WGU C483 -Principles of Management Test Prep Solved 100% Correct

Delivery of products or services - ANSWER-A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? Choose 1 answer Supply and demand Operations and logistics Outsourcing or insourcing Delivery of products or services Profit margins are increased. - ANSWER-What happens when an effective value chain is created? Choose 1 answer Profit margins are increased. A mission statement is developed. Customized products are standardized. Total quality management is not required. Analysis of external opportunities and threats - ANSWER-Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? Analysis of mission, vision, and goals Analysis of management implementation Analysis of external opportunities and threats Analysis of internal strengths and weaknesses Strengths - ANSWER-Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis? Threats Strengths Weaknesses Opportunities Core competencies - ANSWER-What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization? Choose 1 answer Strategic values Core competencies Products and services Opportunities and threats Suppliers can reduce manufacturing time and increase product quality. - ANSWER-According to Michael Porter's competitive environment model, how can suppliers influence strategic planning? Suppliers can reduce the threat from substitute products. Suppliers can reduce the numbers of new entrants in the market. Suppliers can reduce manufacturing time and increase product quality. Suppliers can reduce technological, demographic, and legal threats in the environment. Differentiation - ANSWER-A company offers unique products in its industry to create a competitive advantage. Which type of strategy is the company using? Valorization Differentiation Customization Standardization Vertical integration - ANSWER-Happy Inc. is a leading provider of family entertainment and BCD is a broadcasting company with news, cable, and entertainment networks. Happy Inc. recently acquired BCD in hopes of boosting its primary business of family entertainment. Which type of corporate strategy is represented by Happy Inc.'s purchase of their distribution network? Choose 1 answer Vertical integration Strategic alliances Networking Horizontal benchmarking Strategic vision - ANSWER-A local business has provided services to its customers for 40 years. The business's mission is "To give our customers the best service in town." The owner of the business has had a long-standing dream to franchise the business and become the best provider of its service in the United States. What describes the owner's dream? Choose 1 answer Strategic vision Strategic mission Strategic planning Strategic management Developing a strategic mission - ANSWER-What is the first step of organizational strategic planning? Choose 1 answer Developing operational goals Developing internal strengths Developing a strategic mission Developing external opportunities Six Sigma - ANSWER-The introduction of statistical tools to analyze the causes of product defects is associated with which quality improvement approach? Six Sigma Flexible Process Customer Process Quality Customization To revolutionize key organizational systems and processes - ANSWER-What is the principal idea of reengineering? Choose 1 answer To analyze system failures To focus on creating two-way exchanges with customers To revolutionize key organizational systems and processes To improve total quality in all businesses for the benefit of producers and consumers Less than 3.4 - ANSWER-How many defects per million are there at Six Sigma, assuming a product or process is defect-free 99.99966% of the time? Choose 1 answer Less than 3.4 Less than 4.4 Less than 5.3 Less than 6.6 To take action to accomplish the transformation - ANSWER-What is the last step to Deming's 14 points of quality management? To cease dependence on mass inspection To break down barriers among departments To evaluate options provided by management To take action to accomplish the transformation Quality Assurance - ANSWER-Process checklists and project audits are components of which management process? Choose 1 answer Quality Control Quality Assurance Quality Cooperative Quality Collaboration To measure effectiveness of an organization's quality management system - ANSWER-What is the main objective of an internal quality audit? To gauge the quality of human resources To assess the quality of control process failures To determine the quality of an organization's executive management To measure effectiveness of an organization's quality management system Six Sigma - ANSWER-A company is trying to systematically improve processes by eliminating nonconformity of their products to product specifications. The company believes their continuous effort to reduce variation in their process outputs is key to their business success. Which quality process is the company utilizing? ISO 9000 Six Sigma Reengineering Continuous processing Customer relationship management - ANSWER-Which concept entails all aspects of interaction a company has with its customers in both sales and service-related environments? Customer connection society Customer liaison administration Customer association organization Customer relationship management Sustained competitive advantage - ANSWER-Dr. Ohmae indicates that customer, corporation, and competitors should be integrated in a strategic triangle. What does Dr. Ohmae indicate that an organization can obtain by doing this? Time-based competition Sustained competitive advantage Coordination of mutual adjustment Decentralization of the organization Intrapreneur - ANSWER-What designates those who take hands-on responsibility for creating innovation such as new ideas, products, or methods within an organization? Franchiser Pacesetter Intrapreneur Controller Creates unique and different products or services - ANSWER-Why is innovation an important element of entrepreneurship? Allows the company to meet industry benchmarks Creates unique and different products or services Reduces marketing costs for the company Buffers the impact of changes in the legal environment Creativity, self-reliance, and ability to adapt - ANSWER-Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are open-minded, able to learn quickly, and skilled at conceptualizing. Which entrepreneurial personality trait is this? Choose 1 answer Opportunity obsession Competitive intelligence Creativity, self-reliance, and ability to adapt Tolerance of risk, ambiguity, and uncertainty Determination - ANSWER-Which personality characteristics are believed to contribute to an entrepreneur's success? Risk aversion Determination Status quo obsession Motivation to delegate To maintain control - ANSWER-Why would an entrepreneurial business choose to use its own resources versus seeking outside resources in financing a business venture? To go public To spread the risk To maintain control To fuel large growth Encourage employees to work on informal job assignments - ANSWER-Which activity should management use to encourage intrapreneurship within an organization? Allow employees to form a union Motivate employees by giving extra time off Provide employees extra training opportunities Encourage employees to work on informal job assignments Provide a devil's advocate - ANSWER-What can managers do to encourage useful conflict during a meeting to lessen inhibition about disagreeing and make the conflict less personal? Evaluate leadership style