Business Acumen Competency

Question 1

value

Answer 1

refers to an organization’s success in meeting its strategic goals

can be influenced by mission and culture at an organizational, global, workplace level

Question 2

value chain

Answer 2

the process by which an organization creates the product or service it offers to the customer

Question 3

global value chain

Answer 3

consists of multiple organizations producing parts of a good or service with each link on the chain adding value

HR provides pivotal talent pools

Question 4

service level agreements (SLA)

Answer 4

defines the output customers can expect

Question 5

life concept cycle

Answer 5

introduction -> growth -> maturity -> either to renewal, no growth, or decline

revenue continues to grow until the maturity phase where it can either grow, stay mid level, or drop

Question 6

HR impact in the renewal phase

Answer 6

reductions in workforce
change in leadership and workforce requirements
streamlining of structures and policies
added responsibilities to job descriptions

Question 7

HR impact in the no growth phase

Answer 7

maintaining engaged workforce with fewer resources
dealing with increased turnover
delivering HR services with shrinking budget

Question 8

HR impact in the decline phase

Answer 8

reducing the workforce
helping the organization’s member manage constraint stress and workplace changes necessary to survive
attracting necessary talent

Question 9

microenvironment

Answer 9

all the factors that exist outside the organization that could influence an organization’s strategic decisions

Question 10

PESTLE analysis

Answer 10

political
economic
social
technological
legal
environmental

Question 11

business intelligence

Answer 11

the ability to use information to gain a deeper understanding of an organization and its part, to see how the whole organization and its parts are performing

Question 12

data gathering

Answer 12

data is routinely gathered through different computer systems in all parts of the organization

Question 13

data warehousing

Answer 13

integrating various databases

Question 14

query and reporting capabilities

Answer 14

user can access the data they need and use EPR to analyze the data

Question 15

balanced scorecard

Answer 15

can provide a concise impression of an organization’s overall performance

can help link short-term activities to long-term objectives

Question 16

analytical processing

Answer 16

applications can analyze the data faster and in more ways than traditional relational databases

Question 17

predictive analytics

Answer 17

use historical and current date to get a better sense of the future and even shape the future

Question 18

advance analytics

Answer 18

can also take advantage of machine learning, the ability of an information system to make its own decision based on the data it is receiving