
✔✔Project managers not only have high visibility but they also face ethical decisions on
a daily basis. How they act establishes the code of conduct for the project. Project
managers deal with: - ✔✔1. offers of gifts form contractors
2. pressure to alter status reports to mask the reality of delays
3. false reports for charges of time and expenses
4. pressures to compromise quality to meet bonuses or avoid penalties related to
schedules
✔✔Work breakdown structure (WBS) - ✔✔A hierarchical description of a project into
more and more detailed components
