WGU Principles-of-Management Dumps

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.

It is reasonable for an employer to accommodate the needs of a worker with a disability by providing a Braille keyboard for a worker who is visually impaired. This accommodation helps the employee perform essential job functions and is considered a reasonable adjustment under the Americans with Disabilities Act (ADA), which requires employers to make accommodations that do not impose undue hardship on the operation of the business​​.

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​​.

The process that includes automation or support of customer processes, direct communication with customers, and analysis of customer data for a broad range of purposes is Customer Relationship Management (CRM). CRM systems help organizations manage interactions with current and potential customers, streamline processes, and improve profitability by using customer data analysis for various business strategies​​.

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​​.

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 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 competitive force reduced by barriers such as government policies, capital requirements, brand identification, and cost disadvantages is the threat of new entrants. These barriers make it difficult for new firms to enter an industry and compete with established companies, thereby protecting existing firms from new competitors​​.

To stimulate conflict and get a different perspective, bringing in outsiders is the most appropriate technique.

Bringing in Outsiders(Answer A): This technique involves introducing new individuals who have different viewpoints, which can stimulate conflict and provide new perspectives that might be overlooked by the current team. It helps in shaking up the status quo and encouraging innovative thinking​​.

Appointing a Devil's Advocate(Answer B): While also effective in stimulating conflict, this technique involves someone within the group challenging ideas to ensure thorough evaluation. However, it might not provide as fresh a perspective as bringing in outsiders.

Authoritative Command(Answer C) andCompromise(Answer D): These are more about resolving conflict rather than stimulating it.

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 most common way for entrepreneurs to finance a start-up business is by using personal funds.

Personal Funds(Answer C): Many entrepreneurs begin their ventures by using their own savings or personal resources. This is often the most accessible form of financing and does not require external approval or incur debt​​.

SBA Loan(Answer A) andVenture Capital(Answer B): These are common sources of financing, but they are less frequently used than personal funds, especially in the initial stages of a start-up.

Initial Public Offering(Answer D): This is a method of raising capital typically used by established businesses rather than start-ups.

A feature of a bureaucracy (vertical) organization is that formal position authority is generally the primary means of running the organization. This means that decisions and directives come from a hierarchical chain of command, and roles, responsibilities, and processes are clearly defined and standardized.

Formal Position Authority(Answer B): Bureaucratic organizations rely on a clear hierarchy where authority and decision-making processes are well-defined and based on formal positions​​.

Decentralized Decision Making(Answer A),Collaboration Across Departments(Answer C), andAnswering to Multiple Bosses(Answer D): These features are more characteristic of organic or matrix organizations rather than traditional bureaucracies.

The approach to change that the manager was using is facilitation and support. This method involves providing the necessary training and resources to employees to help them adapt to new changes. It includes efforts to reduce resistance by making the transition as smooth as possible and ensuring that employees feel supported during the change process​​.

The activity of creating a corporate project team to develop a new product is called intrapreneurship. Intrapreneurship refers to the practice of fostering innovation and entrepreneurial skills within an organization by allowing employees to act like entrepreneurs while working within the company. This approach encourages the development of new products and services and enhances organizational growth​​.