2024 WGU C483 - PRINCIPLES OF MANAGEMENT ACTUAL QUESTIONS AND ANSWERS WITH COMPLETE SOLUTION

2024 WGU C483 - PRINCIPLES OF MANAGEMENT ACTUAL QUESTIONS AND ANSWERS WITH COMPLETE SOLUTION A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? Choose 1 answer Supply and demand Operations and logistics Outsourcing or insourcing Delivery of products or services Ans- Delivery of products or services What happens when an effective value chain is created? Choose 1 answer Profit margins are increased. A mission statement is developed. Customized products are standardized. Total quality management is not required. Ans- Profit margins are increased. Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? Analysis of mission, vision, and goals Analysis of management implementation Analysis of external opportunities and threats Analysis of internal strengths and weaknesses Ans- Analysis of external opportunities and threats Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? Threats Strengths Weaknesses Opportunities Ans- Strengths What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization? Choose 1 answer Strategic values Core competencies Products and services Opportunities and threats Ans- Core competencies According to Michael Porter's competitive environment model, how can suppliers influence strategic planning? Suppliers can reduce the threat from substitute products. Suppliers can reduce the numbers of new entrants in the market. Suppliers can reduce manufacturing time and increase product quality. Suppliers can reduce technological, demographic, and legal threats in the environment. Ans- Suppliers can reduce manufacturing time and increase product quality. A company offers unique products in its industry to create a competitive advantage. Which type of strategy is the company using? Valorization Differentiation Customization Standardization Ans- Differentiation Happy Inc. is a leading provider of family entertainment and BCD is a broadcasting company with news, cable, and entertainment networks. Happy Inc. recently acquired BCD in hopes of boosting its primary business of family entertainment. Which type of corporate strategy is represented by Happy Inc.'s purchase of their distribution network? Choose 1 answer Vertical integration Strategic alliances Networking Horizontal benchmarking Ans- Vertical integration A local business has provided services to its customers for 40 years. The business's mission is "To give our customers the best service in town." The owner of the business has had a long-standing dream to franchise the business and become the best provider of its service in the United States. What describes the owner's dream? Choose 1 answer Strategic vision Strategic mission Strategic planning Strategic management Ans- Strategic vision What is the first step of organizational strategic planning? Choose 1 answer Developing operational goals Developing internal strengths Developing a strategic mission Developing external opportunities Ans- Developing a strategic mission The introduction of statistical tools to analyze the causes of product defects is associated with which quality improvement approach? Six Sigma Flexible Process Customer Process Quality Customization Ans- Six Sigma What is the principal idea of reengineering? Choose 1 answer To analyze system failures To focus on creating two-way exchanges with customers To revolutionize key organizational systems and processes To improve total quality in all businesses for the benefit of producers and consumers Ans- To revolutionize key organizational systems and processes How many defects per million are there at Six Sigma, assuming a product or process is defect-free 99.99966% of the time? Choose 1 answer Less than 3.4 Less than 4.4 Less than 5.3 Less than 6.6 Ans- Less than 3.4 What is the last step to Deming's 14 points of quality management? To cease dependence on mass inspection To break down barriers among departments To evaluate options provided by management To take action to accomplish the transformation Ans- To take action to accomplish the transformation Process checklists and project audits are components of which management process? Choose 1 answer Quality Control Quality Assurance Quality Cooperative Quality Collaboration Ans- Quality Assurance What is the main objective of an internal quality audit? To gauge the quality of human resources To assess the quality of control process failures To determine the quality of an organization's executive management To measure effectiveness of an organization's quality management system Ans- To measure effectiveness of an organization's quality management system A company is trying to systematically improve processes by eliminating nonconformity of their products to product specifications. The company believes their continuous effort to reduce variation in their process outputs is key to their business success. Which quality process is the company utilizing? ISO 9000 Six Sigma Reengineering Continuous processing Ans- Six Sigma Which concept entails all aspects of interaction a company has with its customers in both sales and service-related environments? Customer connection society Customer liaison administration Customer association organization Customer relationship management Ans- Customer relationship management Dr. Ohmae indicates that customer, corporation, and competitors should be integrated in a strategic triangle. What does Dr. Ohmae indicate that an organization can obtain by doing this? Time-based competition Sustained competitive advantage Coordination of mutual adjustment Decentralization of the organization Ans- Sustained competitive advantage What designates those who take hands-on responsibility for creating innovation such as new ideas, products, or methods within an organization? Franchiser Pacesetter Intrapreneur Controller Ans- Intrapreneur Why is innovation an important element of entrepreneurship? Allows the company to meet industry benchmarks Creates unique and different products or services Reduces marketing costs for the company Buffers the impact of changes in the legal environment Ans- Creates unique and different products or services Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are open-minded, able to learn quickly, and skilled at conceptualizing. Which entrepreneurial personality trait is this? Choose 1 answer Opportunity obsession Competitive intelligence Creativity, self-reliance, and ability to adapt Tolerance of risk, ambiguity, and uncertainty Ans- Creativity, self-reliance, and ability to adapt Which personality characteristics are believed to contribute to an entrepreneur's success? Risk aversion Determination Status quo obsession Motivation to delegate Ans- Determination Why would an entrepreneurial business choose to use its own resources versus seeking outside resources in financing a business venture? To go public To spread the risk To maintain control To fuel large growth Ans- To maintain control Which activity should management use to encourage intrapreneurship within an organization? ...................................................................................................