WGU C201 BUSINESS ACUMEN OBJECTIVE ASSESSMENT 2 LATEST VERSIONS NEWEST 2024 ACTUAL EXAM TEST BANK COMPLETE 530 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) | | ALREADY GRADED A+ What is Management? Correct Answer Management is the process of achieving Organizational objectives through people and other resources. The Manager's job is to combine Human and Technical resources in the best way possible to achieve the company's goals. How do the jobs of top managers, middle managers, and supervisory managers differ? Correct Answer Top managers design long term plans, set a direction for their organization and inspire all employees to achieve the company's vision. Middle managers focus on the specific mission and operations, products, or customers. They develop procedures to impleme nt the company's strategic plans. Supervisory interact directly with non -
management employees, who produce and sell the companies goods and services. They are responsible for implementing the plans developed by middle managers and motivating workers to accomplish daily, weekly, and monthly goals. What is the relationship between the managers planning and controlling functions? Correct Answer Controlling assess the success of the planning function. Controlling also produces feedback for the next round of planning. What is meant by a vision for the company? Correct Answer A vision serves as a target for the company's actions, helping direct the company towards opportunities and differentiating it from its competitors. Why is it important for a top executive to set high ethical standards? Correct Answer High ethical standards often result in a stable workforce, job satisfaction, and customer loyalty. Outline the planning process. Correct Answer Some plans are very broad and long range, focusing on key organizational objectives; others are more detailed and specify how particular objectives will be achieved. From the mission statement to objectives to specific plans, each phase must fit into comp rehensive planning framework. Describe the purpose of tactical planning. Correct Answer The purpose of tactical planning is to determine which short -term activities should be implemented to accomplish the companies overall strategy. Compare the kinds of plans made by top managers and middle managers. Correct Answer Top managers focus on long -range, strategic plans. In contrast, middle -level managers focus on short term tactical planning. What is the purpose of a mission statement? Correct Answer A mission statement is a companies written explanation of its purpose, the reason it exists, the customers it will serve, and how it is different from its competitors. A mission statement guides the actions of its company, managers, and employees. Which of a company's characteristics does a SWOT analysis compare? Correct Answer Strength, Weaknesses, Opportunities and Threats Compared to its competitors. How do managers use objectives? Correct Answer Objectives set guideposts by which managers define the organizations desired performance in such areas as new product development, sales, customer service, and employee satisfaction. Distinguish between programmed and nonprogrammed decisions. Correct Answer Programmed decisions are like ordering office supplies, simple and happen frequently - they are streamlined. Non-programmed are like entering a new market or launching a new product - they require more individual evaluation. What are they steps in the decision -making process? Correct Answer Recognition of problem or opportunity, development of alternatives, evaluation of alternatives, selection and implementation of chosen alternative, and follow up to determine the effectiveness of the decision. How is leadership defined? Correct Answer Leadership means directing or inspiring people to attain certain organizational goals. Effective leaders share several traits, such as empathy, self -
awareness, and objectivity. Leaders also use the power of their job, expertise, and experience to influenc e people. Identify the styles of leadership as they appear along a continuum of greater or lesser employee participation. Correct Answer One end of the continuum Autocratic leaders makes decisions without consulting the employees. In the middle democratic leaders ask for suggestions and want participation. At the end is free -rein which leaders leave most of the decisions to the employees. What is the relationship between leadership style and corporate culture? Correct Answer The best leadership style to adopt often depends on the organizations corporate culture and its system of principals, beliefs, and values. Managerial philosophies, communications, networks, and workplace environment, and practices all influence culture. How do managers reinforce corporate culture? Correct Answer Managers use symbols, rituals, ceremonies, and stories to reinforce corporate culture. What is the purpose of an organizational chart? Correct Answer A visual representation of a company's structure that illustrates the job positions and functions. What are the 5 major forms of departmentalization? Correct Answer Product: different goods and services an organization offers. Geographical: Units by regions. Customer: Units by different types of customers. Functional: Units by business activities like Marketing or Finance, etc. Process: Unit by steps or Work processe s it takes to complete production or provide a service. What does management mean? Correct Answer Or span of control - Numbers of employees the manager supervises. What is mass production? Correct Answer Mass production is Manufacturing large quantities of products through effective combinations of both employees with specialized skills, mechanizations, and standardization. What is the difference between flexible production and customer -
driven production? Correct Answer Flexible production is using tech to receive and fulfill orders and skilled people to carry out tasks associated with a specific order. Customer driven production evaluates buyer demands to make the connection between products manufactured and products pu rchased. What are the 2 main production systems? Correct Answer Two main production systems are Analytic and Synthetic
