People- HR STRATEGY

Question 1

Strategic Planning

Answer 1

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

Question 2

Strategic Management

Answer 2

Actions that leaders take to move their organizations towards the goals set in strategic planning and to create value for all stakeholders

Question 3

What does Strategic Management provide an organization

Answer 3

1) Consistent Long term goals
2) Consistent decision making by leaders
3) Better Competitive and external vision
4) Better internal vision

Question 4

Strategic Planning and Management Process steps

Answer 4

1)Formulation
2)Development
3)Implementation
4) Evaluation

Question 5

Systems Thinking

Answer 5

Recognizing that organizations are composed of interacting and sometimes interdependent parts that together create a dynamic internal environment.

Question 6

Environmental Scanning

Answer 6

Defined as a process of systematically surveying and gathering data from both internal and external sources, that can be analyzed to identify opportunities and threats and to strengthen strategic plans and goals

Question 7

PESTLE Analysis

Answer 7

Type of Environmental Scan. Examples
P - Political. (Tax policies , govt legislation)
E - Economic . (Business forecast, household income)
S - Social, (values, housing patterns)
T- Technological (unequal access to tech)
L- Legal (trends in patent law , increased civil litigation)
E - Environmental (Increased use of alternative fuel Vehicles)

Question 8

SWOT Analysis

Answer 8

Process for assessing an organizations strategic capabilities in comparison to threats and opportunities during environmental scanning.
S- What is organizations internal strengths
W - What are the organizations external weaknesses
O- What external opportunities are there
T- What external threats are there

Question 9

Growth Share Matrix

Answer 9

The growth-share matrix is a tool that helps companies prioritize their products and services. It’s used to analyze a company’s portfolio and decide how to allocate resources.

The matrix is a table divided into four quadrants.
The x-axis represents market share, and the y-axis represents market growth rate.
Products are plotted in the matrix based on their market share and growth rate.
The matrix helps companies decide which products to keep, invest in, or sell.

The quadrants
Stars
High growth and high market share. Stars generate a lot of cash, but they also consume a lot of cash.

Cash cows
Low growth and high market share. Cash cows generate more cash than they consume.

Question marks
High growth and low market share. Question marks consume a lot of cash, but they don’t generate much cash.

Dogs
Low growth and low market share. Dogs are cash traps because they have little potential.

Question 10

Scenario Analysis

Answer 10

Scenario analysis is a process that evaluates potential future events and their possible outcomes. It’s a tool used in finance and economics to make projections and help with decision-making.

Identify uncertainties: Consider what could change in the future
Consider possible outcomes: Think about what could happen in each scenario
Evaluate likelihood: Consider how likely each outcome is
Create scenarios: Develop scenarios that represent different possibilities
Analyze scenarios: Predict the results of each scenario
Make decisions: Use the results to plan and make decisions

Question 11

Mission Statement

Answer 11

Specifies what activities the organizations intends to pursue and what course management has charted for the future - a concise statement of the organizations strategy.

Question 12

Vision Statement

Answer 12

a vivid guiding image of the organizations desired future that it hopes to attain

Question 13

Balanced Scorecard

Answer 13

A balanced scorecard (BSC) is a management tool that helps companies measure their performance and improve their strategy. It’s used to track how well an organization is executing its activities and achieving its goals. Looks at KPI’s
Finance, Customers, Internal business process, learning and growth

Question 14

Benchmarking

Answer 14

Compares performance levels and/or processes of one entity with those of another to identify performance gaps and set goals aimed at improving performance

Question 15

Strategic Fit

Answer 15

the consonance or compatibility of an organizations strategy with its external and internal environments

A low-cost airline like Southwest prioritizing efficiency and affordability to cater to budget-conscious travelers

Apple focusing on design and innovation to align with its customer base seeking high-quality aesthetics and user experience

A retail chain optimizing its supply chain to match consumer demand patterns, minimizing waste and maximizing operational efficiency

Question 16

Porters competitive Strategies

Answer 16

Cost Leadership - aim at capturing markets share within industry with lowest price

Differentiation - aim for being able to charge higher price by offering something different from competitors in market

Question 17

Strategic Alliance

Answer 17

A strategic alliance is a partnership between two or more businesses that work together to achieve mutual goals. Each company remains its own separate business entity.

Question 18

Joint Venture

Answer 18

A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity.

Question 19

Equity Partnership

Answer 19

An equity partnership is a business where partners own a share of the company and share in its profits and losses. Equity partners are part-owners of the business and are usually involved in decision-making and management

Question 20

Merger/Acquisition

Answer 20

A merger and acquisition (M&A) is a business transaction that involves the consolidation of two or more companies, or their assets.
Mergers

Question 21

Franchising

Answer 21

Franchising is a business model where a person or group buys the right to sell a company’s products or services. The company that grants the license is called the franchisor, and the person or group that buys the license is called the franchisee.

Question 22

Licensing

Answer 22

a local firm is granted the rights to produce or sell a product. A low-Risk entry strategy; avoids tariffs and quotas imposed on exports. However there is little control of the licensee’s activities and results

Question 23

Contract Manufacturing

Answer 23

a firm arranges for a local manufacturer to produce components or produces as a means of lowering labor costs

Question 24

Management Contract

Answer 24

Another company is brought in to manage and run the daily operations of the local business. Decisions about financing and ownership reside with the host-county owners

Question 25

Turnkey Operation

Answer 25

A turnkey operation is a project or business that is ready to use as soon as it's purchased. The term "turnkey" implies that the buyer can start using the product or business immediately, without the need for additional work.

Question 26

greenfield operation

Answer 26

A greenfield operation is a new project or business that starts from scratch, without constraints from existing infrastructure or systems. The term comes from real estate, where a greenfield site is undeveloped land.

Answer 27

A company repurposes, through expansion or redevelopment, an abandoned, closed or underutilized industrial or commercial property

Question 28

Specialized Project Management Approaches

Answer 28

Lean Project management: - Focus on eliminated waste Six Sigma - Six Sigma views all work as processes that can be defined, measured, analyzed, improved, and controlled. Processes are a series of steps that take various inputs and produce outputs such as a product or a service. Understanding the relationship between the inputs and outputs is a key concept in Six Sigma. By controlling the inputs, you can control the outputs. Agile project management: Agile project management is a project management approach that focuses on delivering a project in iterations, with a focus on customer feedback. It's a flexible approach that allows teams to adapt to change. Critical chain project management. Critical chain project management (CCPM) is a project management technique that helps teams complete projects efficiently by prioritizing tasks and monitoring resources. It's a useful strategy for projects that are prone to delays or budget overruns. Kaizen: Kaizen is an approach to creating continuous improvement based on the idea that small, ongoing positive changes can reap significant improvements. Typically, it is based on cooperation and commitment and stands in contrast to approaches that use radical or top-down changes to achieve transformation

Question 29

Three levels of strategy

Answer 29

Organizational- future of org as a single unit Business unit - ask questions on how and where business creates value Operational- reflects how strategy works at functional level

Question 30

What is job description

Answer 30

A job description is a written explanation that outlines the essential responsibilities and requirements for a vacant position. Job descriptions should be thorough, clear, and concise and include: A brief introduction to the company and its mission. An overview of the job responsibilities. The necessary skills, competence levels, knowledge, and qualifications relevant candidates should have. Testing that the company may require. Working conditions and location. It should also cover whether the role is office-based, remote, or hybrid.

Question 31

Job Competencies

Answer 31

Job competencies are the skills and abilities that an individual needs to perform their job well. They include technical skills, behavioral traits, and intellectual capabilities.

Question 32

Job Specification

Answer 32

minimum qualification to do the job

Question 33

essential functions

Answer 33

essential functions are the core duties of a job that an employee must be able to perform with or without reasonable accommodation They are fundamental to the job's purpose and cannot be delegated to others.

Question 34

Job analysis

Answer 34

Job analysis is the process of studying a job to understand its responsibilities, qualifications, and working conditions. It's a useful tool for developing job descriptions, training programs, and performance management.

Question 35

Sourcing

Answer 35

a precursor to actual recruitment. generates a pool of qualified and diverse applicants

Question 36

Recruiting sources

Answer 36

Referrals (internal) Job Posting ( internal n external) Career fairs (external_

Question 37

Cost of Hire

Answer 37

Cost of hire = Total hire/Number of new hires

Question 38

cost per hire

Answer 38

CPH = sumexternalcost + suminternal cost/total # hires in time period

Question 39

Time to fill

Answer 39

Time to fill is a metric that measures how many days it takes to fill a job opening. It's calculated from the day a job requisition is posted to the day a new hire accepts the position.

Question 40

Attrition

Answer 40

loss of employees due to reason other than firing and other employer - initiated events

Question 41

Strategic management process

Answer 41

Formulation-Development-Implementation and evaluation

Question 42

Strategic management process - Formulation

Answer 42

during which leaders gather and analyze internal and external information to determine the organization’s current position and capabilities, opportunities, and constraints.

Question 43

Strategic management process -Development

Answer 43

Development of strategic goals and tactics that will optimize success given the environment, opportunities, and constraints—the strategic plan.

Question 44

Strategic management process -Implementation

Answer 44

Implementation of tactics—the process of strategic management. This requires clear communication of objectives to teams, coordination and support of their efforts, and control of resources.

Question 45

Strategic management process -Evaluation

Answer 45

Evaluation of results, both continually, to make sure that activities maintain strategic focus and are effective, and at designated intervals, to determine the effectiveness of the strategy itself and the need for change or improvement.

Question 46

Critical success factors for strategic planning and management

Answer 46

Alignment of effort control of drift focus on core competencies

Question 47

Growth share matrix - Stars

Answer 47

A business line that is growing and has a dominant share (a “star”) has high value.

Question 48

Growth Share matrix- Cash Cows

Answer 48

A static but dominant business line (a “cash cow”) creates value reliably but shows little opportunity for growth.

Question 49

Growth Share matrix-Dogs

Answer 49

“Dogs” are consuming resources without offering strong value or future growth.

Question 50

Growth Share matrix- ? marks

Answer 50

“Question marks” could be winners or losers; their future is unclear.

Question 51

4 KPI'S in original balanced scorecard

Answer 51

Finance Customers Internal business process Learning and growth

Question 52

2 ways an organization can create competitive advantage

Answer 52

changing the external environment (customer demand, prices, tech) 2) change in the organization itself.

Question 52

Blue ocean strategies

Answer 52

, enterprises pursuing a blue ocean strategy create a completely new arena, often within an existing industry. The originators of the term, W. Chan Kim and Renée Mauborgne, describe blue oceans as “the unknown market space, untainted by competition.” Businesses have competitive advantage because there are no other competitors—at least, for a while. Kim and Mauborgne offer as examples the introduction of the minivan by Chrysler and the user-friendly Apple computer that helped create the home computing market.

Question 53

Red ocean strategies

Answer 53

In conventional “red ocean” strategies, businesses compete in an existing marketplace. They win by taking share from their competitors, usually through differentiation or lower cost

Question 54

2 basic types of competitive advantage strategies.

Answer 54

cost leadership/differentiation.

Question 55

Focus strategy (business application)

Answer 55

Focus strategies apply cost leadership or differentiation within narrow industry segments or niches. For example, a financial services company may choose to focus on only high-net-worth individuals

Question 56

Growth Strategy Options types i.e. strategic alliance

Answer 56

Strategic Alliance Joint venture Equity Partnership Merger/acquisition Franchising Licensing Contract Manufacturing Management contract Turnkey Operation Greenfield Operation Brownfield Operation

Question 57

Strategic Alliance

Answer 57

Companies agree to share assets, such as technology or sales capabilities, to accomplish a goal. The relationship may have varying degrees of tightness and formality. Some alliances involve customers, partners, or competitors.

Question 58

Joint venture

Answer 58

Two or more companies invest together in forming a new company that is jointly owned.

Question 59

Equity partnership

Answer 59

One firm acquires partial ownership through purchase of shares. The relationship may be general (sharing proportionally in control, profits, and liabilities) or limited (no managerial authority, liability limited to investment). Partnership agreements define such issues as leadership and division of profits and losses.

Question 60

Merger/acquisition

Answer 60

A firm purchases the assets of a local firm outright, resulting in expanding the acquiring company’s employee base and facilities. Integration of acquired companies often involves significant cultural, systems, and management challenges. Data privacy can be a big issue.

Question 61

Franchising

Answer 61

A trademark, product, or service is licensed for an initial fee and ongoing royalties. Often used in the fast-food industry. Similar to licensing as a low-risk entry strategy, although control over franchisee behavior is greater.

Question 62

Management contract

Answer 62

Another company is brought in to manage and run the daily operations of the local business. Decisions about financing and ownership reside with the host-country owners.

Question 63

Turnkey operation

Answer 63

An existing facility and its operations are acquired and run by the purchaser without major changes.

Question 64

Greenfield operation

Answer 64

A company builds a new location from the ground up. This represents a major task and a commitment to completely staff and equip the new location.

Question 65

Usual steps of divestiture

Answer 65

Identify the candidate for divestiture identify a target buyer restructure Execute the deal

Question 66

corporate strategy

Answer 66

defines the scope of the firm in terms of the industries and markets in which it competes. Focusing on where an organization WILL GROW

Question 67

2 parts to the HR Budget

Answer 67

operational: funds ongoing activities and a strategic budget that funds projects aligned with the organizations strategic goals.

Question 68

hr Operations budget normally consist of resources related to

Answer 68

Talent acquisition. Training and development. Compensation and benefits. Employee and labor relations. Health, safety, and security. Information technology. Planning. Philanthropy.

Question 69

traditional project management stages

Answer 69

planning, executing, closing.

Question 70

steps a project manager should take during planning stage

Answer 70

Works with stakeholders to define strategically aligned project objectives Creates the project charter Defines the project’s deliverables. Create a project schedule Critical path analysis Gannt Charts Assembles a team

Question 71

what is a critical path analysis

Answer 71

uses information about start or mandatory end dates, the logical relationship of tasks (for example, whether task C must be completed before task F can begin), and the length of each task to find the earliest completion date (or latest start date).

Question 72

what is a gantt chart

Answer 72

represent the scheduling of tasks visually, showing the length and timing of specific activities. They can help identify problematic conflicts in activities or gaps that can be exploited to condense the schedule. They are also a primary way to communicate expectations to the team and coordinate activities

Question 73

Specialized Project Management Approaches - Lean project management

Answer 73

focuses on eliminating waste by: Maintaining a tight focus on the intended value of the project. Empowering the team to make decisions. Analyzing and solving problems rather than working around them. Emphasizing continuous learning.

Question 74

Specialized Project Management Approaches- Six Sigma project management

Answer 74

derives from quality principles. “Six Sigma” refers to a level of quality so high that very few errors occur. It emphasizes focusing on projects with a quantifiable return of value, encouraging team commitment to quality and involvement in problem solving, measuring results in a manner that allows empirical analysis, and fact-based decision making.

Question 75

Specialized Project Management Approaches - Agile project management

Answer 75

is used when the assumptions on which a project is based are unclear or may evolve as project work proceeds. The project focuses on iterations of the deliverables—completing one iteration and then using customer input to plan the next iteration

Question 76

Specialized Project Management Approaches -Critical chain project management

Answer 76

is used when resources cannot be increased to meet deadlines. For example, an HR department may be able to allocate no more than 10 hours per week of staff time to do project work. Project activities are scheduled accordingly. Buffers are built into the schedule both to account for dependencies (i.e., having to wait for another task to be completed) and to allow some room for variance for the estimated task requirement. Once the buffers are set, however, they are strictly enforced.

Question 77

Specialized Project Management Approaches -Kaizen

Answer 77

is a systematic approach for business improvement, requiring that all people and processes in an organization work to continuously improve. It is based on five principles: Know your customer. Without knowing the desires of the recipient of a product or service, it is difficult to create value. Let it flow. Continuously attempt to reduce waste to zero, which helps create value. Go to Gemba. Understand what is happening at all levels at an organization, and focus on the places that actions are actually taken that produce value. Empower people. Teams and people must have attainable goals and the systems and tools necessary to achieve those goals. Be transparent. Track goals using tangible data to show progress over time.