WGU C483 Principles of Management Exam 240 Questions with
Verified Answers
Sustained Competitive Advantage - CORRECT ANSWER Strategic Triangle
"customer, corporation and competitors"-what does Dr Ohmae indicate that an
organization can obtain by doing this?
Begins with Raw Materials and ends with Delivery of products or services -
CORRECT ANSWER What does a value chain end with?
Profit Margins Increase - CORRECT ANSWER What happens when an effective
value chain is created?
Analysis of external opportunities and threats - CORRECT ANSWER Market & social
analysis are examples of which step in the strategic planning process?
Core Competencies - CORRECT ANSWER What denotes skills or expertise in an
activity that constitutes the roots of competitiveness in an organization?
Suppliers can reduce manufacturing time and increase product quality. - CORRECT
ANSWER Michael Porter's competitive model, how can suppliers influence
strategic planning?
Differentiation Strategy - CORRECT ANSWER A company offers unique products in
its industry to create a competitive advantage. Which strategy is the company
using?
,Vertical Integration - CORRECT ANSWER Expands operations backwards &
forwards (into suppliers or distributors)
Horizontal Integration - CORRECT ANSWER Process of acquiring or merging with
other industries
Strategic Mission - CORRECT ANSWER Basic purpose & scope of an operation
Strategic Vision - CORRECT ANSWER Long-term direction & shows strategic intent
Strategic Goals - CORRECT ANSWER What you want to achieve
Develop strategic mission - CORRECT ANSWER First step of strategic planning
Reengineering - CORRECT ANSWER Revolutionize key organizational systems and
processes
Take action and accomplish the transformation - CORRECT ANSWER Last step in
Deming's 14 points of quality management
Quality Assurance - CORRECT ANSWER Determining if the project is complying
with the organizational (and project) policies and procedures. Tasks include
conducting audit
,Quality Control - CORRECT ANSWER Measures specific project results (project)
against standards. Activity is to inspect and verify the project's product defect, and
measure if the quality indicators are improving or not
Main objective of an internal quality audit - CORRECT ANSWER Measure
effectiveness of an organization's quality management system
Sustained competitive advantage - CORRECT ANSWER Strategic Triangle
"customer, corporation and competitors"-what does Dr Ohmae indicate that an
organization can obtain by doing this?
1. Situational Analysis
2.Alternative Goals & Plans
3. Goal & Plan Evaluation
4. Goal & Plan Selection
5. Implementation
6. Monitor & Control - CORRECT ANSWER The Basic Planning Process
The broad, long-term accomplishments an organization wishes to attain. -
CORRECT ANSWER Goals
Specific, Measurable, Attainable, Realistic/relavent, Timely - CORRECT ANSWER
SMART Goals
1. Strategic Planning
2. Tactical Planning
, 3. Operational Planning - CORRECT ANSWER Levels of Planning
A set of procedures for making decisions about the organization's long-term goals
& strategies. - CORRECT ANSWER Strategic Planning
Major targets or end results relating to the organization's long-term survival,
value, and growth. - CORRECT ANSWER Strategic Goals
A pattern of actions and resource allocations designed to achieve the
organization's goals. - CORRECT ANSWER Strategy
A set of procedures for translating broad strategic goals and plans into specific
goals and plans that are relevant to a distinct portion of the organization, such as
a functional area like marketing. - CORRECT ANSWER Tactical Planning
The process of identifying the specific procedures and processes required at lower
levels of the organization. - CORRECT ANSWER Operational Planning
A unique skill and/or knowledge an organization possesses that gives it an edge
over competitors. - CORRECT ANSWER Core Capability
The immediate environment surrounding a firm; includes suppliers, customers,
rivals, and the like. - CORRECT ANSWER The Competitive Environment
Verified Answers
Sustained Competitive Advantage - CORRECT ANSWER Strategic Triangle
"customer, corporation and competitors"-what does Dr Ohmae indicate that an
organization can obtain by doing this?
Begins with Raw Materials and ends with Delivery of products or services -
CORRECT ANSWER What does a value chain end with?
Profit Margins Increase - CORRECT ANSWER What happens when an effective
value chain is created?
Analysis of external opportunities and threats - CORRECT ANSWER Market & social
analysis are examples of which step in the strategic planning process?
Core Competencies - CORRECT ANSWER What denotes skills or expertise in an
activity that constitutes the roots of competitiveness in an organization?
Suppliers can reduce manufacturing time and increase product quality. - CORRECT
ANSWER Michael Porter's competitive model, how can suppliers influence
strategic planning?
Differentiation Strategy - CORRECT ANSWER A company offers unique products in
its industry to create a competitive advantage. Which strategy is the company
using?
,Vertical Integration - CORRECT ANSWER Expands operations backwards &
forwards (into suppliers or distributors)
Horizontal Integration - CORRECT ANSWER Process of acquiring or merging with
other industries
Strategic Mission - CORRECT ANSWER Basic purpose & scope of an operation
Strategic Vision - CORRECT ANSWER Long-term direction & shows strategic intent
Strategic Goals - CORRECT ANSWER What you want to achieve
Develop strategic mission - CORRECT ANSWER First step of strategic planning
Reengineering - CORRECT ANSWER Revolutionize key organizational systems and
processes
Take action and accomplish the transformation - CORRECT ANSWER Last step in
Deming's 14 points of quality management
Quality Assurance - CORRECT ANSWER Determining if the project is complying
with the organizational (and project) policies and procedures. Tasks include
conducting audit
,Quality Control - CORRECT ANSWER Measures specific project results (project)
against standards. Activity is to inspect and verify the project's product defect, and
measure if the quality indicators are improving or not
Main objective of an internal quality audit - CORRECT ANSWER Measure
effectiveness of an organization's quality management system
Sustained competitive advantage - CORRECT ANSWER Strategic Triangle
"customer, corporation and competitors"-what does Dr Ohmae indicate that an
organization can obtain by doing this?
1. Situational Analysis
2.Alternative Goals & Plans
3. Goal & Plan Evaluation
4. Goal & Plan Selection
5. Implementation
6. Monitor & Control - CORRECT ANSWER The Basic Planning Process
The broad, long-term accomplishments an organization wishes to attain. -
CORRECT ANSWER Goals
Specific, Measurable, Attainable, Realistic/relavent, Timely - CORRECT ANSWER
SMART Goals
1. Strategic Planning
2. Tactical Planning
, 3. Operational Planning - CORRECT ANSWER Levels of Planning
A set of procedures for making decisions about the organization's long-term goals
& strategies. - CORRECT ANSWER Strategic Planning
Major targets or end results relating to the organization's long-term survival,
value, and growth. - CORRECT ANSWER Strategic Goals
A pattern of actions and resource allocations designed to achieve the
organization's goals. - CORRECT ANSWER Strategy
A set of procedures for translating broad strategic goals and plans into specific
goals and plans that are relevant to a distinct portion of the organization, such as
a functional area like marketing. - CORRECT ANSWER Tactical Planning
The process of identifying the specific procedures and processes required at lower
levels of the organization. - CORRECT ANSWER Operational Planning
A unique skill and/or knowledge an organization possesses that gives it an edge
over competitors. - CORRECT ANSWER Core Capability
The immediate environment surrounding a firm; includes suppliers, customers,
rivals, and the like. - CORRECT ANSWER The Competitive Environment
