WGU C483 Principles of Management (WGUC483)

Why is it important for managers to understand the environmental forces that act upon their organizations? - -Without this understanding, organizations tend to miss opportunities or make poor decisions. Which of the following refers to the immediate environment surrounding a firm, including suppliers, customers, rivals, and new entrants? - -competitve environment Michael Porter, a noted authority on strategic management, said that successful managers - -act in ways that shape or change the...

The planning process is similar to the _____ process in that both have a series of steps that are typically repeated in a cycle. - -decision-making In a SWOT analysis, the absence of reliable suppliers would be considered as a(n): - -weakness. SWOT analysis helps managers summarize the relevant, important facts from their external and internal analyses. Weaknesses might be lack of spare production capacity and the absence of reliable suppliers. A _____ system is a component of the strategic...

What is Strategic Planning? Overview- The graduate can explain the strategic planning process. -The fundamental aspect of being in business and trying to figure out where we're going to be in the future Questions companies ask? Describe the concepts of strategic vision (intent) STRATEGIC INTENT The foundation for the strategic management is laid by the hierarchy of strategic intent. The concept of strategic intent makes clear WHAT AN ORGANISATION STANDS FOR HARVARD Business Review, 198...

Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? Choose 1 answer A. Analysis of mission, vision, and goals B. Analysis of management implementation C. Analysis of external opportunities and threats D. Analysis of internal strengths and weaknesses - -Analysis of external opportunities and threats Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analys...

Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process? Choose 1 answer A. Analysis of mission, vision, and goals B. Analysis of management implementation C. Analysis of external opportunities and threats D. Analysis of internal strengths and weaknesses - -Analysis of external opportunities and threats Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analys...

What is Total Quality Management? overview- The graduate can describe how to establish a total quality management program in a product operation and in a service operation. TQM is is the integrative approach to management that supports the attainment of customer satisfaction through a wide variety of tools and techniques that result in high quality goods and services. The Quality gurus we'll focus on Edward Deming. It's primarily the holistic approach to quality. -So just keep that in m...

Delivery of products or services 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. 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 ma...

WGU C483 - Principles of Management. Accountability The expectation that employees will perform a job, take corrective action when necessary, and report upward on the status and quality of their performance Accounting audits Procedures used to verify accounting reports and statements Acquisition One firm buying another Activity-based costing (ABC) A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according t...

Activity-Based costing (ABC) Ans: A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the mount of time employees devote to particular activities Adapters Ans: Companies that take the current industry structure and its evolution as givens, and choose where to compete. Adverse impact Ans: When a seemingly neutral employment practice has a disproportionately negative effect on a protected group. Ad...

Describe strategic planning Making decisions about the organization's long-term goals and strategies Describe strategic goals major target long-term goals that are effective and efficient describe strategy pattern of actions and resource allocations designed to achieve the goals of the organization. 1. Where will we be active? 2. How will we get there (increase sales or acquire another company)? 3. How will we win the in the marketplace (keep prices low or offer the best service)? 4. how ...