MGHB12 Midterm terms Questions and Correct Answers | Latest Update | A+

human resources management (HRM) Ans: The process of managing human talent to achieve an organization's objectives human capital Ans: The knowledge, skills, and capabilities of individuals that have economic value to an organization Six Sigma Ans: A set of principles and practices whose core ideas include understanding customer needs, doing things right the first time, and striving for continuous improvement Reengineering Ans: The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service, and speed Downsizing Ans: Planned elimination of jobs Outsourcing Ans: Contracting out work that was formerly done by employees change management Ans: Change management is a systematic way of bringing about and managing both organizational changes and changes on the individual level reactive changes Ans: Changes that occur after external forces have already affected performance proactive change Ans: Change initiated to take advantage of targeted opportunities globalization Ans: The trend to opening up foreign markets to international trade and investment corporate social responsibility Ans: The responsibility of the firm to act in the best interests of the people and communities affected by its activit