Human Resources Management Final Exam Study Guide

Human Resources Management Final Exam Study Guide Review from Exam 1: CH. 1: The HRM Challenge 1.Corporate social responsibility: the responsibility of the firm to act in the best interests of the people and communities affected by its activities 2.Downsizing: planned elimination of jobs 3.Globalization: the trend toward opening up foreign markets to international trade and investment 4.Human capital: the knowledge, skills and capabilities of individuals that have economic value to an organization 5.Offshoring: the business practice of sending jobs to other countries 6.Outsourcing: contracting outside the organization to have work done that formerly was done by internal employees 7.Proactive change: change initiated to take advantage of targeted opportunities 8.Reactive change: change that occurs after external forces have already affected performance 9.Reengineering: fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service and speed 10. Six Sigma: a process used to translate customer needs into a set of optimal tasks that are performed in concert with one another a.Six Sigma quality: a set of principles and practices whose core ideas include understanding customer needs, doing things right the first time, and striving for continuous improvement 11. Total quality management: a system based on the principle that every staff member must be committed to maintaining high standards of work in every aspect of a company’s operations CH. 2: Strategy and HRM 1.Balanced scorecard (BSC): a measurement framework that helps managers translate strategic goals into operational objectives 2.Benchmarking: the process of comparing the organization’s processes and practices with those of other companies 3.Core capabilities/competencies: integrated knowledge set within an organization that distinguish it from its competitors and deliver value to customers 4.Human resources planning (HRP): the process of anticipating and providing for the movement of people into, within, and out of an organization 5.Markov analysis: a method for tracking the pattern of employee movements through various jobs 6.Mission: the basic purpose of the organization as well as its scope of operations 7.Replacement charts: listings of current jobholders and people who are potential replacements if an opening occurs