SHRM CP Prep Part II

Question 1

What is a skills gap analysis?

Answer 1

identifies gaps between employee’s current skills and future competencies needed

Question 2

What is a 180-degree assessment?

Answer 2

ratings done by peers and superiors

Question 3

What is a 360-degree assessment?

Answer 3

ratings done by people all around employee

Question 4

What is an assessment center?

Answer 4

interview with simulated exercises and role plays

Question 5

What is a pro of an assessment center?

Answer 5

holistic, comprehensive

Question 6

What is a con of an assessment center?

Answer 6

time-consuming, costly, nerve-wracking

Question 7

What are Trompenaar’s 4 corporate cultures?

Answer 7

incubator, guided missile, family, eiffel tower

Question 8

What is the incubator corporate culture?

Answer 8

flat structure, chaotic, power comes from innovation

Question 9

What is the guided missile corporate culture?

Answer 9

short-term goal attainment, result-oriented, power comes from expertise

Question 10

What is the family corporate culture?

Answer 10

value placed on getting along, only a few people allowed to have power

Question 11

What is the eiffel tower corporate culture?

Answer 11

established hierarchies, power comes from position

Question 12

What are frequency distributions?

Answer 12

organizing a data set chronologically

Question 13

What is central tendency (in terms of data)?

Answer 13

data set including the mean, mode, median, quartiles, and percentiles

Question 14

What is variance analysis?

Answer 14

difference between expected and actual performance

Question 15

What is ratio analysis?

Answer 15

comparing organizational standards to financial data to measure financial health

Question 16

What is trend analysis?

Answer 16

measures variance over time to determine if results identify trends

Question 17

What is regression analysis?

Answer 17

determines degree to which variables are related to each other

Question 18

What is root cause analysis?

Answer 18

used to determine fundamental root cause of a problem

Question 19

What is a pareto chart?

Answer 19

a chart with bars and a trend line

Question 20

What are the 4 pillars of emotional intelligence?

Answer 20

self-awareness, self-regulation, awareness, managing others

Question 21

What are the 5 components of the emotional intelligence quotient?

Answer 21

self-regulation, self-awareness, motivation, empathy, social skills

Question 22

What are the 7 stages of the employee lifecycle?

Answer 22

attracting, recruiting, onboarding, developing, retaining, separating, alumni

Question 23

What is most important during the attracting stage of the ELC?

Answer 23

employer brand

Question 24

What is most important during the recruiting stage of the ELC?

Answer 24

total rewards package

Question 25

What is most important during the onboarding stage of the ELC?

Answer 25

modeling, employee value proposition

Question 26

What is most important during the developing stage of the ELC?

Answer 26

career and professional development programs, succession planning

Question 27

What is most important during the retaining stage of the ELC?

Answer 27

company culture, motivation, engagement

Question 28

What is most important during the separating stage of the ELC?

Answer 28

feedback, adjustment

Question 29

What is most important during the alumni stage of the ELC?

Answer 29

referrals, employee networks

Question 30

What is zero based budgeting?

Answer 30

every line item starts at zero

Question 31

What is incremental budgeting?

Answer 31

prior budget used as starting point

Question 32

What is formula budgeting?

Answer 32

units receive different budget percentages

Question 33

What is activity based budgeting?

Answer 33

based on value of product or service

Question 34

What is a balance sheet?

Answer 34

snapshot in time of financial position

Question 35

What is another name for the income statement?

Answer 35

profit/loss statement

Question 36

What reports on a company's liquidity?

Answer 36

statement of cash flows

Question 37

What is profit margin?

Answer 37

revenues-expenses

Question 38

What is earnings per share?

Answer 38

net income-dividends on preferred stock divided by average outstanding shares

Question 39

What is ROI?

Answer 39

investment gains-losses divided by investment cost

Question 40

What are the 3 focus group techniques?

Answer 40

mind mapping, nominal group, delphi

Question 41

What is mind mapping technique?

Answer 41

start with central idea and add to it, make connections

Question 42

What is nominal group technique?

Answer 42

suggests idea to discuss ad nauseum until all ideas exhausted

Question 43

What is delphi technique?

Answer 43

ideas generated via survey, commented on until clear themes emerge

Question 44

What are Porter's Five Forces?

Answer 44

threat of substitution, threat of entry, bargaining power of buyers, bargaining power of suppliers

Question 45

What is threat of substitution?

Answer 45

how easy it is for competitors to attract your customers

Question 46

What should you do when there is a high threat of substitution?

Answer 46

cost leadership

Question 47

What should you do when there is low threat of substitution?

Answer 47

invest more

Question 48

What is threat of entry?

Answer 48

how easy it is for a competitor to enter the market

Question 49

What should you do when there is high threat of entry?

Answer 49

promote nimble, flexible workforce

Question 50

What is bargaining power of suppliers?

Answer 50

vulnerability to change in supply chain

Question 51

What should you do when there is high bargaining power of suppliers?

Answer 51

focus on vendor relationships, make workforce flexible and risk tolerant

Question 52

What is bargaining power of buyers?

Answer 52

vulnerability to changes in consumer behavior

Question 53

What should you do when there is high bargaining power of buyers?

Answer 53

invest more in sales, marketing, and customer relations

Question 54

What do all of Porter's Five Forces affect?

Answer 54

rivalry among competition

Question 55

What are the company competitive positions according to Porter?

Answer 55

weak, tenable, favorable, strong, dominant