Principles of Management (C483)
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Free Principles of Management (C483) Questions
What is the activity called when a corporate project team is created to develop a new product
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Benchmarking
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Venture capitalism
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Intrapreneurship
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Competitive innovation
Explanation
Correct Answer
C. Intrapreneurship
Explanation
Intrapreneurship refers to the process where employees within a company are given the freedom and resources to develop new products or services, acting like entrepreneurs within the organization. This process enables the company to foster innovation internally without starting a new business.
Why other options are wrong
A. Benchmarking – Benchmarking is the process of comparing business processes and performance metrics to industry bests or best practices from other companies. It is not specifically about developing new products.
B. Venture capitalism – Venture capitalism involves investing in start-up companies with high growth potential. It is not related to internal teams working on new products within an existing company.
D. Competitive innovation – Competitive innovation focuses on developing new ideas to outperform competitors but is not specific to the activity of creating a team to develop new products within an organization.
Most successful entrepreneurs exhibit certain characteristics. Some entrepreneurs are open-minded, able to learn quickly, and skilled at conceptualizing. Which entrepreneurial personality trait is this
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Competitive intelligence
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Creativity, self-reliance, and ability to adapt
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Tolerance of risk, ambiguity, and uncertainty
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Opportunity obsession
Explanation
Correct Answer B: Creativity, self-reliance, and ability to adapt
Explanation
Entrepreneurs who possess creativity, self-reliance, and adaptability are able to quickly learn, generate new ideas, and adjust to changing circumstances. These traits allow them to navigate challenges, develop innovative solutions, and sustain long-term success. Being open-minded and conceptualizing ideas are key aspects of entrepreneurial adaptability.
Why Other Options Are Wrong
A. Competitive intelligence – While competitive intelligence involves understanding market trends and competitors, it does not directly relate to an entrepreneur’s ability to learn quickly and conceptualize.
C. Tolerance of risk, ambiguity, and uncertainty – This trait describes an entrepreneur’s ability to handle uncertainty and take calculated risks, but it does not specifically emphasize creativity and adaptability.
D. Opportunity obsession – While successful entrepreneurs are often opportunity-driven, this trait refers to a strong focus on pursuing and capitalizing on opportunities rather than being adaptable and conceptual in thinking.
Why would an entrepreneurial business choose to use its own resources versus seeking outside resources in financing a business venture
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To go public
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To spread the risk
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To maintain control
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To fuel large growth
Explanation
Correct Answer:
C) To maintain control
Explanation:
Entrepreneurs who use their own resources for financing retain full ownership and decision-making authority over their business. Seeking outside investment often requires giving up equity or control to investors.
Why other options are wrong:
A) To go public: Going public (IPO) typically involves raising external funds, not relying on internal resources.
B) To spread the risk: Using outside resources, such as investors or loans, would help spread financial risk rather than concentrating it.
D) To fuel large growth: External funding is generally sought when a company aims for rapid expansion, as internal resources alone may be insufficient.
What designates those who take hands-on responsibility for creating innovation such as new ideas, products, or methods within an organization?
- Controller
- Franchiser
- Pacesetter
- Intrapreneur
Explanation
An intrapreneur is an employee within an organization who takes initiative to innovate by developing new ideas, products, or methods. Intrapreneurs act like entrepreneurs but operate inside a company, using its resources to drive creative solutions and business improvements. They play a crucial role in fostering a culture of innovation, helping the organization stay competitive and adaptable in a changing market.
Correct Answer Is:
Intrapreneur
A corporation offers concrete incentives such as higher wages for cooperation with change. Which strategy is the corporation using to overcome resistance to change
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Facilitation and support
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Negotiation and reward
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Participation and involvement
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Education and communication
Explanation
Correct Answer:
B) Negotiation and reward
Explanation:
Negotiation and reward involve offering incentives, such as higher wages, to encourage acceptance of change. This approach is commonly used when resistance to change is strong and management needs to provide tangible benefits to gain cooperation.
Why other options are wrong:
A) Facilitation and support: This strategy provides resources or emotional support to ease the transition but does not involve direct incentives.
C) Participation and involvement: This focuses on involving employees in the decision-making process rather than offering financial incentives.
D) Education and communication: This approach aims to reduce resistance by providing information, but it does not include material rewards.
Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process
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Analysis of mission, vision, and goals
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Analysis of management implementation
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Analysis of external opportunities and threats
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Analysis of internal strengths and weaknesses
Explanation
Correct Answer:
C) Analysis of external opportunities and threats
Explanation:
These types of analyses focus on external factors that can impact a business, such as market conditions, competitor strategies, and societal trends. They help organizations identify potential opportunities to capitalize on and threats to mitigate.
Why other options are wrong:
A) Analysis of mission, vision, and goals: This step focuses on defining the company’s purpose and direction, not analyzing external factors.
B) Analysis of management implementation: This relates to executing strategies within the organization, not assessing external market conditions.
D) Analysis of internal strengths and weaknesses: This involves evaluating internal resources and capabilities rather than external market forces.
During a final job interview, the hiring manager asks candidates about age and national origin. Some of the rejected candidates suspect they did not get the job because of their age. Which law covers this type of discrimination?
- Equal Employment Opportunity (EEO)
- Fair Hiring of Employees Act (FHEA)
- Employment Without Boundaries (EWB)
- Americans With Disabilities Act (ADA)
Explanation
This type of discrimination is covered under Equal Employment Opportunity (EEO) laws. EEO ensures that all individuals have an equal chance for employment regardless of personal characteristics such as age, race, color, national origin, sex, religion, or disability. Specifically, the Age Discrimination in Employment Act (ADEA) falls under the broader EEO framework and protects workers aged 40 and older from unfair treatment based on age.
Correct Answer Is:
Equal Employment Opportunity (EEO)
In a SWOT analysis, the absence of reliable suppliers would be considered as a(n)
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Strength.
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Weakness.
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Threat.
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Weakness and a threat.
- Opportunity.
Explanation
Correct Answer:
D) Weakness and a threat.
Explanation:
A SWOT analysis identifies an organization's Strengths, Weaknesses, Opportunities, and Threats.
- A weakness is an internal limitation (e.g., poor supplier relationships).
- A threat is an external risk (e.g., supply chain disruptions affecting business).
Since an unreliable supplier directly impacts operations (internal weakness) and exposes the business to external risks (threat), it qualifies as both.
Why other options are wrong:
A) Strength. → Incorrect. A lack of reliable suppliers is a disadvantage, not a strength.
B) Weakness. → Partially correct but incomplete. While it's an internal weakness, it also presents external risks, making it a threat as well.
C) Threat. → Partially correct but incomplete. Although supplier issues pose external risks, the lack of reliable suppliers is also an internal shortcoming.
E) Opportunity. → Incorrect. This situation is a negative factor, whereas opportunities are potential advantages for growth.
How many defects per million are there at Six Sigma, assuming a product or process is defect-free 99.99966% of the time
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Less than 3.4
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Less than 4.4
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Less than 5.3
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Less than 6.6
Explanation
Correct Answer:
A) Less than 3.4
Explanation:
Six Sigma aims for a defect rate of no more than 3.4 defects per million opportunities (DPMO), which corresponds to a process that is 99.99966% defect-free. This level of quality ensures near-perfect consistency and reliability.
Why other options are wrong:
B) Less than 4.4, C) Less than 5.3, D) Less than 6.6: These values exceed the established Six Sigma defect threshold, making them incorrect.
Motivation for employees can come from an interesting project, a completed sale, or the discovery of a perfect solution, all of which are examples of
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Extrinsic rewards
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Negative reinforcers
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Positive reinforcers
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Hygiene factors
- Intrinsic rewards
Explanation
Correct Answer:
E) Intrinsic rewards
Explanation:
Intrinsic rewards come from within the individual, driven by personal satisfaction, enjoyment, or a sense of accomplishment. Working on an interesting project, completing a sale, or solving a problem all provide motivation that is not dependent on external rewards.
Why other options are wrong:
A) Extrinsic rewards → These are external rewards such as bonuses, promotions, or pay raises. The examples provided in the question focus on personal satisfaction rather than external rewards.
B) Negative reinforcers → Negative reinforcement involves removing an unpleasant stimulus to encourage behavior (e.g., reducing micromanagement when an employee improves performance). The examples given do not involve removing anything negative.
C) Positive reinforcers → Positive reinforcement is about adding a desirable stimulus to encourage behavior, such as giving a bonus for a completed sale. While these examples do encourage behavior, they focus on internal satisfaction rather than external reinforcements.
D) Hygiene factors → According to Herzberg's Two-Factor Theory, hygiene factors (e.g., salary, job security, policies) prevent dissatisfaction but do not necessarily increase motivation. The examples in the question relate to intrinsic motivation rather than job conditions.
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