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SHRM CP > Business Acumen > Flashcards

Business Acumen Flashcards

1
Q

An org’s success in meeting its strategic goals

A

Value

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2
Q

Process by which an org creates the product or service it offers to the customer

A

Value Chain

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3
Q

Defines the output customers can expect, or the services HR will provide to a function

A

Service Level Agreement

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4
Q

4 Steps of Organizational/Product Lifecycle

A
  1. Introduction
  2. Growth
  3. Maturity
  4. Renewal/No Growth/Decline
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5
Q

Stage of the org lifecycle to create identity with customers and value prop

A

Introduction

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6
Q

Stage of the org lifecycle where revenue begins to increase and focus shifts to creating processes to increase efficiency without stifling innovation

A

Growth

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7
Q

Stage of the org lifecycle where growth occurs only through introduction of new products or customer groups, or through acquisition. Efficiency becomes more important.

A

Maturity

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8
Q

Stage of the org lifecycle where an org completely changes their offerings, where they compete, or how they compete

A

Renewal

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9
Q

Stage of the org lifecycle where an org takes no action and accepts continual low revenue

A

No Growth

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10
Q

Stage of the org lifecycle where an org takes no action and experiences a decrease in revenue

A

Decline

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11
Q

Availability of a good or service

A

Supply

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12
Q

Customers’ desire to purchase goods and services and their willingness to accept the price

A

Demand

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13
Q

Defines the org’s purpose and direction

A

Strategic Plan

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14
Q

Factors that enable an org to outperform its rivals - produce goods or services better and more cheaply

A

Competitive Advantage

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15
Q

Estimate of an org’s future financial performance, valuable tool for translating goals into targets

A

Financial Projections

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16
Q

Recurring costs, regardless of org’s output

A

Fixed Costs

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17
Q

Depend on the org’s output, can increase/decrease depending on how many goods/services org produces

A

Variable Costs

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18
Q

Money generated through the sale of goods/services, gross income

A

Revenue

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19
Q

Revenue minus costs

A

Net Income

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20
Q

Calculation based on total income minus total expenses

A

Profit and Loss

21
Q

Ability to use info to gain a deeper understanding of an org and its parts, to see how the whole org is performing, and make sound business decisions

A

Business Intelligence

22
Q

Identifies areas critical to strategic success

A

Value Chain Analysis

23
Q

3 Components of business intelligence systems

A
  1. Data gathering
  2. Data warehousing
  3. Query and reporting capabilities
24
Q

User’s point of access to the data and applications stored on an information system

A

Business intelligence portal

25
Q

Can analyze data faster and in more ways, drilling down or up

A

Online analytical processing

26
Q

Prior budget is basis for next, increased by set percentage. Additional funds requested based on needs

A

Incremental, traditional, line item budgeting

27
Q

All objectives are given a priority ranking, each unit or goal is ranked, then available funds are given in order

A

Zero-based budgeting

28
Q

Based on how much it costs to perform different enterprise activities, funding allocated based on strategic significance of activities

A

Activity-based budgeting

29
Q

Different units receive varying percentages of the budget. General funding is changed by a specified amount, and unit budgets are adjusted accordingly

A

Formula-based budgeting

30
Q

3 Components of the HR budget

A
  • ongoing operational costs related to HR’s essential services
  • overhead costs that do not directly contribute to HR function, related to occupancy
  • one-time project costs planned to support HR strategy
31
Q

4 Components of a business case

A
  1. Executive summary
  2. Recommended solution
  3. Risks and opportunities
  4. Estimated costs and time frame
32
Q

Presentation to management that establishes that a specific problem exists and argues the proposed solution is the best way to solve the problem

A

Business Case

33
Q

Statement of the org’s financial position - assets, liabilities, and equity - at a given time

A

Balance Sheet

34
Q

What an org owns

35
Q

What an org owes

A

Liabilities

36
Q

What a company owes to either its owners or its shareholders

37
Q

Compares revenues, expenses, and profits over a specified period of time, aka P&L statement

A

Income Statement

38
Q

2 key metrics from income statement

A

Gross profit margin and Net profit margin

39
Q

Shows how money is flowing in and out the org through operations, investing, and financing over a period of time

A

Cash Flow Statement

40
Q

Gross Margin

A

(total sales - cost of goods sold) / total sales

41
Q

Profit Margin

A

(total sales - total costs) / total sales

42
Q

ROI

A

(gain from investment - cost of investment) / cost of investment

43
Q

6 Steps of Sales Pipeline

A
  1. Identify leads
  2. Gather information
  3. Create proposal
  4. Negotiate
  5. Close sale
  6. Monitor
44
Q

What a sales pipeline provides HR

A

Opportunity to measure sales team performance and identify training needs

45
Q

Founding document for an org, establishes purpose, details of structure, marketing plan, and financial projection

A

Business Plan

46
Q

Outlines how an org will maintain operations during an unplanned disruption

A

Business Continuity Plans

47
Q

Signifies competitive strength of an org in relation to its competitors

A

Share of Market

48
Q

4 Perspectives analyzed in a balanced scorecard

A
  1. Financial
  2. Business processes
  3. Customers
  4. Organizational capacity

SHRM CP (23 decks)

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