Business Mgt. Unit 3 (planning, human resources, strategy and change)

Which statement relfects a common problem with plans?

Mid- and lower-level managers may feel they must follow a plan even when their experience shows it is not working

Resources are always scarce in organizations, and managers need to make sure the resources they have are used effectively. _______ helps managers determine where resources are most needed so they can be allocated where they will provide the most benefit.

Planning

From the "Putting the Human back into Human Resources" video: What was the result when Mary told the grocery cashier that she had handled a rough customer well?

The cashier felt seen and appreciated.

From the point of view of a manager, part-time and contingent employees ________ .

can be a flexible, budget-friendly resource

When people are involoved in developing plans, they become more _______

commited to the plans

Kelly is a pediatrician who opened her own office three years ago. She took a goal-setting class and created seven goals for her organization and managers. This first step in her planning cycle is called

defining objetives

Companies strive to provide a product or service that is distinct, or ________, in some way from their competitors.

differentiated

Planning activities provide an opportunity for input from the departments and people affected. Some organizations establish planning committees that intentionally include people from ________ backgrounds to bring ________ perspectives into the planning process.

diverse, new

Domestic U.S. companies conducting a PESTEL analysis consider national growth, employment, inflation, and interest rates. These are aspects of which macro term?

economic

Colective bargaining is the process where

employers work with union representatives to decide on policies, wages, and benefits

Michael Porter defined classified competitive strategies based on a grid of price strategy and target markets. Tesla manufactures electric cars. What is Tesla's strategy in this grid?

focused low cost

General Motors would like an estimate of the chance that Tesla will bring the cost of batteries down from $300 per kWh to $70. Dr. Tetlock has developed a process whereby selected teams are better setimators of future probablilities than experts. General Motors is willing to pay Dr. Tetlock for his teams' _______

forecasts

An ________ is a method for a company to assess its market position relative to its competitors.

industry analysis

Joe is an exceptional systems engineer who hopes to work at the Techtonic Group. He is handicapped and uses a wheelchair. Techtonic does not have wheelchair ramps and some doorways are not wide enough for a wheelchair. The HR department should

install wheelchair ramps and widen the doorways

President Trump has demonstrated the pros and cons of ________. He directly reaches 30 million followers on Twitter, but his random thoughts are shared with the public.

instant communication

Often, ________ are not included on all-staff memos, invited to events, or offered the same bonuses or perks offered to full-time employees. This creates a sort of caste system that can be frustrating and demoralizing.

part-timers

Planning defines desried outcomes as well as mileposts to define progress. These provide a yardstick for assessing when things are progressing and when they need correction. Plans set _________.

performance standards

What does "death by planning" mean?

planning can delay or prevent action

Research shows that when actions are coordinated and focused on specific outcomes, they are much more effective. The primary mechanism for coordinating and focusing staff is

plans, which can direct everyone's actions toward desired outcomes

planning is a

process of continual adjustment

Human resource management responsibilities include

recruitment and selection, training and development, and compensation

when talking about goals, the acronym SMART stands for

specific, measurable, achievable, realistic, and time-bound

In order to understand the competitive structure of an industry, analysts use Michael Porter's Five Forces model. Porter's model includes all of the following EXCEPT:

strategic partnerships, research and development

Businesses can achieve competitive advantage in a number of different ways. For example, their product may provide

superior performance

Amazon relies on FedEx, UPS, the USPS, and others to deliver packages to consumers. These delivery companies are Amazon's

supply chain

If a manager is listing resources that can be used for a competitive advantage, which item would NOT be on the list?

the economy

If a company is sued for discrimination in the hiring process, they will defend themselves with documents that show how the selected candidate was better qualified. These documents are

the job analysis, job description, and job specifications

What is SWOT used for?

to analyze a business situation

From the "Draw Your Future" Video: See it, Believe it, ________________

act on it

In 1956, Dr. Hubbert accurately predicted U.S. oil production for the next 50 years. U.S. oil production started to decline in1970, causing volatile markets and, for strategists, ________. The development of fracking around 2010 restored the U.S. as a major oil producer.

resource scarcity

Senior management has written some polivies about hiring new employees. This allows middle management to make decisions without constantly going back and asking permission. These plans are

standing plans

One of HR's goals is avoiding lawsuits over discrimination or wrongful termination. To this end, larger companies have written multi-step procedures for

terminating employee contracts when necessary

Strategic management's first function is deciding how to compete. The second function is to make sure

that the people in the organization support the strategy

Under the Age Discrimination in Employment Act, there will be a question raised any time an employee aged ________ years old or over is terminated.

40

From the "Project Management Under 8 Minutes" video: After which step do you commit to the project?

Assessing Risk

The EEOC is responsible for interpreting and enforcing the laws against discrimination in the workplace. EEOC stands for

Equal Employment Opportunity Commission

From "The Five Competitive Forces That Shape Strategy" video: What is the real question we need to ask ourselves when we look at an industry (the question that the Five Forces prepare us to ask)?

How is that industry changing?

From "The Danger of Hiding Who You Are" video: What were the 4 words that changed Morgana's life?

I am a lesbian.

American Spoon is a small company in Petoskey, Michigan that uses fruit from local farmers to handcraft gourmet fruit preserves and condiments in small batches. Where would you first use this information in the strategic management process?

Strategic Objectives and Analysis

________ decides how best to attain a company's mission and vision through the coordinated efforts to achieve specific goals and objectives.

Strategic management

From "The Five Competitive Forces That Shape Strategy" video: Porter said that the front line managers can use the Five Forces to position themselves for promotions.

True

Policies provide broad guidelines for the smooth operation of the organization. An investment advisor will have policies about

treating customers fairly

In the resource view of strategy, VRIO stands for:

valuable, rare, inimitable, and organized

British Petroleum's ________ states: "Safety is good business. Everything we do relies upon the safety of our workforce and the communities around us." In the Deepwater Horizon oil spill, BP employees ignored safety regulations, and the federal government eventually fined the company billions of dollars.

values statement

When HR sets salary ranges, one factor is competitive analysis. This means

what people in similar jobs are making

A company is crafting a value proposition for its flagship product. The goal is to communicate to customers the main reason the product

is best suited to their needs

Discrimination lawsuits that go to court are very expensive, averaging over $200,000, so a well-crafted ________ can save an employer a great deal of money.

job description

In high-performing organizations, the elements of the HR system are designed to express best practices that maximize the performance of employees. What are these key elements?

job design and diversity mangement

________ are the unfortunate outcome of changes in industries or problems with individual corporations. Most often, employees are terminated because their employer has been forced to close stores, stop producing certain products, or simply save money.

layoffs

________ look at each budget as if it were brand new and require managers to justify each of the budgeted items. This process ensures that budgets are closely tied to the latest organizational goals.

zero-based budgets