WGU D073 Final Exam Questions with Answers Rated A+ | Latest Update 2023/2024 (VERIFIED)

Learning organization - Answer The business term given to a company that facilitates the learning of its members and continually transforms itself Liabilities - Answer State of responsibility for something. What an organization or individual owes; may include a requirement to pay cash, transfer assets, or provide services to someone else. Managerial accounting - Answer Also called cost accounting, a means of using accounting to align processes with the organization's goals. It is intended for internal use and used to provide management with important information to assist in decision-making and running the business. Market capitalization - Answer The total value of a company based on the company's outstanding shares of stock multiplied by the current share price Market position - Answer The customer's perception of a brand or product in relation to its competition Market segmentation - Answer The process of dividing a market of potential customers into groups or segments WGU D073 Best Practices in Management: Projects, Staffing, Scheduling, and Budgeting(WGU D073)2022 Master budget - Answer Budget composed of all the lower level budgets, financial statements, cash flow, and financial plans Matrix - Answer An organizational structure in which the reporting relationships are set up in a grid instead of the more traditional hierarchy Mechanistic - Answer A hierarchal organizational structure with central authority Mission statement - Answer A _________________ describes the purpose of a company, its goals, and how it will achieve its vision. Supports vision Needs assessment - Answer A systematic process for determining and addressing needs or gaps between the current condition and the desired future condition Net income - Answer Commonly called the "bottom line," it is an individual's income after taking taxes and other deductions into account Objectives - Answer A specific measurable action that must be taken to reach a goal Opportunity cost - Answer The inability to pursue another alternative that offers a potential gain after making a choice Organizational Capacity for Change - Answer The capability of an organization to either effectively prepare for or respond to an unpredictable competitive environment Organizational hierarchy - Answer Can be made up of top managers, middle managers, first-line managers, and team leaders. Outsource - Answer To obtain goods or services from an outside or foreign source Overhead - Answer The necessary expenses of running a business that cannot be directly linked to a product or service People management - Answer A branch of business that involves leading people, understanding employment law, motivating employees, and providing constructive feedback. People management can also be human resource management which includes recruiting new employees, management, and providing support and direction for employees after they are hired Performance metric - Answer The data and figures that are obtained to measure how well an organization and its employees are performing Personality - Answer The combination of characteristics or qualities that form an individual's distinctive character WGU D073 Best Practices in Management: Projects, Staffing, Scheduling, and Budgeting(WGU D073)2022 Portfolio - Answer A range of investments or businesses held by an organization or person Production budget - Answer The number of units of products that must be produced based on the sales budget and the requirements for inventory on hand Quality assurance - Answer Maintaining the desired level of quality in a product or service using data or feedback to check each step in the process Raw materials - Answer The basic materials from which a product is made Return on Investment (ROI) - Answer The profit you receive for investing. Calculated by dividing the amount of money gained by the cost of the investment expressed as a percentage Revenues - Answer The income generated from the sale of goods or services. Scope of change - Answer Managing, controlling, and documenting all changes to a project's size and depth. The scope of change may range from minor local adjustments to a full corporate transformation Sensory route - Answer The five senses include visual or sight, auditory or hearing, touch, taste or gustation, and olfaction or smell Six Sigma - Answer A method that organizations use to increase their performance and decrease any variation in processes Sole proprietorship - Answer It is the simplest business form under which one can operate a business. A single person owns the business and is responsible for its debts Speculative measures - Answer A measure that results in an uncertain degree of gain or loss Strategic - Answer The act of developing long-term goals and determining the best way to go about achieving them. Strategy - Answer A plan of action or policy that will be followed to achieve your goal Tone of voice - Answer How your message comes though, in both written and spoken form, based on the way you say it and the impression it makes WGU D073 Best Practices in Management: Projects, Staffing, Scheduling, and Budgeting(WGU D073)2022 Top-down change - Answer The highest levels of the administration will drive the change. They will map out the process and deliver it to the staff. This method of change is fast and clear, which makes it easy to make a decision Transaction model of communication - Answer The ___________ model of communication has each participant acting as a combination sender-receiver Transactional theories - Answer _____________ leadership focuses on supervision, organization, and performance. Rewards and punishments are used. It works best in organizations where there are linear processes and employees know their jobs well. Transmission model of communication - Answer `The ___________ model of communication, developed by Shannon and Weaver, models a telephone with the sender directly sending a message to the receiver Triple Bottom Line - Answer how a decision might affect an organization economically, socially, and environmentally Typology - Answer A classification system. Value-added ratios - Answer The time spent adding value to a good or service divided by the total time from the receipt of the order until its delivery Variable cost - Answer A cost that changes in relation to another variable such as production output Vendors - Answer A person or company offering something for sale Vision - Answer A vision describes where a company wants to be in the future. Supports mission leadership - Answer ability to effectively communicate your vision to people and unite them behind a shared mission and set of values to accomplish goals of an organization Leader - Answer essential to express the vision of an organization, to influence, to provide a "call to action," and to establish the expected culture for an organization Action Planners - Answer reached the point of taking ideas and developing specific concrete plans and objective to make the idea a reality motivating / motivators - Answer __________ are leaders who can gain buy-in, often under difficult circumstances by the use of that leadership attribute WGU D073 Best Practices in Management: Projects, Staffing, Scheduling, and Budgeting(WGU D073)2022 Dreaming Big - Answer professionals who dream big are those with concrete plans to move forward with an already conceptualized idea Reward Power - Answer power people have because others believe they can bestow rewards or outcomes, such as money or recognition, that others desire Coercive Power - Answer power people have because others believe they can inflict pain or withhold or take away something they value Referent Power - Answer power people have because others want to associate with or be accepted by them Expert/Resource Power - Answer 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 - Answer power people have because others believe they possess the "right" to influence them and that they ought to obey Least Preferred Coworker (LPC) scale - Answer determines which traits a leader least likes in a coworker High LPC score - Answer suggests that person has a positive orientation toward human relations (relationship-oriented) Low LPC score - Answer indicates that the leader relies more on the nature of the task to drive leadership (task-oriented) Individualized consideration - Answer degree to which the leader attends to each follower's concerns and needs and acts as a mentor or coach Intellectual Stimulation (Transformational Leadership) - Answer the degree to which the leader challenges assumptions, takes risks, and solicits followers' ideas Inspirational Motivation - Answer the degree to which leaders articulate a vision that is appealing to followers Idealized Influence - Answer degree to which the leader provides a role model for high ethical behavior, instills pride, and gains respect and trust Employee-centered theory of leadership - Answer influences employee behavior by focusing on their social and emotional needs WGU D073 Best Practices in Management: Projects, Staffing, Scheduling, and Budgeting(WGU D073)2022 Job-oriented theory of leadership - Answer focus on helping employees improve job performance Situational theory of leadership - Answer leadership style that is adapted to fit the situation or the employee Emergent Theory of Leadership - Answer leaders don't need to be chosen; they naturally emerge from within a group Holocracy - Answer decision-making is distributed throughout the team; flat organizational structure; job titles do not designate authority and are instead part of the role description; purpose-driven employees align skills/talents to company mission Franchise - Answer an authorization sold to a person or group allowing them to carry our specific commercial activities Spin-off - Answer a spin-off is the creation of an independent company; the spun-off company is expected to have more value on its own than as part of the original company Whistleblower - Answer a person who informs on a person or organization engaged in an illicit activity Autocratic - Answer a leader with absolute power Unethical - Answer Against the rules of right and wrong Four fundamental management functions / "management process" - Answer planning, organizing, leading, controlling Planning - Answer management function to develop roadmap or objectives that must be met to achieve organization goals; not a static process, managers must be willing to adapt to a changing internal/external environment Organizing - Answer using resources in the most effective way, assigning tasks, delegating responsibilities, and determining who reports to whom in the organization; match resources to plan, coordinate activities, and evaluate results Most important resources a manager has - Answer people and money Negotiate - Answer managers must be influential leaders who can negotiate, complete tasks, and lead employees WGU D073 Best Practices in Management: Projects, Staffing, Scheduling, and Budgeting(WGU D073)2022 Controlling - Answer process of monitoring progress and correct for any veering off path; managers must be willing/able to correct employee misbehavior and adapt to changes in path to goal that may influence completion of organization's goal; managers evaluate and take corrective action concerning the allocation and use of human, financial, and material resources Long-range planning - Answer managers are involved in strategic planning & development. they work with leaders to determine objectives that must be met Environmental scanning - Answer continually watch for changes in the business environment and monitor business indicators