Principles of Management Pre-Assessment

Principles of Management Pre-Assessment Leave the first rating Students also studied Terms in this set (48) Social SciencesBusinessBusiness management Save Test Prep - WGU - Principles of Man...105 terms C_BondePreview WGU C483 - Principles of Managem...430 terms rwdixon1993Preview Principles of Management - C483 W...117 terms saddafie89Preview Pre ass 27 terms Poo A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with?-Supply and demand -Operations and logistics -Outsourcing or insourcing -Delivery of products or services Delivery of products or services What is the first step of organizational strategic planning?-Developing operational goals -Developing internal strengths -Developing a strategic mission -Developing external opportunities Developing a strategic mission *What happens when an effective value chain is created?-Profit margins are increased.-A mission statement is developed.-Customized products are standardized.-Total quality management is not required.Profit margins are increased.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 Analysis of external opportunities and threats

Skilled management, positive cash flow, and well-known brands are examples of which component of the SWOT analysis?-Threats -Strengths -Weaknesses -Opportunities Strengths *What denotes skills or expertise in an activity that constitutes the roots of competitiveness in an organization?-Strategic values -Core capabilities -Products and services -Opportunities and threats Core capabilities 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.-Supplier can reduce technological, demographic, and legal threats in the environment.Suppliers can reduce manufacturing time and increase product quality.A company offers unique products in its industry to create a competitive advantage.-Valorization -Differentiation -Customization -Standardization Differentiation 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?-Vertical integration -Strategic alliances -Networking -Horizontal benchmarking Vertical integration

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?-Strategic vision -Strategic mission -Strategic planning -Strategic management Strategic vision 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 Six Sigma *What is the principal idea of reengineering?-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 To revolutionize key organizational systems and processes *How many defects per million are there at Six Sigma, assuming a product or process is defect-free 99.99966% of the time?-Less than 3.4 -Less than 4.4 -Less than 5.3 -Less than 6.6 Less than 3.4 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 To take action to accomplish the transformation Process checklists and project audits are components of which management process?-Quality Control -Quality Assurance -Quality Cooperative -Quality Collaboration Quality Assurance

*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 Six Sigma 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 Customer relationship management *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 Sustained competitive advantage 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 Intrapreneur 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 Creates unique and different products or services *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?-Opportunity obsession -Competitive intelligence -Creativity, self-reliance, and ability to adapt -Tolerance of risk, ambiguity, and uncertainty Creativity, self-reliance, and ability to adapt