1) Strategic Human Resource Management questions and Answers 2024.

Strategy - Correct Answers Business plan to create value in a particular market Value Creation - Correct Answers Produce a product or provide a service such that the revenue generated exceeds costs Strategy Formulation - Correct Answers Developing the business strategy given market and other conditions Outlines specifically how the firm will create value in a particular market Strategy Implementation - Correct Answers Implementing the business practices to execute the desired strategy. This involves all business practices competitive advantage - Correct Answers According to Michael Porter, _____ ____ results from creating value Low-cost strategy, Differentiation strategy - Correct Answers 2 ways to create value Low-cost strategy - Correct Answers create value by reducing costs. Differentiation strategy - Correct Answers create value by convincing the market that your product/service is different from all the others. The Resource-based View (RBV) of Competitive Strategy - Correct Answers -Firms gain a competitive advantage through firm-controlled resources -Not all resources serve as a source of competitive advantage -Human resources and the organizational practices that develop and support those resources are possibly one of the most difficult sources of competitive advantage to replicate valuable, rare, inimitable, organizational processes - Correct Answers Resources Characteristics for Competitive Advantage (VRIO) core capabilities/competencies - Correct Answers Today there is greater acceptance that __________ or "strategic capabilities" serve as the dominant sources of competitive advantage Core Capabilities - Correct Answers Integrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers Porter's strategy typology - Correct Answers According to Michael Porter, competitive advantage results from creating value strategic value - Correct Answers Different parts of a firm's workforce have different ___ ____ to the firm in that they differ in their influence on core competencies Firm-specific skills vs. general skills Teams vs. individuals The entire system of human resource management practices vs. individual practices - Correct Answers Identify the criteria for a core capability (or resource) to become a source of sustained competitive advantage for an organization. (Greater source of competitive advantage from what three things?) Human Capital, HRM practices - Correct Answers _____ and _____ can be sources of competitive advantage. One may bring about the other Strategic Human Resource Management - Correct Answers The pattern of human resources deployments and activities that enable an organization to achieve its strategic goals Human Capital - Correct Answers Strategic Human Resource Management involves Identifying the _____ ____ throughout the firm that is necessary to implement the business strategy Includes identifying the specific knowledge, skills, and abilities required of different job families HRM practices - Correct Answers Strategic Human Resource Management involves identifying and implementing ______ to ensure the necessary human capital is in the correct position within the firm Synergy - Correct Answers The effectiveness of an individual HRM practice depends on the others in the system Consequences of a Systems Perspective - Correct Answers Shift focus from one "best" practice to identifying complementary practices Consequences of a Systems Perspective - Correct Answers Highlights need for firm to coordinate HRM efforts Practices shouldn't be considered in isolation Need coordination of efforts across HR divisions control work system - Correct Answers Is a specific combination of HR practices, work structures, and processes that minimizes employee knowledge and skill requirements, and seeks to limit the variability of performance across people