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SHRM CP > HR Strategy > Flashcards

HR Strategy Flashcards

1
Q

3 Levels of Strategy

A
  1. Organizational
  2. Business Unit
  3. Operational
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2
Q

Strategic drift

A

failing to recognize and respond to changes in the environment

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3
Q

What does Strategic Management provide an organization?

A
  • consistent long term goals
  • consistent decision making by leaders
  • better competitive, external vision
  • better internal vision
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4
Q

What are the 4 steps of Strategic Planning and Management?

A
  1. Formulation
  2. Development
  3. Implementation
  4. Evaluation
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5
Q

Recognizes that organizations are composed of interconnected parts, and role of feedback is crucial

A

Systems Thinking

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6
Q

Process of systematically surveying and gathering data that can be analyzed to identify opportunities and threats, and strengthen strategy

A

Environmental Scanning

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7
Q

What are the elements of a PESTLE Analysis?

A

Political
Economic
Social
Technological
Legal
Environmental

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8
Q

What are the elements of a SWOT analysis?

A

Strengths (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)

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9
Q

What is a Growth-Share Matrix?

A

Used to find where the greatest value in the org lies - high market share and high market growth rate

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10
Q

Scenario Analysis

A

Helps an organization compare the impact of changes in the environment on the org’s outputs

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11
Q

Specifies what activities the org intends to pursue and what course management has charted for the future

A

Mission Statement

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12
Q

Vivid, guiding image of the org’s desired future, with purpose to inspire and motivate

A

Vision Statement

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13
Q

Beliefs important to an org and often dictate employee behavior

A

Organizational Values

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14
Q

Approach to identify KPI’s and ensure the objectives used to measure performance are strategically aligned to the org and balanced

A

Balanced Scorecard

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15
Q

3 areas to achieve balance in a Balanced Scorecard

A
  1. Financial and nonfinancial indicators of success
  2. Internal and external constituents in the org
  3. Lagging and leading indicators of performance
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16
Q

Benchmarking

A

Compares performance levels of one entity with another to identify gaps and set goals aimed at improving performance

17
Q

How is HR able to improve the quality of its org’s strategies?

A

By identifying potential obstacles and suggesting better approaches

18
Q

The compatibility of an org’s strategy with its environments and with regards to goals and values and the resources and capabilities of the org

A

Strategic Fit

19
Q

Position in which the org enjoys a competitive edge over its rivals

A

Business strategy

20
Q

Where an org will compete in terms of markets and industries

A

Corporate strategy

21
Q

Cost Leadership

A

Virtue of the lowest price

22
Q

Differentiation

A

Offering something different than the competition

23
Q

Selective pruning of parts of the org that are underperforming or are no longer in line with the org’s strategy

A

Divestiture Strategy

24
Q

5 elements needed for effective implementation of strategy

A
  1. communication outward to entire team
  2. communication inward to leaders
  3. leadership support of decisions made by subordinates
  4. free flow of info across org boundaries
  5. enough info to allow team members to connect their work to the strategy
25
Q

Lean Project Management

A

Focuses on eliminating waste

26
Q

Six Sigma Project Management

A

Focuses on producing level of quality so high, very few errors occur

27
Q

Agile Project Management

A

Used when assumptions on which the project is based are unclear or may evolve

28
Q

Critical Chain Project Management

A

Used when resources cannot be increased to meet deadlines

29
Q

Kaizen

A

Approach for business improvement, requiring all people and processes in an org to work to continuously improve

30
Q

Design Thinking

A

Places customer at center of project by understanding the in-depth requirements of the project’s end user

31
Q

Performance data is gathered and compared to performance objectives, that should measure:

A

Effectiveness
Efficiency
Impact

32
Q

What is important when evaluating performance?

A
  • Don’t measure everything, focus on performance that supports strategic goals
  • Be mindful of stakeholders
  • Blend awareness of past, present, and future performance in creating objectives
  • Reexamine what you’re measuring regularly
33
Q

What is important when communicating strategic results?

A

Communicating the results of analyzing data, as a narrative that is supported by the data

34
Q

3 Steps of Project Management process

A
  1. Define the project objectives
  2. Set the schedule and budget
  3. Evaluate whether the project yielded the desired results
35
Q

Uses information about start or mandatory end dates, the logical relationship of tasks, and the length of each task to find the earliest completion date

A

Critical Path Analysis

36
Q

Represent the scheduling of tasks visually, can help identify conflicts in activities or gaps that can be exploited to condense the schedule

A

Gantt Charts

SHRM CP (23 decks)

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