WGU D073 Questions and Answers Already Passed 2023 update

WGU D073 Questions and Answers Already Passed 2023 update Vision clear, distinctive, and specific view of what a company would like to achieve in the future, broad description of the value an organization offers instead of a list of specific targets mission statement describes what the organization needs to do now to achieve the vision innate attributes natural abilities Vision Statement A company owner writes a detailed and clear picture of what the company will look like five years from now. What is he/she defining to the employees? reward power The power people have because others believe they can bestow rewards or outcomes, such as money or recognition, that others desire Coercive power The power people have because others believe they can inflict pain or withhold or take away something they value referent power The power people have because others want to associate with or be accepted by them expert or resource power The power people have because others believe they have and are willing to share expert knowledge or access to resources, such as information, time, or materials legitimate power The power people have because others believe they possess the "right" to influence them and that they ought to obey drive high level of effort, including a strong desire for achievement as well as high levels of ambition, energy, tenacity, and initiative Leadership Motivation intense desire to lead others cognitive ability conceptually skilled, capable of exercising sound judgment, having strong analytical skills, and possessing the capacity to think strategically and multidimensionally Individualized consideration The degree to which the leader attends to each follower's concerns and needs and acts as a mentor or coach. Intellectual stimulation The degree to which the leader challenges assumptions, takes risks, and solicits followers' ideas. Inspirational motivation The degree to which the leader articulates a vision that is appealing and inspiring to followers Idealized influence The degree to which the leader provides a role model for high ethical behavior, instills pride, and gains respect and trust coercive power An employee is told by a manager that a project must be completed by the end of the work week. The manager stresses that if the project is not finished, the employee will have to work on it at home over the weekend, with no additional pay. Which source of power is this manager displaying? legitimate power A manager asks an employee to take on extra work and the individual asks why that is necessary. In response, the manager simply points at the position title on the nameplate sitting on his desk and says, "That's why." Which source of power is this manager displaying? unethical An individual over-reported the company's income to increase the stock value. This led to the loss of trust among shareholders and an investigation by the Securities and Exchange Commission (SEC). How should this leader's action be characterized? four fundamental management functions planning, organizing, leading, and controlling organizing involves using resources in the most effective way, assigning tasks, delegating responsibilities, and determining who is reportable to whom in the organization controlling process of monitoring progress and correcting for any veering off path Long-range planning Managers occupying executive positions are frequently involved in strategic planning and development. They work with the leaders of the organization to determine the principal objectives that must be met to meet the mission of the organization while staying focused on the ideals and values of the organization. controlling Managers evaluate and take corrective action concerning the allocation and use of human, financial, and material resources. Managers are responsible for overseeing many employees and sometimes multiple departments. Supplies are limited. The manager must make sure that the right amount and type of resources get to the correct employees and that they are efficiently and effectively used to meet the goals of the organization. environmental scanning Managers must continually watch for changes in the business environment and monitor business indicators. Managers must track profit and loss statements, cash flow statements, stock trends, and other indicators to follow their organization's progress in garnering and protecting market share. supervision Managers continually oversee the work of their subordinates. Managers are ultimately responsible for the actions of employees under their supervision. They must walk a fine line between being controlling and being too laissez-faire, a management style that endorses a hands-off approach and group decision-making coordinating Managers often must coordinate the work of others both inside the work unit and out customer relations and marketing Managers must monitor customer satisfaction and develop policies on how to handle customer complaints. They also watch how effective the organization's marketing plan is and whether dollars are correctly spent to reach the market that will most likely buy their product. community relations Contact must be maintained and nurtured with representatives from various constituencies outside the company, including state and federal agencies, local civic groups, and suppliers. internal consulting Some managers make use of their technical expertise to solve internal problems, acting as inside consultants for organizational change and development. monitoring products and services Managers get involved in planning, scheduling, and tracking the design, development, production, and delivery of the organization's products and services Position within the organizational hierarchy Which factor impacts a manager's roles and responsibilities? organizing Which function is a manager performing when developing the department's annual budget? technical skills Specific areas of knowledge and expertise and the ability to apply that knowledge, Preparing a financial statement, programming a computer, designing an office building, and analyzing market research human relation skills interpersonal skills managers use to accomplish goals, includes the ability to understand human behavior, to communicate effectively with others, to listen to the ideas of others, and to motivate individuals to accomplish their objectives conceptual skills include the ability to view the organization as a whole, understand how the various parts are interdependent, and assess how the organization fits into its external environment, how it relates to its competition in the same industry, and how it produces value for the customer, Identify the employee's strengths and weaknesses A hardworking, dependable employee is struggling to perform a particular job. What is the first step a manager should take before assigning this employee to another job? technical skills, communication or human relations skills, and conceptual skills Three main areas of skills are necessary to be an effective manager: Establishing vision and mission What is a function of leadership? Entrepreneur Which decisional role does a manager play within an organization? Through their ability to influence others How do leaders in an organization exercise power? They use their authority to gain compliance. Which attribute is possessed by managers when compared to leaders? current profit Which information does a projected income statement report as a function of the budget-planning process? Deferred Revenue appears on the balance sheet of a company as a liability. It refers to revenue that has not been earned and represents products or services that are owed to a customer. market share information gathered and analyzed during the strategic planning process. Financial and operating budgets What are the two major components of the master budget? Financial Accounting the subdivision of the organization's accounting department that prepares financial reports for people external to the organization. Managerial Accounting the internal use of accounting statements by managers in planning and directing the organization's activities master budget consists of a projected income statement (planned operating budget) and a projected balance sheet (financial budget) showing the organization's objectives and proposed ways of attaining them, it is not a single budget but is instead a series of budgets that operationalize the organization's strategy. Income Statement shows the change in the financial status of an organization over a specified period balance sheet shows a list of the assets, liabilities, and stockholders' equity at a specific date, usually the end of a month, quarter, or year. assets resources that have economic value and from which future economic benefits are expected to flow to the enterprise. liability An amount owed by a business (ex requirement to pay cash, transfer assets, or provide services to someone else) residual claim or equity value of the assets after all of the obligations from the liabilities have been satisfied operational budget can be made up of the sales plan, production plan, materials purchasing plan, labor hiring and training program plan, and administrative and discretionary spending data production budget a detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs just-in-time inventory system a system designed to ensure that materials or supplies arrive at a facility just when they are needed so that storage and holding costs are minimized opportunity cost the most desirable alternative given up as the result of a decision overhead necessary expenses of running a business that cannot be directly linked to a product or service Costs of Goods Sold (COGS) All costs in material, labor, and overhead that are directly required for the production and/or manufacturing of a given good selling, general and administrative expenses (SG&A) These costs are support costs, such as the salaries of HR staff, management, legal, accounting, marketing, and other broader corporate expenses that benefit the sale of a particular good. COGS is an important indicator of whether or not the production of a particular product (at a specific volume) will yield long-term sustainable profits COGS Budget establishes the forecast for the inventory expense and is usually one of the most substantial expenses on an income statement. overhead costs The costs not directly related to the production or selling of goods. Examples of fixed expenses administrative salaries, depreciation of a building or equipment, rent, heat, light, insurance, dues, equipment leases, and advertising Direct Materials Raw materials that can be physically and directly associated with manufacturing the finished product. Materials purchases budget used to plan how much raw material is needed to meet budgeted production fringe benefits Any financial extras beyond the regular pay check, such as health insurance, life insurance, paid vacation and/or retirement Manufacturing Overhead Costs costs associated to build a product that may not be directly used to make it: utilities in manufacturing plant, salary of production manager, rented equipment, rent for manufacturing selling expenses Expenses of promoting sales, such as displaying and advertising merchandise, making sales, and delivering goods to customers/part of manufacturing overhead administrative expenses nonmanufacturing costs that include the costs of top administrative functions and various staff departments such as accounting, data processing, and personnel. Executive salaries, clerical salaries, office expenses, office rent, donations, research and development costs, and legal costs are administrative costs cash receipts The money that a business collects, e.g., business income cash receipts examples Cash from cash sales and from debtors who are paying for a past month's credit sale Sales of capital assets Short-term bank financing Accounts receivable financing Inventory financing Unsecured financing capital assets Assets of a permanent nature used in the production of an income, such as land, buildings, machinery and equipment, etc. Under income tax law, it is usually distinguishable from "inventory" which comprises assets held for sale to customers in ordinary course of the taxpayer's trade or business. Accounts Receivable The total amount of money owed to a business. inventory financing when banks use the inventory held by a business as collateral for a loan Dividends earnings distributed to stockholders Income Statement Which report shows the change in the company's financial performance over a stated period of time? sales plan Which component must be developed when creating an operating budget for the upcoming fiscal year? allows managers to control operations so budgets can be corrected if necessary Why should a manager regularly compare budgeted revenues and expenses with actual operational performance? Sales Budget involves estimating or forecasting how much demand exists for a company's goods and then determining whether a realistic, attainable profit can be achieved based on this demand Transactions, Precautionary measures Speculative measures Financial measures 4 reasons for holding cash Cash flow forecast forecast that predicts the cash inflows and outflows in future periods, usually months or quarters managing cash flow To finance operations, a company routinely borrows from a local bank at the best possible terms. Which budgetary activity does this action reflect? Sales forecasts are used to decide how to create sales territories, how to set quotas for each sales rep, and how to measure performance. Why is it important for managers to sales forecast within a company? sunk cost A cost that has already been incurred and that cannot be changed by any decision made now or in the future. contingency fund an extra amount of money that is saved and used only when absolutely necessary Inadequate initial estimates, Small items not covered in the planning, Errors in initial estimates, Small deviations due to inevitable delays Reasons to use contingency funds create a contingency fund The operations manager for a chain of restaurants is budgeting for the addition of more healthy menu options and realizes the project may involve unanticipated costs. How should the manager budget for these costs? Deming Cycle a planning tool that advocates for planning, doing, checking, and then acting they run out of cash Why do most budgets fail? Job cost system (job costing) A manufacturing cost system that accumulates costs incurred to produce a product according to individual jobs, such as a building, a consulting job, or a batch of 100 computer desks. Process Costing a cost system that assigns costs to each process, or work center, in the production cycle, and then calculates the average cost for all units produced both have predetermined overhead rates. What do job costing and process costing for projects have in common? constraints Which aspect of project management requires identifying limits or risks to the project? customization costs Which element of project management requires budgeting for customer choices? Considering constraints on time, money, and resources During which stage of project management are success factors identified? Change Management study of how to integrate changes without damaging the organizational culture or efficiency POLC Framework plan, organize, lead, control Strategic Planning An employee was recently promoted to an executive level management position in an organization.Which type of planning will this employee manage in this new role? Monitoring competitors A manager is asked to initiate activities that will support environmental scanning.Which activity should be used by this manager for this purpose? Determining appropriate software to be purchased A manager, who is acting as an internal consultant, is asked for a product recommendation.Which activity is this manager performing? Resource allocator A manager is responsible for controlling and overseeing a small company.Which management attribute is needed to undertake this set of responsibilities? Conceptual The chief operating officer (COO) of an organization understands how the various parts of the system are interdependent. The COO also recognizes how the smooth operation of the organization produces value for customers.Which type of leadership skill is being illustrated by this COO? contingency A professional is widely recognized in an organization as an effective leader based on a track record of effective interaction with all staff members. The professional consistently handles any situation, positive or negative, that may evolve and does so without using systematic rewards or punishments. Which theory of leadership describes this professional's effectiveness as a manager? Developing relationships A manager is focused on how well employees work together as a unit. Which attribute of leadership is this manager exhibiting? Centralized A chief executive officer (CEO) wants all future decisions to be made by only a few of the senior managers and then passed down to the employees.Which type of organizational structure does this CEO want to put in place? Adding a second shift of workers to help meet customer demand An organization has developed a new product that it believes will be very popular during the coming holiday season and wants to make sure it sells as many units as possible. Which strategic operations decision should this organization make to meet this goal? Marketing management A new chief executive officer (CEO) is reviewing the duties of the position. The CEO is especially concerned about meeting the responsibilities associated with the strategic functions of the organization. Which activity will be part of these functions? Increasing production output by hiring more labor Which short-term goal addresses a strategic operations decision to meet increased customer demand? Measurable A manager is planning long term to track revenue performance and return on investment for shareholders. Which component of the SMART goals has this manager captured in this goal? Time-bound A manager sets a company-wide goal of completely eliminating the company's dependence on fossil fuels for production within the next two years.Which aspect of SMART goal planning does this represent? Communicating the percentage of revenue increase expected each year An organization has established a long-term strategic planning goal of increasing revenues over the next five years. Which operational strategy supports measurement of goal achievement? Time-bound A hospital administrator is tasked with improving the hospital's rating in the next 12 months. Which SMART goal attribute is identified? Measurable A manager writes the following goal for the hospital emergency department:"Pediatric emergency room wait times will decrease by 10%."Which SMART goal attribute is identified? Direct labor The manager for a large manufacturer has started planning next year's budget. Having an adequate number of welders will be crucial to meeting department goals, so the type of budget chosen must include wages to ensure the needed level of staffing is addressed.Which type of budget should be used to ensure this item is included? Salaries for production managers Which element is part of a manufacturing budget? To identify performance variations What is the purpose behind comparing actual revenue and expenses to expected revenue and expenses? To obtain necessary project resources Why is it important to use the project budgeting process to create stakeholder buy-in? Structural A new chief executive officer (CEO) plans to implement significant reorganization throughout the company. Several departments will be combined and a few vice presidents will be moved into other positions.Which type of change is this CEO planning? Transformational A restaurant owner makes the decision to switch from being a pizza franchise to selling gourmet meals featuring local produce in a farm-to-table restaurant. Which type of change is this owner planning? Technology A real estate office is upgrading the way data are stored on the servers. Instead of keeping data locally, the company will purchase cloud storage space, which will allow agents access to data in the field. Which type of change is being proposed? strategy The chief operating officer (COO) for a large manufacturing firm wants to implement a number of business process reengineering procedures in an effort to reduce manufacturing time.Which component must this COO communicate to leadership at this stage? Continuous The chief operating officer (COO) for a technology company has slowly hired employees with the same vision of innovation, and this has resulted in a forward- thinking business culture. The COO anticipates threats in the market and is working to develop a company that is agile and able to quickly respond to competitor threats and market opportunities.Which leadership style is being used by this COO? Identifying change leaders within the organization to communicate the need for change A professional has been asked to help an organization prepare the employees for the addition of a major new product line outside the company's traditional core competency. Even though this is a risky venture, the new product has been judged to be critical to the company's survival.Which change management strategy should be used to reduce barriers to this effort? Underestimating scale and scope An organization is modifying its structure to be more agile and responsive to the changing needs of its customers. The organization is ready to implement the change and is now listing the variables it may encounter during the actual change process.Which barrier must this organization face at this point in the process? Bottom-up The employees in a small manufacturing company vote to join a union.Which approach to change is being seen in this company? Misalignment to the organizational mission A manufacturer of solar panels hires a new chief executive officer (CEO) who has experience researching and developing diesel engines for small cars. The CEO starts a new initiative. Almost immediately, the employees begin complaining about the new initiative and petition the board of directors to fire the CEO.Which barrier to change is this manufacturer experiencing? Poor transformational leadership skills to guide change The manager for a corporate marketing department first tells employees that they will be able to work from home one or two days a week. The manager changes the policy again a day later and again a week later. The marketing staff is confused by the conflicting information and begins to resent the manager.Which barrier to change is this company experiencing? Organizational structure A company decides to separate employees based on their expertise to better utilize workforce skill sets. Which aspect of the company is being modified by this action? Organizational A company undergoes a major change and seeks to reduce barriers to that change. Management ensures that the new culture of the organization is deeply ingrained by sharing stories, providing ongoing professional development, and making everyone feel appreciated. Which form of culture was used? Increased trust and cooperation An organization is seeing lower productivity because of ongoing issues between frontline employees. Management wants to make a change to the culture and wants to engage employees in the process. Which objective will achieve this form of engagement? Move to a straight salary program An organization undergoes a major change to improve customer engagement. To support the change, management would like to modify the current reward system to a team-based structure that will help sales employees focus on the new goal. Which change should be made to this system? Rituals and routines A company wants to change its culture so employees are more creative through an open and more accommodating environment. Which component of culture does this represent? Ask employees to help with the development of the new process A manager of an electronics shop wishes to increase in-store sales. This will require a change in how the sales staff interact with potential customers. The manager believes that support of the employees is necessary for success. Which action should the manager take to reduce the barriers to this change? Trust issues An organization understands that it must either constantly change or decline. To ensure that the changes are successful, the managers are asked to identify any change barriers they see as quickly as possible. Which factor is a barrier that should be noted by management? It can provide valuable feedback. The manager of a hospital business office has been asked to increase the collection percentage of patient bills and the new process has been fully researched. While the process is legal, it may not be compatible with the organization's values. One employee is against the change because of this conflict. Why is the employee's resistance important? Agreeableness A manager has a laid-back personality that employees enjoy and has many strong relationships within the organization. Which Big Five trait is ranked high in this manager? Experience A customer service manager for a major department store has been employed for 35 years and has witnessed many changes. Most changes have resulted in a staff reduction. The store has just announced more changes, and the manager is worried that some staff will have to be let go and others will be so overworked, they will leave on their own. These concerns are shared with management. Even though the manager is assured that all employees are safe, the individual is still anticipating a poor outcome. Which internal factor of perception is causing the manager to arrive at this conclusion? List of planned vacation days A manager of a family medicine practice is working on the schedule in anticipation of the upcoming flu season. From the previous year's schedule, the manager has solid data to forecast the need for this year and has already drawn up a schedule with an estimate of how many full-time employees will be needed to cover the time period. The manager also has a list of qualified employees who can cover those shifts. What data does the manager need to calculate to ensure employees are available to meet the demand? Exchange rates A U.S. manufacturer has decided to develop a new product by contracting with Chinese engineers that are most experienced with the product category. Which factor in human capital planning would be important in this contracting? Threats A large chain bookstore moves into an empty storefront in a strip mall two miles away from a small family-owned bookstore that has been in business for over 20 years. The new bookstore is actively recruiting employees with experience in bookselling and offers a competitive hourly wage along with better benefits than most of the jobs in the area. Which aspect of the SWOT analysis does the action of the large chain represent for the small bookstore? Creates a competitive advantage What is a benefit of knowing and understanding how to leverage employee strengths? Increased diversity of ideas A new chief executive officer (CEO) notices that the company has promoted from within to the point that most of the employees have been in the organization from the start. In an effort to move towards product innovation, the CEO tells the human resource (HR) manager to make an effort to hire from outside the company for all new positions.How will this affect the company? Engaging the employees in developing goals A manager of a book store is seeking ways to motivate employees. The employees are currently paid below the average of employees in other book stores. The manager has read about Herzberg's two-factor theory and decides to use the information to inform the discussion.Which tactic will lead to increased employee satisfaction, according to this theory? Offering incentives for earning certifications A company manager realizes that the company is not growing as rapidly as expected. The manager knows that to be successful, employees must be motivated and willing to learn new approaches for their areas of responsibility. The manager decides to encourage individual and collaborative learning to improve employee performance and create paths for advancement. Which action will help the manager meet this goal? Set career goals A manager wishes to help some employees grow by showing them strategies to manage their own careers. What is the first step the manager should encourage the employees to take? Time-based What component of SMART goals supports success for an individual who is focused on practicing 20,000 hours and understands that this goal will require 40 hours of work a week for 10 years? Offer managerial training and a roadmap to high-performing employees A company's CEO is discussing a succession management plan for key leadership positions. Which tactic should the company employ to support this plan? Web-based A company with five locations across the world wants to offer professional development opportunities, but resources are limited. The company wants to ensure that managers and staff at all locations can attend. Which form of training should be used to meet this goal? Intergroup A vice president (VP) for a large marketing firm has been dealing with complaints coming from both the advertising and the production departments. This has been an ongoing issue and is mostly associated with budgetary items. Each department is complaining that the other is receiving more resources. What type of workplace conflict is occurring in this marketing firm? Structural conflict A team leader realizes that conflict is developing between several members of the team despite the fact that the group just began meeting a few days before. The primary issue stems from unclear and inefficient organizational policies. What type of conflict should be managed by the team leader? Improve communication among team members to reduce conflict and increase goal attainment After several months of team work, it has become apparent to a manager that not all the team members are getting the same periodic updates about basic issues. The conflict has caused decision-making to slow down and goals are not being met. Which strategy should be used to manage the conflict? Engage team members by having a broad and honest discussion about important issues to build team cohesion during the first meeting A diverse group of employees representing every major functional area of the organization have been chosen to form a team to work on a transformational project. The team leader would like to minimize group conflict since the project has a very short time frame. Which strategy should be used to meet this goal? Collaborating The members of a department are planning a working lunch at a local restaurant. Differences of opinion exist among the team regarding where to go, based upon cost, distance from the office, how easily the team will be able to get work done, and the ease of parking. While some discussion occurs, all of the employees easily come to consensus on a decision that is supported by all. Which conflict management strategy did the employees use to manage this disagreement? Competing According to the Thomas-Kilmann Conflict Mode Instrument, which conflict management strategy is evident when an individual displays a high degree of assertiveness and a low degree of cooperation? Ask questions Members of a team are stating their views about project goals.Which conflict management strategy should the team manager use if conflict arises? Interaction The director of human resources is talking with a manager about harassment claims made by some employees. The manager leans forward, points a finger at the director, and makes accusations of bias and bullying. The director explains that the claims are vague at this point and confidentiality will be maintained while more facts are gathered. The manager expresses relief that punitive actions will not automatically be taken. Which model of communication is being used in this situation? Self-disclosure During a conversation with a colleague, a business manager shares information about marital problems that led to missing work on occasion. Which type of communication is evident during this interaction? Encoding A supervisor noticed that the department manager often uses sports metaphors to describe business situations. So when reporting a recent setback in the production schedule to the manager, the supervisor stated, "We are down by three points, but we still have plenty of time to come back with a touchdown." Which communication process is the supervisor using by selecting this wording? Nonverbal communication A manager is meeting with a new employee to discuss having a personal philosophy for work. Halfway through the conversation, the manager notices the employee is no longer smiling and has assumed a defensive posture.Which factor did the manager notice during this interaction? Read nonverbal cues The manager of a department demonstrates exceptional financial performance. In departmental meetings, the manager listens to the feedback from the staff but fails to understand why members seem to disregard the importance of making a special effort to keep producing exemplary results. The manager wants to ensure the messages are understood to support the level of excellence achieved to date. Which strategy should be used by this manager while listening to the feedback from the staff to meet this goal? Rehearsing A manager of a manufacturing unit is meeting with an employee who has been late for work on several occasions. The manager is thinking about what to say to the employee in response, while that person is giving reasons for the behavior. Which behavior is being exhibited by this manager? Passive An accounts payable clerk is listening to a supervisor explain a new process that must be used in the future. The clerk hears and understands what the supervisor is saying but does not say anything in response.Which type of listening is the clerk using during this interaction? It builds trust during interactions. An employee in a large hospital's information technology (IT) department is shy and struggles looking other employees in the eye while communicating. Why is it important for the employee to overcome this challenge? Interpreting A movie theater employee observes customers purchasing multiple bags of popcorn and assumes that the popcorn is fresh and tasty. The employee plans to communicate this information to the theater manager. Which element of perception is this employee using to prepare for communications with the manager? Organizing A hotel manager is recording guest preferences to improve the guest experience and plans to communicate the preferences to regional leadership. Which element of perception is this manager using to prepare for communications with the regional leadership? External filtering Executive leadership for a corporation knows that a pending takeover is approaching. The members want to keep this information private until the last moment because there are a number of layoffs expected once the company changes leadership. Therefore, leadership has communicated forecasting information but has avoided the issue of the buyout. Which factor is influencing this communication strategy used by leadership?