Reliable Principles-of-Management Test Topics & Trustworthy Principles-of-Management Practice

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WGU Principles of Management at Western Governors University(IAC1) Sample Questions (Q44-Q49):

NEW QUESTION # 44
Entrepreneurs who want to start a new business need to understand the level of risk and both dimensions.
What do entrepreneurs use to assess levels of risk and innovation?
Choose 1 answer
involved in establishing a new venture and must then decide if they are comfortable with

A. Entrepreneurial loss function diagram
B. Entrepreneurial strategy matrix
C. Innovation creation diagram
D. Collaboration tracking matrix

Answer: B

Explanation:
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.

NEW QUESTION # 45
The manager of a corporation provided training and other resources needed by employees to carry out change and perform their jobs under new rules being implemented. Which approach to change was the manager using in this situation? Choose 1 answer

A. Education and communication
B. Participation and involvement
C. Negotiation and reward
D. Facilitation and support

Answer: D

Explanation:
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.

NEW QUESTION # 46
What is a Benefit of a boundaryless organization? Choose 1 answer

A. Employees are allowed to form a union.
B. Employees may express their opinions freely.
C. Employees have access to all buildings.
D. Employees are free to apply for other positions.

Answer: B

Explanation:
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.

NEW QUESTION # 47
What is the last step in strategic planning? Choose 1 answer

A. SWOT analysis
B. Goal setting
C. Strategy formulation
D. Strategic control

Answer: D

Explanation:
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.

NEW QUESTION # 48
What isa clear and concise statement ofthe basic purpose of an organization? Choose 1 answer

A. Its goal
B. Its objective
C. Its vision
D. Its mission

Answer: D

Explanation:
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.

NEW QUESTION # 49
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RELIABLE PRINCIPLES-OF-MANAGEMENT TEST TOPICS & TRUSTWORTHY PRINCIPLES-OF-MANAGEMENT PRACTICE

Reliable Principles-of-Management Test Topics & Trustworthy Principles-of-Management Practice