Pass the WGU Courses and Certificates Principles-of-Management Questions and answers with ExamsMirror

The source of conflict between older tenured faculty and younger, nontenured faculty members at the university is structure. Structural conflicts arise due to hierarchical or organizational arrangements that create differences in status, power, or access to resources. In this scenario, the inability to terminate older tenured faculty regardless of their competence creates a structural conflict with the younger nontenured faculty who may feel disadvantaged or undervalued​​.

In strategic human resource planning, reconciling employee supply and demand is crucial when addressing a labor deficit. This involves analyzing the current workforce, predicting future staffing needs, and developing plans to ensure the organization has the right number of employees with the appropriate skills.

Reconcile Employee Supply and Demand(Answer C): This process involves assessing the current workforce, forecasting future needs, and developing strategies to meet those needs. It ensures that the organization can meet its strategic goals by having the right people in the right places at the right times​​.

Plan to Reduce Turnover Through Nonfinancial Rewards(Answer A) andImplement Employee Conflict Resolution System(Answer B): While important for employee retention and workplace harmony, these do not directly address the immediate issue of a labor deficit.

Establish Strategic Goals for Improvement of Manufacturing Performance(Answer D): This is relevant to overall strategic planning but not specific to addressing a labor deficit.

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.

The value chain describes the full range of activities that businesses go through to bring a product or service from conception to delivery and beyond. The concept was popularized by Michael Porter in his 1985 book "Competitive Advantage: Creating and Sustaining Superior Performance."

Definition and Scope: A value chain encompasses all the processes involved in the creation of a product or service. This includes:

Sourcing raw materials.

Production processes.

Marketing and sales.

Distribution and delivery.

Customer service post-delivery.

Primary Activities:

Inbound Logistics: Receiving, storing, and disseminating inputs of the product.

Operations: Transforming inputs into the final product.

Outbound Logistics: Collecting, storing, and distributing the product to customers.

Marketing and Sales: Persuading customers to purchase the product.

Services: Activities that maintain and enhance the product's value, such as customer service.

Support Activities:

Procurement: Acquiring the resources a company needs to operate.

Technology Development: Research and development, IT, automation, etc.

Human Resource Management: Recruiting, hiring, training, and retaining workers.

Firm Infrastructure: Organizational structure, control systems, company culture, etc.

Example of Value Chain: The textbook provides an example of Walmart's value chain to illustrate how a company adds value at each step of the process, from procurement to delivery​​.

Importance: Understanding and optimizing the value chain allows companies to identify where they can add value, reduce costs, and gain competitive advantage. Companies can use this analysis to find opportunities for improvement, innovation, and efficiency in their processes.

A company might choose to adopt an organic structure instead of a mechanistic structure because it is less rigid and emphasizes flexibility. Organic structures are characterized by low levels of formalization and standardization, decentralized decision-making, and a greater degree of employee empowerment. This flexibility allows the organization to adapt quickly to changes in the environment, fostering creativity and innovation​​.

High cooperativeness and high assertiveness are characteristics of the collaborating conflict management strategy. Collaborating involves working together with the other party to find a mutually beneficial solution. It is assertive in that it involves actively engaging in the conflict, and it is cooperative in seeking a solution that satisfies all parties involved​​.

Entrepreneurs who want to start a new business need to assess levels of risk and innovation involved in establishing a new venture. The tool commonly used to assess these dimensions is the Entrepreneurial Strategy Matrix.

Entrepreneurial Strategy Matrix(Answer D): This matrix helps entrepreneurs evaluate their business ideas by plotting the level of innovation (low to high) against the level of risk (low to high). This analysis aids in understanding the feasibility and potential success of the new venture by identifying which strategies are likely to succeed given the level of risk and innovation involved​​.

Collaboration Tracking Matrix(Answer A) andInnovation Creation Diagram(Answer B): These are not standard tools used to assess risk and innovation in entrepreneurship as described in the textbook.

Entrepreneurial Loss Function Diagram(Answer C): This is not a recognized tool for assessing risk and innovation in entrepreneurial ventures as per the principles of management.

The customer relationship concept that emphasizes the relationship between the company, the competition, and the customer is the Strategic Triangle. This model highlights the importance of balancing these three elements to achieve competitive advantage. It involves understanding customer needs, monitoring competitor actions, and leveraging company strengths to deliver superior value to customers​​.

A common consideration for starting a new business venture is finding the right opportunity. This involves identifying a viable market need or problem that the new business can address effectively. It also includes evaluating the feasibility, potential profitability, and personal fit of the business idea. Entrepreneurs must thoroughly assess opportunities to ensure that their venture can achieve success and sustainability​​.

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​​.