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Management the process of dealing with or controlling things or people. Middle Management Managers who supervise lower-level managers and report to a higher-level manager. Managers who design and carry out tactical plans in specific areas of the companR270,62
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Management the process of dealing with or controlling things or people. Middle Management Managers who supervise lower-level managers and report to a higher-level manager. Managers who design and carry out tactical plans in specific areas of the compan
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Course
Business Acumen
Institution
Business Acumen
Management
the process of dealing with or controlling things or people.
Middle Management
Managers who supervise lower-level managers and report to a higher-level manager.
Managers who design and carry out tactical plans in specific areas of the company.
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Top Manage...
SHRM-Business
Acumen test (113
questions with
solutions)
Business Acumen Competency - answer The
Business Acumen competency allows HR
professionals to apply knowledge of an
organization's business model and competitive
situation when solving workforce problems. It can
be combined with other competencies, such as
Critical Evaluation, Consultation, and
Communication, to deliver strategic support to
HR's organization.
Value - answer An organization's success in
meeting it's strategic goals. Before strategic
planning can begin, an organization must consider
this question of value: how it creates value and
what activities are critical to the creation,
retention, and increase of value. HR must
understand varying perceptions of value because
they will drive strategic goals throughout the
organization and affect the ways in which HR can
support the organization in its entirety. -value is
,not the same as organizational values. Value is
derrived from financial, people, technological and
physical assets.
Value Chain - answer Or Business Model is the
process by which an organization creates the
product or service it offers to the customer.
Includes primary activities(which directly
contribute to value created...operations/sales) &
secondary activities(indirectly contribute to
value...management/HR/IT) By identifying key
value-producing activities, the value chain helps
HR and leaders invest resources in the right
activities.
How does HR add value? - answer Contributing
quality talent pools/managing labor
supply/developing leaders/acquiring strategically
important areas of talent
Global Value Chain - answer Consists of multiple
organizations producing parts of a good or service
across geographical regions, with each link adding
value to the chain. Layers different locations onto
different functions and can be complex to manage.
However, it enhances opportunities to reduce risk,
share knowledge, and achieve economies
,Stakeholder Concept - answer Proposes that any
organization operates within a complex
environment in which it affects and is affected by a
variety of forces or stakeholders who all share in
the value of the organization
-internal and external stakeholders are the
receivers of the org's value and they perceive that
value in different ways
Industry, Business or Product Life Cycle - answer
Includes 4 phases: Introduction, Growth, Maturity
and then either renewal, no growth, or Decline
-HR has key role in each area of the Business or
product life cycle and must know where business
lies in cycle to shift HR strategy accordingly
Macroenvironment - answer all the factors that
exist outside the organization that could influence
an organization's strategic decisions. These factors
include: Industry and market conditions/events and
trends in society that might impact future talent
supply, compliance requirements, and ee needs.
Michael Porter's Five Forces - answer This model is
used to identify opportunities and threats, foresee
possible changes in the competitive landscape, and
plan strategy.
, -threat of substitution, bargaining power of
suppliers, bargaining power of buyers, threat of
entry, rivalry among competitors
MP 5 forces - Threat of Substitution - answer How
easy is it for a competitor to capture customers by
offering a similar product or a product that
satisfies the same need but perhaps in a different
way? If the threat is high, an organization may be
forced into competing on price, and HR will need to
develop a strategy that promotes cost efficiency. If
the threat is low, the organization will have more
capital to invest. HR may focus on developing an
entrepreneurial culture.
MP 5 Forces - Threat of Entry - answer How easy is
it for a new competitor to enter the industry? If the
threat of entry is high, management and the
workforce must be nimble. HR professionals must
examine the organization's structure to support
rapid decision making and response.
MP 5 Forces Bargaining Power of Suppliers -
answer Are there few suppliers or many? What
would happen if a supplier went out of business or
was bought by a competitor? If the bargaining
power of suppliers is high, HR must be sure that
the job descriptions include skills such as
negotiation and managing risk and competencies
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