WGU Fundamentals for Success in Business D072 test exam (questions and answers)

WGU Fundamentals for Success in Business D072 test exam (questions and answers) Ethics: The principles that guide a person's behavior. Legal: An act that is allowed or is in conformity with the law of the land. This means that an act that is defined as illegal is in defiance of the stated or established laws of a defined jurisdiction. Legal Ethical: When the law and personal or organizational ethics are in accordance with each other. Legal-Unethical: Dilemma in which established laws are not in accordance or do not uphold the ethical choice. Illegal-Ethical: Dilemma in which the ethical choice would be in violation of established laws. Personal Ethics: Codes, principles, and values that shape our interactions with others. Values: The stable goals that one has or life. Thing that are most important to the individual. Influenced by early life experiences. Morals: Sets of rules that individuals develop based on cultural norms and beliefs. Passed down through generations and characterize a cultural group. Organizational Ethics: A brand of applied ethics that focuses on rule, principles, and standards in the context of business activities. Explicit Values: A well crafted mission statement that clearly states the principles that can be widely shared. Leaders can refer to it to guide the creation of any new strategy or initiative and note its connection to the company's principles when addressing employees, thus reinforcing the broader ethical system. Thought During Judgment: In several experiments, people are more likely to tell the truth when an honor code came at the beginning of a form. Incentives: incentive programs must provide a variety of rewards to be effective. Companies that use pro social incentives are likely to produce happier, more satisfied, and more loyal employees. Cultural Norms: How peers actually behave, they tend to exert the most social influence. So if they are lying, cheating, or stealing, the employees will most likely do the same. Organizational Culture: The shared values, beliefs, and norms of an organization that affect the strategies and operating procedures of the business. CSR = Corporate Social Responsibility: Where a company voluntarily engages in actions that benefit society at large Stakeholders: Include the company's employees, unions, investors, suppliers, consumers, local and national governments and communities that me be affected by corporate activities such as construction, manufacturing, and pollution. Code of Ethics: A guide that publicly sets out an organization's key values and ethical obligations. Green washing: When organizations carry about CSR missions in an inauthentic way, using them to increase publicity rather than the spur real change. Internal Transparency: Degree to which an organization operates with openness, communication, and accountability. Whistleblowers: Those who tell the public or the authorities about alleged misconduct occurring in a government department, private company, or organization. Business Process Management (BPM): The management initiative to design work processes so that they align with the organization's strategic goals. Relationship Management: Involves strategies that govern how an organization maintains relationships with an audience. Individual Contributor: Someone who uses their personal skills to contribute to a team. Manager: someone responsible for a group of people, a department, or specific tasks within a company. The role of a manager is to focus on helping his or her employees improve and achieve results. Top Management: President, CEO, Executive Vice Presidents Middle Management: Plant managers, division manager, department managers. First-Line Management: Foreman, Supervisors, Office Managers Interpersonal Role: Focusing on building relationships and communication internally.Must be able to provide constructive feedback to their employees. Informational Role: Gathering, analyzing, and disseminating information to those both above and below them. Managers need to organize and analyze information related to the business. Decisional Role: Making decisions, allocating resources, and negotiating. They need to be able to react to situations and plan ahead to make effective decisions and implement strategies. Management Skills needed: Technical, Communication, and Analysis. Leadership: The activity of leading a group of people or an organization or the ability to do this. Formal Leaders: A person who is officially designated as the leader of a group. Informal Leaders: A person who is not officially appointed as the head of a group. Organizational Culture: The shred values, beliefs, and norms of an organization that affect the strategies and operating procedures of the business. Usually framed by the top leaders and sets the tone for how employees works and behave. CVF Model: Framework for assessing organizational culture and organizational dynamics. Hofstede Model: Evaluates cultures based on the dimensions of individualism, collectivism, power distance, and uncertainty avoidance. Collectivism: Exists in societies in which group goals and harmony are prioritized over self-interest and achievement. Clan: It tends to be more family oriented and flexible, less structured and has a more extensive hierarchy (e.g. Small start-up business.) Hierarchy: More internally focuses on internal processes and procedures and less flexible (e.g. Government agencies.) Market: Tends to be externally focused on competition and profits and less flexible (e.g. Security companies) Adhocracy: More flexible and responsive to external forces and is characterized as a dynamic, entrepreneurial, and creative workplace. (E.g. technology businesses) Organizational Structure: Refers to the framework or legal structure of the business, including the organizational chart, hierarchy structures, and formal system of roles and authority in a business. Mechanistic Organizational Structures: Best suites for stable environments that contain low uncertainty. Organic Organizational Structures: Work best in unstable, complex, changing environments such as high-tech industries. Attraction-Selection-Attrition (A-S-A): A theory that outlines how employees join and leave organizations, based on 3 interrelated dynamic processes: attraction, selections, and attrition. Attraction: Individuals are attracted to organizations which are like themselves in terms of personality and values. If employees join organizations out of attraction to their cultures, they are more likely to perform well. An employee who values competition may prefer to work for an organization in which individual and interdepartmental competition is the norm. Those who value interpersonal relationships may prefer to work in a team-oriented culture. Consider the type of organizational values you are attracted to. Selection: Organizations are more likely to select those who possess skills and values similar to the ones their existing members possess. Just as employees look for companies where they can fit in, companies are always on a quest to find employees who will fit into their current corporate culture. Many companies are hiring people for fit with their culture, as opposed to fit with a certain job. For example, Southwest Airlines prides itself on hiring employees based on personality and attitude rather than specific job-related skills. They prefer to teach employees after the hiring process. Attrition: Over time, those who do not fit in well are more likely to leave. Person-Organization misfit is one of the important reasons for employee turnover. Person-Organization Fit: Refers to the degree to which a person's values, personality, goals, and other characteristics match those of the organization. Person-Job Fit: The degree to which a person's skill, knowledge, abilities, and other characteristics match the job demands. Personality: Encompasses the feelings, thoughts, and behavioral patterns of a person. Big 5 Personality Traits (OCEAN): Openness - Adhocracy: curious, original, creative, open to new ideas.), Conscientiousness - Hierarchy: (Organized, punctual, dependable), Extraversion - Market: (Outgoing, Talkative, Sociable), Agreeableness - Clan Culture: (Tolerant, Sensitive, Trusting, Kind), Neuroticism (Anxious, irritable, and moody.) Communication: The process of understanding and sharing meaning. Effective Communication: Requires the message transmitted is interpreted by the receiver in the way it was intended by the sender. Communication fulfills 3 main functions: coordination, transmission of information, and sharing of emotions and feelings. Oral Communication: The process of expressing information through spoken words. Written Communication: Sending messages in the form of written words to convey information. Writing is often viewed as a more effort full, exacting process and less natural that the spoken word. Nonverbal Communication: Involves information transmitted without the use of spoken or written words. Includes: body language, tone of voice, facial expressions, and even silence.