People: HR Strategic Planning

Question 1

Method for assessment of an organization’s strategic capabilities through use of the environmental scanning process, by which internal and external factors affecting achievement of organizational goals are identified and considered.

Answer 1

SWOT analysis

Question 2

All financial returns (beyond any tangible benefits payments or services), including salary and allowances.

Answer 2

Compensation

Question 3

System of actions that leaders take to drive an organization toward its goals and objectives.

Answer 3

Strategic management

Question 4

Performance management tool that depicts an organization’s overall performance, as measured against goals, lagging indicators, and leading indicators.

Answer 4

Balanced scorecard

Question 5

Concise outline of an organization’s strategy, specifying the activities the organization intends to pursue and the course its management has charted for the future.

*i.e. priorities

Answer 5

Mission statement

Question 6

Process by which an organization identifies performance gaps and sets goals for performance improvement by comparing its data, performance levels, and/or processes against those of other organizations.

Answer 6

Benchmarking

Question 7

Actions, processes, or results that are needed to deliver a desired value.

Answer 7

Value drivers

Question 8

Process of setting goals and designing a path toward a competitive position.

Answer 8

Strategic planning

Question 9

Process that involves a systematic survey and interpretation of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization in the future.

Answer 9

Environmental scanning

Question 10

State in which an organization’s strategy is consistent with its external opportunities and circumstances and its internal structure, resources, and capabilities.

Answer 10

Strategic fit

Question 11

Plan of action for accomplishing an organization’s overall and long-range goals.

Answer 11

Strategy

Question 12

Process for understanding how seemingly independent units within a larger entity interact with and influence one another.

Answer 12

Systems thinking

Question 13

Scanning process that searches for environmental forces in political, economic, social, technological, legal, and environmental categories.

Answer 13

PESTLE analysis

Question 14

Description of what an organization hopes to attain and accomplish in the future, which guides it toward that defined direction.

Answer 14

Vision statement

*The purpose is to inspire and motivate. It can be aspirational.

Question 15

Type of metric describing an activity that can change future performance and predict success in the achievement of strategic goals.

Answer 15

Leading indicator

Question 16

Beliefs and principles defined by an organization to direct and govern its employees’ behavior.

Answer 16

Organizational values

Question 17

Type of metric describing an activity or change in performance that has already occurred.

Answer 17

Lagging indicator

Question 18

*Additional Flashcard

A matrix used to find where the greatest value in an organization lies. (pg 22)

Answer 18

Growth-Share Matrix

Question 19

*Additional Flashcard

A type of analysis which helps an organization compare the impact of changes in the environment on the organization’s outputs. (pg 23)

Answer 19

*Additional Flashcard

Scenario Analysis

**This allows planners to identify those environmental factors that have the greatest potential for positive or negative impact and to apply the principles of risk management to strategy formulation.

Question 20

*Additional Flashcard

Measurements against a defined scale or a ratio of one aspect to another used to indicate the desired level of performance. (pg 30)

Answer 20

*Additional Flashcard

Metrics

Question 21

*Additional Flashcard

Focuses an organization on achieving certain levels of performance.

Answer 21

*Additional Flashcard

Performance Indicator

Question 22

*Additional Flashcard

This acronym is used to describe the seven qualities that characterize effective HR performance objectives. (pg 31)

Answer 22

*Additional Flashcard

SMARTER

(Specific, Measurable, Attainable, Relevant, Timebound, Evaluated, Revised)

Question 23

*Additional Flashcard

Strategy which addresses the way in which the enterprise will relate to its industry and marketplace - how it will define its particular value to its customer. (pg 35)

Answer 23

*Additional Flashcard

Business Strategy

Question 24

*Additional Flashcard

These are the two basic types of competitive advantage strategies.

Answer 24

*Additional Flashcard

Cost Leadership and Differentiation

Question 25

*Additional Flashcard A firm's aim at capturing market share within their industry by virtue of lowest price. (pg 37)

Answer 25

*Additional Flashcard Cost Leadership (e.g. Walmart)

Question 26

*Additional Flashcard A firm's aim for being able to charge a higher price by offering something different or by offering the same thing in a different way from competitors in their industry or market - or by creating the perception that a product is different through superior marketing. (pg 38)

Answer 26

*Additional Flashcard Differentiation (e.g. Warby Parker prescription lenses; Toms)

Question 27

*Additional Flashcard A growth strategy whereby companies agree to share assets, such as technology. (pg 41)

Answer 27

*Additional Flashcard Strategic Allience

Question 28

*Additional Flashcard A growth strategy whereby two or more companies invest together in forming a new company that is jointly owned. (pg 41)

Answer 28

*Additional Flashcard Joint Venture

Question 29

*Additional Flashcard A growth strategy whereby one firm acquires partial ownership through purchase of shares. (pg 41)

Answer 29

*Additional Flashcard Equity Partnership

Question 30

*Additional Flashcard A growth strategy whereby a firm purchases the assets of a local firm outright, resulting in expanding the acquiring company's employee base and facilities. (pg 41)

Answer 30

*Additional Flashcard Merger/Acquisition

Question 31

*Additional Flashcard A growth strategy whereby a trademark, product, or service is licensed for an initial fee and outgoing royalties. Often used in the fast-food industry. (pg 41)

Answer 31

*Additional Flashcard Franchising

Question 32

*Additional Flashcard A growth strategy whereby a local firm is granted the rights to produce or sell a product. (pg 41)

Answer 32

*Additional Flashcard Licensing

Question 33

*Additional Flashcard A growth strategy whereby a firm arranges for a local manufacturer to produce components or products as a means of lowering labor costs. (pg 41)

Answer 33

*Additional Flashcard Contract Manufacturing

Question 34

*Additional Flashcard A growth strategy whereby another company is brought in to manage and run the daily operations of the local business. (pg 41)

Answer 34

*Additional Flashcard Management Contract

Question 35

*Additional Flashcard A growth strategy whereby an existing facility and its operations are acquired and run by the purchaser without major changes. (pg 41)

Answer 35

*Additional Flashcard Turnkey Operation

Question 36

*Additional Flashcard A growth strategy whereby a company builds a new location from the ground up. (pg 41)

Answer 36

*Additional Flashcard Greenfield Operation

Question 37

*Additional Flashcard A growth strategy whereby a company repurposes, through the expansion or redevelopment, an abandoned, closed, or underutilized industrial or commercial property. (pg 41)

Answer 37

*Additional Flashcard Brownfield Operation

Question 38

*Additional Flashcard The selective "pruning" of parts of an organization that are underperforming or that are no longer in line with the organization's strategy. May result in the selling of the subsidiary. (pg 43)

Answer 38

*Additional Flashcard Divestiture ** Growth strategies are often fueled by divestiture.