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WGU Principles of Management at Western Governors University(IAC1) Sample Questions (Q10-Q15):
NEW QUESTION # 10
What is the last step in strategic planning? Choose 1 answer
Answer: B
Explanation:
The last step in the strategic planning process is strategic control. This involves monitoring and evaluating the execution of the strategic plan to ensure that the organization is achieving its objectives and making necessary adjustments.
* Strategic Management Process:
* The strategic management process includes developing the firm's vision and mission, strategic analysis, setting objectives, creating and implementing strategies, and finally, measuring and evaluating performance.
* Strategic control is the step where managers assess whether the strategies and plans are being effectively implemented and whether they are leading the organization towards its goals.
* Purpose of Strategic Control:
* It ensures that the organization is moving in the right direction and that the strategic plans are yielding the desired outcomes.
* It involves setting performance standards, measuring actual performance, comparing it with the standards, and taking corrective actions if necessary.
* Components of Strategic Control:
* Performance Measurement: This involves tracking the progress of strategy implementation through key performance indicators (KPIs).
* Feedback and Adjustment: Based on performance data, managers provide feedback and make adjustments to strategies to address any deviations from the planned objectives.
NEW QUESTION # 11
What is evident when a company does something especially well in comparison to its competitors? Choose 1 answer
Answer: C
Explanation:
When a company does something especially well in comparison to its competitors, this is evident through its core capabilities. Core capabilities refer to a firm's resources and skills that are fundamental to its business and competitive advantage. These capabilities enable the firm to differentiate itself from competitors, achieve better performance, and maintain a strong market position.
NEW QUESTION # 12
What is the purpose of a value chain analysis? Choose 1 answer
Answer: C
Explanation:
The purpose of value chain analysis is to enable a company to understand the various activities involved in producing and delivering a product or service and to identify opportunities to gain a competitive advantage.
The concept of the value chain was introduced by Michael Porter and involves examining all activities a firm performs and how they interact to create a competitive advantage.
* Definition and Purpose:
* A value chain describes the series of activities that an organization carries out to create value for its customers.
* The primary purpose is to systematically identify and analyze these activities to understand where value is added to the final product or service, which can then be leveraged to gain a competitive advantage.
* Components of Value Chain:
* Primary Activities: These include inbound logistics, operations, outbound logistics, marketing and sales, and services. Each of these activities adds value directly to the production and delivery of the product.
* Support Activities: These include procurement, technology development, human resource management, and firm infrastructure. These activities support the primary activities and add value indirectly.
* Systematic Approach:
* By analyzing each activity in the value chain, a firm can identify areas where efficiencies can be improved or where innovation can be introduced.
* This systematic approach helps the firm to focus on optimizing these activities to reduce costs, improve quality, and differentiate its products from competitors, thus developing a competitive advantage.
In summary, value chain analysis allows a company to use a systematic approach in developing a competitive advantage by identifying and optimizing the activities that create value.
NEW QUESTION # 13
What is a core job dimension described in the Hackman and Oldham model of job design? Choose 1 answer
Answer: A
Explanation:
A core job dimension in the Hackman and Oldham model of job design is autonomy.
* Autonomy(Answer B): This refers to the degree to which a job gives an employee the freedom, independence, and discretion to schedule work and determine the procedures for carrying it out. It is a critical aspect that influences motivation and job satisfaction.
* Compensation(Answer A) andNetworking(Answer D): These are not part of the core job dimensions in the Hackman and Oldham model.
NEW QUESTION # 14
A corporation listens to people who are affected by change and solicits suggestions from people throughout the organization. Which strategy is the corporation using to overcome resistance to change? Choose 1 answer
Answer: C
Explanation:
The strategy the corporation is using to overcome resistance to change is participation and involvement. This approach involves engaging employees who are affected by the change,soliciting their input, and incorporating their suggestions into the change process. By involving employees, the organization can reduce resistance and gain valuable insights that facilitate smoother implementation of changes.
NEW QUESTION # 15
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