Business Acumen Competency test(84 questions fully solved ).
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Course
Business Acumen
Institution
Business Acumen
Business Acumen Competency
The KSAOs needed to understand the organization's operations, functions and external environment, and to apply business tools and analyses that inform HR initiatives and operations consistent with the overall strategic direction of the organization.
Value Creation...
Business Acumen
Competency test(84
questions fully
solved )
Business Acumen Competency - answer The KSAOs
needed to understand the organization's
operations, functions and external environment,
and to apply business tools and analyses that
inform HR initiatives and operations consistent
with the overall strategic direction of the
organization.
Value Creation - answer organizations success in
meeting its strategic goals. Can be influenced by
mission , before strategic planning begins - an
organization must consider the question of value.
How it creates value & what activities are critical
to the retention, creation and increase.
Value Chain - answer represents the process by
which an organization creates the product or
service it offers to the customer. Representing the
sequential and simultaneous contributions of a
,number of internal and external participants. the
process by which an organization creates the
product or service it offers to the customer. It
includes every activity required to make a good or
service and then sell it. Each participant adds an
element of value, and the total value is the sum of
its parts. In this case, the service organization is
claiming that it adds more value than the cost of
the service.
Global Value Chain - answer consists of multiple
organizations producing parts of a good or service
across geographical regions, with each link of the
chain adding valu
Key value that HR contributes to value chain -
answer The quality and availability of "pivotal
talent pools," those employees whose skills are
critical to the organization's strategy
Service Level Agreement (SLA) - answer defines
the output customers can expect, the service HR
will provide a function in a time frame of results.
Organization & Product Life Cycles - answer
Industries, organization, brands, and products
have characteristic life cycles (stages) describing
gradual increases
, Introduction of life cycle - answer revenue (vertical
axis) is low because there is little market
awareness and because market is resistance to
change. Entrants (new industries, organizations, or
products) must create an identity with customers
and develop a value proportions. Takes
imagination, business acumen, and leadership.
START UPS
Growth of the life cycle - answer as time proceeds
(the horizontal axis) revenue begins to increase,
rate of growth will vary by industry, enterprise or
product. The focus shifts to creating processes
that will increase efficiency without stifling
innovation.
Maturity of the life cycle - answer The market is
saturated with competitors, and growth occurs
only through introduction of new products or
customer groups are acquistations. Profit margins
become narrower, and efficiency is more important.
Renewal/no growth/ decline - answer demand will
decrease, either because the need no longer exist
or it is satisfied more effectively by something or
someone new. Organization can: renew themselves
by completely changing their offerings, take no
action and accept continued low revenue. Take no
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