WGU Principles-of-Management Dumps

A benefit of a boundaryless organization is that employees may express their opinions freely. Boundaryless organizations eliminate traditional barriers between departments and hierarchical levels, fostering open communication, collaboration, and a free flow of information across the organization. This openness encourages employees to share their ideas and opinions without fear of repercussions, enhancing innovation and problem-solving​​.

When developing a quality management system, the step that involves answering the question, "If you were the customer, how would you like us to operate?" is known ascustomerization. This process is focused on tailoring and personalizing the customer experience to meet individual needs and preferences, thus ensuring that the company's operations align closely with customer expectations and desires. By prioritizing the customer's perspective, businesses can enhance satisfaction and loyalty, which are critical components of an effective quality management system​​.

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​​.

The stage of the conflict process considered distinct because of its importance in intervening between perceptions or emotions and overt behavior is intentions. Intentions reflect how an individual plans to behave in a conflict situation, mediating the transition from perception and feelings to actions. This stage is crucial as it involves decisions about how to approach the conflict, whether to compete, collaborate, avoid, accommodate, or compromise​​.

The last step in the strategic planning process is strategic control. This involves monitoring and evaluating the execution of the strategic plan to ensure that the organization is achieving its objectives and making necessary adjustments.

Strategic Management Process:

The strategic management process includes developing the firm's vision and mission, strategic analysis, setting objectives, creating and implementing strategies, and finally, measuring and evaluating performance.

Strategic control is the step where managers assess whether the strategies and plans are being effectively implemented and whether they are leading the organization towards its goals​​.

Purpose of Strategic Control:

It ensures that the organization is moving in the right direction and that the strategic plans are yielding the desired outcomes.

It involves setting performance standards, measuring actual performance, comparing it with the standards, and taking corrective actions if necessary​​.

Components of Strategic Control:

Performance Measurement: This involves tracking the progress of strategy implementation through key performance indicators (KPIs).

Feedback and Adjustment: Based on performance data, managers provide feedback and make adjustments to strategies to address any deviations from the planned objectives​​.

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​​.

A characteristic of a person with an entrepreneurial personality is the motivation to excel.

Motivation to Excel(Answer A): Entrepreneurs are typically driven by a strong desire to achieve and excel. They are competitive, have a high need for achievement, and are constantly seeking ways to improve and succeed in their ventures​​.

Opportunity Tolerance(Answer B): While entrepreneurs need to tolerate risks and seize opportunities, the term "opportunity tolerance" is not specifically highlighted as a key characteristic of an entrepreneurial personality.

Laissez-faire(Answer C) andEmployee Empowerment(Answer D): These are management styles or strategies rather than personal characteristics of entrepreneurs.

The stage in the change process that the team is experiencing is contemplation. In this stage, the team is aware of the problem and is considering potential solutions but has not yet committed to a specific action. This stage involves discussions and evaluations of different options without definitive decisions being made​​.

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 clear and concise statement of the basic purpose of an organization is its mission. A mission statement provides a broad description of how the organization intends to achieve its vision. It specifies the organization's reason for being and answers the question, "What business(es) should we undertake?"​​.

In the textbook "Principles of Management," a mission statement is defined as a broad description of how a firm will try to make its vision a reality, often describing the products and services the company plans to offer and the customers it plans to serve​​. This differentiates it from a vision statement, which is more general and focuses on what the business aspires to become in the future.

The first step of the control process is setting performance standards.

Setting Performance Standards(Answer B): This step involves establishing the criteria against which performance will be measured. These standards serve as the benchmark for assessing actual performance and determining any necessary corrective actions​​.

Measuring Performance(Answer C) andComparing Performance Against Standards(Answer D): These steps come after setting performance standards.

Taking Corrective Action(Answer A): This is the final step in the control process.

The purpose of the Six Sigma Quality approach is to analyze the causes of product defects and to reduce variability in manufacturing and business processes. Six Sigma uses statistical methods to identify and eliminate defects, aiming for near perfection in production processes. It involves steps like defining the problem, measuring key aspects, analyzing the data, improving processes, and controlling the future process performance​​.

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 strategy the corporation is using to overcome resistance to change is participation and involvement. This approach involves engaging employees who are affected by the change,soliciting their input, and incorporating their suggestions into the change process. By involving employees, the organization can reduce resistance and gain valuable insights that facilitate smoother implementation of changes​​.