WGU C483 Principles of Management Exam Questions with Verified Answers (Graded A)

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Accommodation - ANSWER-A style of dealing with conflict involving cooperation on behalf of the other party but not being assertive about one's own interests Accounting audits - ANSWER-Procedures us... ed to verify accounting reports and statements Acquisition - ANSWER-One firm buying another Activity-Based costing (ABC) - ANSWER-A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the mount of time employees devote to particular activities Adapters - ANSWER-Companies that take the current industry structure and its evolution as givens, and choose where to compete. Adverse impact - ANSWER-When a seemingly neutral employment practice has a disproportionately negative effect on a protected group. Advertising support model - ANSWER-Charging fees to advertise on a site. affective conflict - ANSWER-Emotional disagreement directed toward other people affiliate model - ANSWER-Charging fees to direct site visitors to other companies' sites affirmative action - ANSWER-Special efforts to recruit and hire qualified members of groups that have been discriminated against in the past. Alderfer's ERG theory - ANSWER-A human needs theory postulating that people have three basic sets of needs that can operate simultaneously arbitration - ANSWER-The use of a neutral third party to resolve a labor dispute. assessment center - ANSWER-A managerial performance test in which candidates participate in a variety of exercises and situations. assets - ANSWER-The values of the various items the corporation owns. Authentic leadership - ANSWER-A style in which the leader is true to himself or herself while leading autocratic leadership - ANSWER-A form of leadership in which the leader makes decisions on his or her own and then announces those decisions to the group autonomous work groups - ANSWER-Groups that control decisions about and excution of a complete range of tasks avoidance - ANSWER-A reaction to conflict that involves ignoring the problem by doing nothing at all, or deemphasizing the disagreement. balance sheet - ANSWER-A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity balanced scorecard - ANSWER-Control system combining four sets of performance measures: financial, customer, business process, and learning and growth barriers to entry - ANSWER-Conditions that prevent new companies from entering an industry behavioral approach - ANSWER-a leadership perspective that attempts to identify what good leaders do-that is, what behaviors they exhibit benchmarking - ANSWER-The process of comparing an organization's practices and technologies with those of other companies. Bootlegging - ANSWER-Informal work on projects, other than those officially assigned, of employees' own choosing and initiative boundaryless organization - ANSWER-organization in which there are no barriers to information flow. bounded rationality - ANSWER-`A less-than-perfect form of rationality in which decisions makers cannot be perfectly rational because decisions are complex and complete information is unavailable or cannot be fully processed. Brainstorming - ANSWER-A process in which group members generate as many ideas about a problem as they can; criticism is withheld until all ideas have been proposed. bridge leaders - ANSWER-A leader who bridges conflicting value systems or different cultures. broker - ANSWER-A person who assembles and coordinates participants in a network budgeting - ANSWER-The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences; also called budgetary controlling buffering - ANSWER-Creating supplies of excess resources in case of unpredictable needs bureaucratic control - ANSWER-The use of rules, regulations, and authority to guide performance business incubators - ANSWER-Protected environments for new, small businesses business plan - ANSWER-A formal planning step that focuses on the entire venture and describes all the elements involved in starting it. Business strategy - ANSWER-The major actions by which a business competes in a particular industry or market Cafeteria benefit program - ANSWER-An employee benefit program in which employees choose from a menu of options to create a benefit package tailored to their needs. Caux Principles - ANSWER-Ethical principles established by international executives based in Caux, Switzerland, in collaboration with business leaders from Japan, Europe, and the United States. centralized organization - ANSWER-An organization in which high-level executives make most decisions and pass them down to lower levels for implementation. certainty - ANSWER-The state that exists when decision makers have accurate and comprehensive information. charismatic leader - ANSWER-A person who is dominant, self-confident, convinced of the moral righteousness of his or her beliefs, and able to arouse a sense of excitement and adventure in followers. chief information officer (CIO) - ANSWER-Executive in charge of information technology strategy and development. clan control - ANSWER-Control based on the norms, values, shared goals, and trust among group members. coaching - ANSWER-Dialogue with a goal of helping another be more effective and achieve his or her full potential on the job. coalitional model - ANSWER-Model of organizational decision making in which groups with differing preferences use power and negotiation to influence decisions. cognitive conflict - ANSWER-Issue-based differences in perspectives or judgments. cohesiveness - ANSWER-The degree to which a group is attractive to its members, members are motivated to remain in the group, and members influence one another. collaboration - ANSWER-A style of dealing with conflict emphasizing both cooperation and assertiveness to maximize both parties' satisfaction. comparable worth - ANSWER-Principle of equal pay for different jobs of equal worth. competing - ANSWER-A style of dealing with conflict involving strong focus on one's own goals and little or no concern for the other person's goals. competitive environment - ANSWER-The immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like. competitive intelligence - ANSWER-Information that helps managers determine how to compete better. compliance-based ethics programs - ANSWER-Company mechanisms typically designed by corporate counsel to prevent, detect, and punish legal violations. computer-integrated manufacturing (CIM) - ANSWER-The use of computer-aided design and computer-aided manufacturing to sequence and optimize a number of production processes. concentration - ANSWER-A strategy employed for an organization that operates a single business and competes in a single industry. concentric diversification - ANSWER-A strategy used to add new businesses that produce related products or are involved in related markets and activities. conceptual and decision skills - ANSWER-Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members. concurrent control - ANSWER-The control process used while plans are being carried out, including directing, monitoring, and fine-tuning activities as they are performed. conflict - ANSWER-Opposing pressures from different sources, occurring on the level of psychological conflict or of conflict between individuals or groups. conglomerate diversification - ANSWER-A strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities. contingency plans - ANSWER-Alternative courses of action that can be implemented based on how the future unfolds. continuous process - ANSWER-A process that is highly automated and has a continuous production flow. control - ANSWER-Any process that directs the activities of individuals toward the achievement of organizational goals. controlling - ANSWER-The management function of monitoring performance and making needed changes. cooperative strategies - ANSWER-Strategies used by two or more organizations working together to manage the external environment. coordination by mutual adjustment - ANSWER-Units interact with one another to make accommodations to achieve flexible coordination. coordination by plan - ANSWER-Interdependent units are required to meet deadlines and objectives that contribute to a common goal. core competence - ANSWER-A unique skill and/or knowledge an organization possesses that give it an edge over competitors. corporate governance - ANSWER-The role of a corporation's executive staff and board of directors in ensuring that the firm's activities meet the goals of the firm's stakeholders. corporate social responsibility (CSR) - ANSWER-Obligation toward society assumed by business. corporate strategy - ANSWER-The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities. cost competitiveness - ANSWER-Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers. current ratio - ANSWER-A liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities. 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. custom-made solutions - ANSWER-New, creative solutions designed specifically for the problem. debt-equity ratio - ANSWER-A leverage ratio that indicates the company's ability to meet its long-term financial obligations. decentralized organization - ANSWER-An organization in which lower-level managers make important decisions. defenders - ANSWER-Companies that stay within a stable product domain as a strategic maneuver. delegation - ANSWER-The assignment of new or additional responsibilities to a subordinate. departmentalization - ANSWER-Subdividing an organization into smaller subunits. development - ANSWER-Helping managers and professional employees learn the broad skills needed for their present and future jobs. development project - ANSWER-A focused organizational effort to create a new product or process via technological advances. 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. differentiation - ANSWER-An aspect of the organization's internal environment created by job specialization and the division of labor. 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. discounting the future - ANSWER-A bias weighting short-term costs and benefits more heavily than longer-term costs and benefits. diversification - ANSWER-A firm's investment in a different product, business, or geographic area. diversity training - ANSWER-Programs that focus on identifying and reducing hidden biases against people with differences and developing the skills needed to manage a diversified workforce. divestiture - ANSWER-A firm selling one or more businesses. divisional organization - ANSWER-Departmentalization that groups units around products, customers, or geographic regions. domain selection - ANSWER-Entering a new market or industry with an existing expertise. dynamic network - ANSWER-Temporary arrangements among partners that can be assembled and reassembled to adapt to the environment. ecocentric management - ANSWER-Its goal is the creation of sustainable economic development and improvement of quality of life worldwide for all organizational stakeholders. economic responsibilities - ANSWER-To produce goods and services that society wants at a price that perpetuates the business and satisfies its obligations to investors. economies of scope - ANSWER-Economies in which materials and processes employed in one product can be used to make other, related products. egoism - ANSWER-An ethical system defining acceptable behavior as that which maximizes consequences for the individual. emotional intelligence - ANSWER-The skills of understanding yourself, managing yourself, and dealing effectively with others. empowerment - ANSWER-The process of sharing power with employees, thereby enhancing their confidence in their ability to perform their jobs and their belief that they are influential contributors to the organization. entrepreneur - ANSWER-Individual who establishes a new organization without the benefit of corporate sponsorship. entrepreneurial orientation - ANSWER-The tendency of an organization to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services. entrepreneurial venture - ANSWER-A new business having growth and high profitability as primary objectives. entrepreneurship - ANSWER-The pursuit of lucrative opportunities by enterprising individuals. environmental scanning - ANSWER-Searching for and sorting through information about the environment. environmental uncertainty - ANSWER-Lack of information needed to understand or predict the future. equity theory - ANSWER-A theory stating that people assess how fairly they have been treated according to two key factors: outcomes and inputs. ethical climate - ANSWER-In an organization, the processes by which decisions are evaluated and made on the basis of right and wrong. ethnocentrism - ANSWER-The tendency to judge others by the standards of one's group or culture, which are seen as superior. executive champion - ANSWER-An executive who supports a new technology and protects the product champion of the innovation. expatriates - ANSWER-Parent-company nationals who are sent to work at a foreign subsidiary. expectancy - ANSWER-Employees' perception of the likelihood that their efforts will enable them to attain their performance goals. expectancy theory - ANSWER-A theory proposing that people will behave based on their perceived likelihood that their effort will lead to a certain outcome and on how highly they value that outcome. external audit - ANSWER-An evaluation conducted by one organization, such as a CPA firm, on another. external environment - ANSWER-All relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy. extinction - ANSWER-Withdrawing or failing to provide a reinforcing consequence. extrinsic rewards - ANSWER-Rewards given to a person by the boss, the company, or some other person. failure rate - ANSWER-The number of expatriate managers of an overseas operation who come home early. feedback control - ANSWER-Control that focuses on the use of information about previous results to correct deviations from the acceptable standard. feedforward control - ANSWER-The control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly. Fiedler's contingency model of leadership effectiveness - ANSWER-A situational approach to leadership postulating that effectiveness depends on the personal style of the leader and the degree to which the situation gives the leader power, control, and influence over the situation. final consumer - ANSWER-Those who purchase products in their finished form. flexible benefit programs - ANSWER-Benefit programs in which employees are given credits to spend on benefits that fit their unique needs. flexible factories - ANSWER-Manufacturing plants that have short production runs, are organized around products, and use decentralized scheduling. flexible processes - ANSWER-Methods for adapting the technical core to changes in the environment. force-field analysis - ANSWER-An approach to implementing the unfreezing/moving/refreezing model by identifying the forces that prevent people from changing and those that will drive people toward change. formalization - ANSWER-The presence of rules and regulations governing how people in the organization interact. framing effects - ANSWER-A decision bias influenced by the way in which a problem or decision alternative is phrased or presented. franchising - ANSWER-An entrepreneurial alliance between a franchisor (an innovator who has created at least one successful store and wants to grow) and a franchisee (a partner who manages a new store of the same type in a new location). frontline managers - ANSWER-Lower-level managers who supervise the operational activities of the organization. functional organization - ANSWER-Departmentalization around specialized activities such as production, marketing, and human resources. functional strategies - ANSWER-Strategies implemented by each functional area of the organization to support the organization's business strategy. garbage can model - ANSWER-Model of organizational decision making depicting a chaotic process and seemingly random decisions. gatekeeper - ANSWER-A team member who keeps abreast of current developments and provides the team with relevant information. genius of the and; organizational ambidexterity - ANSWER-Ability to achieve multiple objectives simultaneously. global model - ANSWER-An organizational model consisting of a company's overseas subsidiaries and characterized by centralized decision making and tight control by the parent company over most aspects of worldwide operations; typically adopted by organizations that base their global competitive strategy on cost considerations. goal displacement - ANSWER-A condition that occurs when a decision-making group loses sight of its original goal and a new, less important goal emerges. goal-setting theory - ANSWER-A motivation theory stating that people have conscious goals that energize them and direct their thoughts and behaviors toward a particular end. group maintenance behaviors - ANSWER-Actions taken to ensure the satisfaction of group members, develop and maintain harmonious work relationships, and preserve the social stability of the group. growth need strength - ANSWER-The degree to which individuals want personal and psychological development. Hersey and Blanchard's situational theory - ANSWER-A life-cycle theory of leadership postulating that a manager should consider an employee's psychological and job maturity before deciding whether task performance or maintenance behaviors are more important. high-involvement organization - ANSWER-A type of organization in which top management ensures that there is consensus about the direction in which the business is heading. horizontal communication - ANSWER-Information shared among people on the same hierarchical level. host-country nationals - ANSWER-Natives of the country where an overseas subsidiary is located. [Show More]

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