WGU C432 Session 2 Questions and Answers Already Graded A+

Accountable care organization (ACO) <<Ans>> A payment and healthcare delivery model in which a group of healthcare providers work together to coordinate a patient's care, improve quality, and reduce costs. Barriers to entry <<Ans>> Obstacles that impede an organization from entering a market. Benchmarking <<Ans>> Comparison of internal data to those of outside organizations for purposes of evaluating an organization's performance. Business plan <<Ans>> A written document that defines, analyzes, and promotes a specific proposal, line of business, or innovative concept Certificate of Need (CON) <<Ans>> State laws in the United States that require organizations to obtain approval from a state planning agency before beginning a major capital project Chain of command <<Ans>> The formal channel that defines the line of authority and reporting relationships up and down an organization's hierarchy. Coalition <<Ans>> An alliance of individuals and groups that support a cause or an effort. Core competencies <<Ans>> The internal activities and functions central to fulfilling an organization's mission. Core competencies are strategically valuable and the essence of what makes an organization unique in providing value to its customers Corporate structure <<Ans>> An overarching management configuration that controls and supervises divisions or SBUs. A corporation is a legal structure that can be instituted to limit owners' personal liability and centralize management under a governing board. Differentiation <<Ans>> Dividing and separating activities, functions, and products to make them distinct from others Division of labor <<Ans>> Specialization of work that breaks down tasks within a production process so that personnel become highly proficient in components of the process. Economies of scale <<Ans>> Reductions in unit cost granted to purchasers of large volumes of products or services.