MGMT 432 Chapter 2 Review Quiz

What is Operational Excellence?

• Being the lowest cost producer.

• Maximizing the efficiency of manufacturing or product development to minimize costs.

• Develop new products and services.

• Focusing on a narrow market segment to sell the product.

What is the definition of Growth Strategy?

• Expanding a business to open new stores.

• Expanding a business to offer ecommerce online shopping.

• A strategy to expand the company either organically or via acquisitions.

• Create new cutting edge products and services.

How do we define Human Resource Strategy?

• The linkage of the entire human resource function with the company's business strategy.

• How the business will treat their employees.

• How employee ideas and perspectives are valued.

• Micro managing our employees by telling what and when to do tasks.

When we treat employees as investors, what does that mean?

• A resource with an economic value.

• Employees are managed as a cost to the organization and they are tightly controlled as an asset.

• Employee is managed as if they were a building.

• Someone who commits their time and effort (value) with the expectation of getting something of value in return.

What is Talent Philosophy?

• Recruiting and hiring without a job opening.

• A system of beliefs about how a company's employees should be treated.

• A detailed record of an employee's skills, competencies, and qualifications.

• Attracting talent into the company with the right skills, competencies, and qualifications.

What is considered to be Internal Talent Focus?

• A preference to develop and promote employees from within the company.

• Filled jobs with people from outside the organization.

• Seek people who are quality and low cost from the labor market.

• Find fresh talent with skills in the most recent technologies and trends.

How does Reactive Staffing work?

• Recruiting and hiring is done without a specific job opening.

• Hiring is done to fit a specific job opening.

• Hiring is done in response to situations or issues.

• Hiring is done before situations or issues arise.

How do we define Decentralized Staffing?

• A company can consistently present its job opportunities centrally within the organization.

• A company can pull prospective employees from a pool inside the company to fill open job positions.

• A situation in which all the organization's staffing activities are channel through one unit of the company.

• Different business units of a company each house their own staffing functions.

What is the definition of human capital advantage?

• When the company's works gets donw in a superior way.

• Complex processes that evolve over time because of learning, cooperation, and innovation.

• Acquiring a stock of quality talent that creates a competitive advantage.

• Superior work processes that create a competitive advantage.

What is the definition of Human Resource Information Systems (HRIS)?

• An Applicant Tracking System (ATS) to electronically manage recruitment data and processes.

• Staffing analytics leverage data to help us understand or predict how unexpected changes will affect business outcomes,

• Staffing metrics are operational measures about how efficient, effective, or impactful the company's staffing practices are.

• Software or a cloud-based solution for human resources and staffing to manage data entry, data tracking. and human resources analytics efforts.