Principles of Management - C483 WGU (Pre-Assessment) Exam Questions And Answers!!

Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? - Analysis of external opportunities and threats Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? - Strengths What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization? - Core competencies According to Michael Porter's competitive environment model, how can suppliers influence strategic planning? - 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? - 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? - 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? - Strategic visionWhat is the first step of organizational strategic planning? - Developing a strategic mission A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? - Delivery of products or services What happens when an effective value chain is created? - Profit margins are increased. The introduction of statistical tools to analyze the causes of product defects is associated with which quality improvement approach? - Six Sigma What is the principal idea of reengineering? - 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? -Less than 3.4 What is the last step to Deming's 14 points of quality management? - To take action to accomplish the transformation Process checklists and project audits are components of which management process? - Quality Assurance What is the main objective of an internal quality audit? - To measure effectiveness of an organization's quality management system