SHRM LSBU Ch2

The goal of _________ in an organization is to deploy and allocate resources in a way that it provides the company with a competitive advantage.

• strategic management

• human resources

• operational efficiency

• total quality management

Buttons Incorporated is evaluating its resources so that it can compete with other companies. They have evaluated their plant, equipment, and geographic location. What other physical resource do they need to evaluate to complete this scan?

• workforce diversity

• technology

• financial capital

• supply chain

Cakes Galore, a new bakery in town, is attempting to maximize profits but knows the company cannot charge too much for its cakes and pastries in this market. As the company explores locations, the owner notes rent, property taxes, and parking. These are examples of _________ costs.

• variable

• marginal

• fixed

• operational

The Washington Corporation, a traditional auto parts manufacturer with a current workforce of more than 70,000 employees, has a retired workforce of over 50,000 employees to which it must continue to pay generous retirement benefits. This has put the company at a severe competitive disadvantage against other companies that do not have this obligation. The retired individuals for this company are an example of a _________ workforce.

• contingent

• contract-based

• unionized

• legacy

Sandra retired from a large, multinational paper company last year. She receives health care benefits as well as a pension from the company. At present, Sandra falls under the category of a

• temporary workforce

• legacy workforce

• independent contractor

• active employee

Marius has been brought in as a consultant for a large organization. He is tasked with identifying the goals, policies, and action sequences the company should take to offset competitive challenges. Marius will be implementing

• operational planning

• human resources management

• financial forecasting

• strategic management

• tactical planning

When an organization develops integrated manufacturing systems such as advanced manufacturing technology and just-in-time inventory control, it needs to assess the employee skills required to run these systems and train them accordingly. These assessments and training programs intended to enable an organization to achieve its goals fall under

• strategic human resource management

• workforce planning

• financial resource allocation

• supply chain coordination

Which of the following statements is true of the strategic implementation stage of the strategic management process?

• This stage involves identifying competitive forces that affect business outcomes.

• The company considers alternative strategies during this phase.

• During this stage, an organization follows through on a strategy chosen in the strategy formulation stage.

• This stage focuses primarily on external analysis and environmental scanning.

Senior management at the QTX Corporation, a major publishing company, has been focusing its efforts on structuring the organization, allocating appropriate resources, ensuring that the firm has skilled employees in place, and developing reward systems that align employee behavior with the organization's strategic goals. The company in this situation is addressing which phase of the strategic management process?

• strategy formulation

• strategy implementation

• goal setting

• competitive analysis

Untapped labor pools are an example of

• strategic liability

• market inefficiency

• competitive threat

• economic constraint

• a strategic opportunity for an organization's operating environment.