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MGMT 2103 Exam 1 UARK Emily Corwin Questions with Solutions
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MGMT 2103 Exam 1 UARK Emily Corwin
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MGMT 2103 Exam 1 UARK Emily CorwinLow-cost strategy - answer- create value by reducing costs.
- Produce a product or delivery a service at the lowest possible cost
- By keeping costs low, the firm is able to charge less than competitors and maintain a
profit
Differentiation strategy - answer- create value by convincing the market that your
product/service is different from all the others.
- Produce a product or deliver a service that is different than competitors
- By differentiating the product or service the firm is able to charge a premium,
maintaining a profit
VRIO - answerValuable, Rare, Inimitable, Organizational processes
VRIO and Competitive Advantage - answerThe VRIO framework is a strategic analysis
tool designed to help organizations uncover and protect the resources and capabilities
that give them a long-term competitive advantage.
2 dimensions of human capital architecture - answerStrategic value and Uniqueness
4 types of workers described by the Human Capital Architecture - answer•Strategic
Knowledge Workers
•Core Employees
•Supporting Labor
•Complementary/Alliance Partners
Collaborative (Complementary/Alliances): - answer(Low Strategic Value/High
Uniqueness) These include individuals and groups with unique skills that are not directly
related to the company's core strategy (e.g., consultants). Best viewed as partnerships,
interactions between these workers and the organization is relational.
Strategic Knowledge: - answer(High Strategic Value/ High Uniqueness) These include
individuals who have unique skills that are directly linked to the company's strategy
(e.g., top management). Best viewed as commitment-based, interactions between these
workers and the organization is relational.
Supporting Labor - answer(Low Strategic Value/ Low Uniqueness) These include
individuals whose skills are of less strategic value and generally available in the labor
market (e.g., clerical). Best viewed as compliance-based, interactions between these
workers and the organization is transactional.
, Core Employees - answer(High Strategic Value/ Low Uniqueness) These include
individuals with skills to perform a pre-defined job that are quite valuable to a company,
but not particularly unique or difficult to replace (e.g., salespersons). Best viewed as
performance-based, interactions between these workers and the organization is
transactional.
Organizational Behavior (OB) - answerThe study of individual and group behavior in
organizational settings.
Human Resources - answerHRM is an umbrella term used to describe the management
and development of employees in an organization.
High Performance Work System (HWPS) - answer-Is a specific combination of HR
practices, work structures, and processes that maximizes employee knowledge, skill,
commitment, and flexibility
-Is composed of many interrelated parts that complement one another to reach the
goals of an organization, large or small
4 Dimensions of HRM - answer- Managing the human resource environment
- Acquiring and preparing human resources
- Assessment and development of human resources
- Compensating human resources.
Control Oriented Work System - answerIs a specific combination of HR practices, work
structures, and processes that minimizes employee knowledge and skill requirements,
and seeks to limit the variability of performance across people
Commitment Oriented Work System - answerFocus on developing a workforce that
identifies with the firm. Enhances attachment
4/5 rule calculation - answer1. Find S.R of each group: Total # hired / Total # applied 2.
Find I.R = SR of group with lower SR / SR of group with higher SR
3. I.R = or > 80% (0.8): NO ADVERSE IMPACT has occurred
I.R < 80%: ADVERSE IMPACT has occurred
Occupational Safety and Health Administration (OSHA) - answer- Created OSHA to
enforce the provisions of the law.
- Requires employers to provide their employees with a "place of employment free from
recognized hazards." - - Allows some states to administer enforcement.
Quid Pro Quo - answer"Something for Something." Two people in unequal bargaining
positions. Sexual blackmail.
Hostile Work Environment - answer- Can be between equals in the workplace. No
"welcome or unwelcome" issues.
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