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WGU - C483 Exam Questions and Answers (Graded A)

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Planning - ANSWER-the conscious, systematic process of deciding what goals and activities a person, group, work unit, or organization will pursue in the future Situational Analysis (step 1 of plan... ning) - ANSWER-A process planners use to gather, interpret, and summarize all information relevant to the planning issue under consideration Goal (step 2a) - ANSWER-A target or end that management desires to reach. Plans (step 2b) - ANSWER-The actions or means managers intend to use to achieve organizational goals. Contingency plan - ANSWER-"What if" plans. Include actions to be taken if initial plans don't work well or if events demand a sudden change. Goal and Plan Eval (step 3) - ANSWER-evaluate advantage, disadvantages, and potential effects of each goal/plan. Prioritize goals, and eliminate some. Pay attention to cost and ROI. Scenario - ANSWER-A narrative that describes a particular set of future conditions Planning Steps - ANSWER-1. Situational Analysis 2. Alternative Goals and Plans 3. Goal & Plan Evaluation 4. Goal & Plan Selection 5. Implementation 6. Monitor & Control Strategic Planning - ANSWER-A set of procedures for making decisions about the organization's long-term goals and strategies Have strong external orientation & cover major portions of the organization. Strategic Goals - ANSWER-Major targets or end results relating to the organization's long-term survival, value, and growth. -reflect effectiveness and efficiency. Strategy - ANSWER-A pattern of actions and resource allocations designed to achieve the organization's goals. 5 questions to answer for EFFECTIVE STRATEGIES - ANSWER-1. Where will we be active? 2. How will we get there? 3. How will we win in the market? 4. How fast will we move and in what sequence will we make changes? 5. How will we obtain financial returns? Tactical Planning - ANSWER-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. Operational Planning - ANSWER-The process of identifying the specific procedures and processes required at lower levels of the organization. Strategy Map - ANSWER-a tool for communicating strategic goals and helping employees to understand the parts they will play in helping to achieve them. Illustrates 4 key drivers: 1. skills of its people and ability to grow & learn. 2. effectiveness of its internal processes. 3. ability to deliver value to customers. 4. ability to grow its financial assets. Strategic Management - ANSWER-a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals mission - ANSWER-An organization's basic purpose and scope of operations. A clear and concise expression of the basic and purpose of the organization. What the organization does, for whom it does, its basic good or servie, and its values. Strategic Vision - ANSWER-The long-term direction and strategic intent of a company. Stakeholders - ANSWER-Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies. Core capability - ANSWER-A unique skill and/or knowledge an organization possesses that gives it an edge over competitors. Benchmarking - ANSWER-Process of assessing how well one company's basic functions and skills compare with those of another company or set of companies SWOT analysis - ANSWER-A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy. Corporate Strategy - ANSWER-The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities. Concentration - ANSWER-A strategy employed for an organization that operates a single business and competes in a single industry. Vertical Integration - ANSWER-The acquisition or development of new businesses that produce parts or components of the organization's product. Concentric diversification - ANSWER-A strategy used to add new businesses that produce related products or are involved in related markets and activities. Conglomerate diversification - ANSWER-a strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities Business Strategy - ANSWER-The major actions by which a business competes in a particular industry or market. low-cost strategy - ANSWER-A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product. differentiation strategy - ANSWER-A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. Functional Strategy - ANSWER-Strategies implemented by each functional area of the organization to support the organization's business strategy. strategic control system - ANSWER-A system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action. Basic Steps in any planning process - ANSWER-1. Begin with situation analysis of external and internal forces affecting the organization. This helps identify and diagnose issues and problems and can bring to the surface alternative goals and plans for the firm. 2. The advantage and disadvantages of these goals and plans should be evaluated and compared against one another. 3. Implementing goals and plans involves communicating the plan to employees, allocating resources, and making certain that other systems such as rewards and budgets support the plan. 4. Control systems to monitor how implementation is faring: progress toward the goals. Describe how to integrate strategic planning with tactical operational planning - ANSWER-1. Strategic planning is different from operational planning in that it involves making long-term decisions about the entire organization. 2. Tactical planning translates broad goals and strategies into specific actions to be taken within the organization's subunits. 3. Operation planning identifies the specific short-term procedures and processes require at lower levels of the organization. Identify elements of the external environment and internal resources of the firm to analyze before formulating a strategy. - ANSWER-1. Strategic planning is designed to leverage the strengths of a firm while minimizing the effects of its weaknesses. 2. It is difficult to know a firm's potential advantages without a proper internal analysis. Close examine might indicate, for instance, a particularly talendted marketing department or a uniquely efficient production system. 3. However, managers cannot determine whether internal characteristics are sources of competitive advantage until they learn from external analyses how well competitors compare. Define core capabilities and explain how they provide the foundation for business strategy - ANSWER-1. a core competence is something a company does especially well relative to its competitors. 2. When this competence is significantly important to market success, it can be a competitive advantage. 3. It can provide a sustainable advantage if it is valuable, rare, difficult to imitate, and well organized. Summarize the types of choices available for corporate strategy - ANSWER-1. Corporate strategy identifies the breadth of a firm's competitive domain. 2. - can be kept narrow, as in a concentration strategy, or can move to suppliers can buyers via vertical integration 3. - can broaden a firm's domain via concentric(related) diversification or conglomerate (unrelated) diversification. Discuss how companies can achieve competitive advantage through business strategy. - ANSWER-Companies can gain competitive advantage in two primary ways. They can attempt to be unique in some way by pursuing a differentiation strategy, or they can focus on efficiency and price by pursuing a low-sot strategy. Describe the keys to effective strategy implementation - ANSWER-1. Many good plans fail due to poor implementation. 2. Strategy must be actively supported, for example, by structure technology, human resources, rewards, information systems, culture, and leadership. 3. Ultimately, the success of a plan depends on how well employees at low levels are able and willing to implement it. 4. Participative management is one important approach to gaining employees' input and commitment to strategy implementation. Strategic Management Steps - ANSWER-1. Mission, Vision, and Goals 2. External opportunities and threats 3. Internal strengths and weaknesses. 4. SWOT analysis and strategy formulation. 5. Strategy Implementation 6. Strategic control Mechanistic Organization - ANSWER-A form of organization that seeks to maximize internal efficiency. Organic Structure - ANSWER-An organizational form that emphasizes flexibility. Ordinary capabilities - ANSWER-basic administrative and operational functions needed to get tasks done. Dynamic Capabilities - ANSWER-"higher level" strategic involving adapting rapidly(or even proactively shaping) the ever-changing business environment. Focus less on efficiency and more on innovation. Strategic Alliance - ANSWER-Formal relationship created among independent organizations with the purpose of joint pursuit of mutual goals learning organization - ANSWER-an organization skilled at creating, acquiring, and transferring knowledge and at modifying its behavior to reflect new knowledge and insights. High-involvement organization - ANSWER-top leaders ensure consensus about the direction in which the business is heading by seeking input from their team and middle managers and sometimes from lower levels, depending on the issue. Economies of Scope - ANSWER-economies in which materials and processes employed in one product can be used to make other related products. Rightsizing - ANSWER-a successful effort to achieve an appropriate size at which the company performs most effectively. Customer Relationship Management (CRM) - ANSWER-a multifaceted process focusing on creating two-way exchanges with customers to foster intimate knowledge of their needs, wants, and buying patterns. value chain - ANSWER-the sequence of activities that flow from raw materials to the delivery of a good or service, with additional value created at each step. Top Quality Management (TQM) - ANSWER-a comprehensive approach to improving product quality and thereby customer satisfaction. Strong customer orientation. Six sigma quality - ANSWER-a method of systematically analyzing work processes to identify and eliminate virtually all causes of defects standardizing the processes to reach the lowest practicable level of any cause of customer dissatisfaction. ISO 9001 - ANSWER-a series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of producers and consumers. Reengineering - ANSWER-to revolutionize key organizational systems and processes by answering this question: "If you were the customer, how would you like us to operate?" Technology - ANSWER-the systematic application of scientific knowledge to a new product, process or service. transform resources(inputs) into products(outputs). mass customization - ANSWER-the production of varied individually customized products at the low cost of standardized, mass-produced products. Computer-integrated manufacturing (CIM) - ANSWER-the use of computer-aided design and computer-aided manufacturing to sequence and optimize a number of production processes. Flexible Factories - ANSWER-Manufacturing plants that have short production runs, are organized around products, and use decentralized scheduling. Lean Manufacturing - ANSWER-An operation that strives to achieve the highest possible productivity and total quality, cost-effectively, by eliminating unnecessary steps in the production process and continually striving for improvement. Time-based competition (TBC) - ANSWER-strategies aimed at reducing the total time needed to deliver a good or service. Logistics - ANSWER-The movement of the right goods in the right amount to the right place at the right time. Just-in-time (JIT) - ANSWER-a system that calls for subassemblies and components to be manufactured in very small lots and delivered to the next stage of the production process just as they are needed. Concurrent Engineering - ANSWER-A design approach in which all relevant functions cooperate jointly and continually in a maximum effort aimed at producing high-quality products that meet customer's needs. Michael Porter's competitive environment model - ANSWER-Suppliers, new entrants, customers, substitutes and complements, and rival firms. Which organization culture will tell you what the firm's desired public image is? - ANSWER-Corporate Mission Statement Refers to the immediate environment surrounding a firm, including suppliers, customers, rivals, and new entrants.. - ANSWER-Competitive environment Complexity and dynamism in the environment result in? - ANSWER-Environmental uncertainty Demographic factor of an organization's macroenvironment? - ANSWER-Employee's ages In competition, a complement is best describes as - ANSWER-a product that is often used with another product. Michael Porter notes that successful managers... - ANSWER-act in ways that shape or change the organization's environment Boundary-spanning - ANSWER-Interacting with people in other groups, thus creating linkage between groups. Gatekeeper - ANSWER-a team member who keeps abreast of current developments and provides the team with relevant information. Informing - ANSWER-a team strategy that entails making decisions with the team and then informing outsiders of its intentions. Parading - ANSWER-a team strategy that entails simultaneously emphasizing internal team building and achieving external visibility. Probing - ANSWER-A team strategy that requires team members to interact frequently with outsiders, diagnose their needs, and experiment with solutions. best team strategy if teams are dependent of outsiders - ANSWER-probing team strategy for teams less dependent on outside groups. - ANSWER-Informing or parading strategy Workflow relationships - ANSWER-emerge as materials are passed from one group to another Service relationships - ANSWER-exist when top management centralizes an activity to which a large number of other units must gain access. Advisory relationships - ANSWER-exist when teams with problems call on centralized sources of expert knowledge. Audit relationships - ANSWER-develop when people not directly in the chain of command evaluate the methods nd performances of other teams. Stabilization relationships - ANSWER-involve auditing before the fact. team sometimes must obtain clearance from others. Liaison relationships - ANSWER-involve intermediaries between teams. Accomodation - ANSWER-cooperating on behalf of the other party but not being assertive about one's own interests Compromise - ANSWER-involves moderate attention to both parties' concerns, being neither highly cooperative nor highly assertive. Competing - ANSWER-when people focus strictly on their own wishes and are unwilling to recognize the other person's concerns. Collaboration - ANSWER-emphasizes both cooperation and assertiveness. The goal is to maximize satisfaction for both parties. Superordinate goals - ANSWER-higher-level goals taking priority over specific individual or group goals. Cognitive confluct - ANSWER-issue-based differences in perspectives or judgments Affective Conflict - ANSWER-Emotional disagreement directed toward other people. Devil's advocate - ANSWER-a person who has the job of criticizing ideas to ensure that their downsides are fully explored. Dialectic - ANSWER-A structured debate comparing two conflicting courses of action Brainstorming - ANSWER-process in which group members generate as many ideas about a problem as they can; criticism is withheld until all ideas have been proposed. Bounded rationality - ANSWER-A less-than perfect form of rationality in which decision makers cannot be perfectly rational because decisions are complex and complete information is unavailable or cannot be fully processed. Incremental Model - ANSWER-Model of organizational decision making in which major solutions arise through a series of smaller decisions. Coalition model - ANSWER-Model of organizational decision making in which groups with differing preferences use power and negotiation to influence decisions. Garbage can Model - ANSWER-model of organizational decision making depicting a chaotic process and seemingly random decisions. Describe the kinds of decisions you will face as a manager - ANSWER-Most important managerial decisions lack structure and are characterized by uncertainty, risk, and conflict Despite these challenges, managers are expected to make rational decisions in a timely manner. Summarize the steps in making "rational" decisions - ANSWER-first identify and diagnose the problem/opportunity, requires recognizing a discrepancy between the current state and a desired stated and then delving below surface symptoms to identifying underlying causes of the problem. 2nd - generate alternative solutions, involves applying ready-made or designing custom-made solutions. 3rd - evaluate alternatives, - predict the consequences of different alternatives, sometimes through building scenarios of the future. 4th - choose a solutions, solution might maximize, satisfice, or optimize. 5th - people implement the decisions, phase requires more careful planning than it often receives. 6th - managers evaluate how well the decision is working. gather objective, valid information about the impact the decision is having. If the evidence suggests the problem is not getting solved, either a better decision or a better implementation plan must be developed. Recognize the pitfalls you should avoid when making decisions. - ANSWER-Situational and human limitations lead most decision makers to satisfice rather than maximize or optimize. Psychological biases, time pressures, and the social realities of organizational life may prevent rational execution of the six phases. Vigilance and an understanding of how to manage decision-making groups and organizational constraints will improve the process and result in better decisions. Pros and cons of using a group to make decisions - ANSWER-+ more information, perspectives, and approaches brought to bear on problem solving; intellectual stimulation; greater understanding of the final decisions; and higher commitment to the decision once it is made - individual domination of discussions, satisficing, groupthink, goal displacement, and social loafing. Procedures to use in leading a decision-making group - ANSWER-Effective leaders in decision-making teams avoid dominating the discussion; encourage people's input, avoid groupthink and satisficing; and stay focused on the group's goals. Encourage constructive conflict via devil's advocacy and the dialectic, posing opposite sides f an issue or solutions to a problem How to encourage creative decisions - ANSWER-When creative ideas are needed, leaders should set a good example by being cre [Show More]

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