Business Management

Question 1

define Training

Answer 1

activities that seek to expand the knowledge or skills of an individual so that he or she can better accomplish a current job

Question 2

define Development

Answer 2

activities aimed at improving the skills of an individual so that he or she will be able to perform better in the future

For example, leadership development programs prepare middle managers to take on higher management positions in the future. This future focus makes the evaluation of development activities more challenging.

Question 3

David Ulrich’s 6 significant organizational characteristics that the organizational audit assesses
SCC GWL

Answer 3

• Shared mindset;
• Competence (knowledge, skills, and abilities);
• Consequence (performance management);
• Governance (organizational structure, communication systems, policies);
• Work process/Capacity for change (ability to improve, change and learn); and
• Leadership

Question 4

Porter’s 5 Forces

Answer 4

TTBBR

• threat of new entrants
• threat of substitutes
• bargaining power of customers
• bargaining power of suppliers
• industry rivalry

Question 5

3 strategies for competitive advantages

Answer 5

DCF

• differentiation
• cost leadership (low prices to customers)
• focus (niche)

Question 6

what 3 things are vision comprised of

Answer 6

what the company is, who it serves, and where it is going

Question 7

define Mission

Answer 7

provides additional details about how the organization plans to achieve its vision of the future.

Mission statements should also differentiate an organization from its competitors

Question 8

Change Management Methods that you may forget (RIP)

Answer 8

Foster participation - encouraging participation by a broad group of employees in the planning process gives people a sense of control over the process and generates support

Reward those who cooperate - managers should be sure to reward employees who willingly cooperate with change efforts (e.g., via bonuses or recognition)

Consider international issues - understand how change is viewed and managed in different cultures

Question 9

4 Stages of Risk Management (IAMM)

Answer 9

1. Identify the risks
2. Assess the risks
3. Mitigate/eliminate the risks
4. Monitor and refine the risk mgt program

Question 10

Types of data

Answer 10

Qualitative data - based on language and interpretations.
**collected via observations and interviews
**aims to identify themes and patterns
**better at micro-level analyses, providing an understanding of why certain events or trends are happening.
**not as useful for determining what those trends are
**concerned with identifying how different factors are interrelated and how people are motivated by how they understand their situations.

Nominal/Categorical data - used to label subjects in a study.
**type of discrete data (can only take down whole values 1, 8, 15).
**places objects into a category rather than attaching some quality to them

Ratio data - numbers can be compared as multiples of one another.
**Example of ratio data is age. Someone can be twice as old as another person, and it is possible to be zero years old.

Question 11

What does the company review in an organizational audit

Answer 11

to review the company’s assets, policies, and practices

Question 12

Is the process for debating bills more strict in the House or Senate?

Answer 12

The house; it’s much larger than the senate

Question 13

What happens after a chamber approves a bill?

Answer 13

It becomes an Act and it gets sent to the other chamber for consideration.

Question 14

What is required to override a Presidential veto?

Answer 14

2/3’s or more vote from each chamber

Question 15

a) What happens if the President takes no action on a bill after 10 days have passed from receiving it and congress is still in session?

b) What happens if congress is no longer in session?

Answer 15

a) It automatically goes into law

b) it gets vetoed and it can’t be overridden