Human Resources Management Overview

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What is the main purpose of Human Resources Management within a company?

To oversee all activities related to financial control
To manage the technological development of the firm
To handle procurement of goods and services
To recruit, develop, and manage personnel (correct)

Which of the following activities falls under Infrastructure in a company's operations?

Quality assurance and strategic management (correct)
Purchase of technological equipment
Recruitment and training of staff
Acquisition of external goods and services

What does Technological Development encompass within a company's structure?

The processes of recruiting and hiring employees
The financial oversight of company expenditures
The leadership and management structure of the company
The technical knowledge and equipment used to transform inputs (correct)

What is the primary role of Procurement in a company's operations?

To acquire goods, services, or works from external sources (A) Signup and view all the answers

Which component is essential for creating value in a company's value chain according to Magretta?

Basic operations and actions within the industry (A) Signup and view all the answers

Which factor is primarily associated with management labor in an organization?

Executive labor (A) Signup and view all the answers

Which of the following is an indicator of productivity?

Output per unit of input (A) Signup and view all the answers

What does allocative efficiency imply according to economic theory?

It is impossible to improve one party's condition without harming another. (D) Signup and view all the answers

Which of the following describes productive efficiency?

Additional output cannot be obtained without increasing inputs. (A) Signup and view all the answers

In the context of production factors, which is considered a long-term tangible asset?

Real estate property (C) Signup and view all the answers

What encompasses the activities related to the storage and movement of the final product?

Outbound Logistics (C) Signup and view all the answers

Which primary activity involves converting inputs into final products?

Operations (C) Signup and view all the answers

What is the primary goal associated with the optimal combination of production factors?

Achieving the most significant output for the least input (C) Signup and view all the answers

Which of the following is NOT considered a component of primary activities in Porter's value chain?

Human Resources Management (B) Signup and view all the answers

Which factor is NOT typically referred to as a production factor in business theory?

Market conditions (D) Signup and view all the answers

Which process is derived as a result of decision making and goals setting in management?

Planning (C) Signup and view all the answers

What is the main focus of the 'Service' primary activity within the value chain?

Maintaining product performance post-sale (C) Signup and view all the answers

Which primary activity is primarily responsible for communicating the value of the offerings to potential customers?

Sales and Marketing (C) Signup and view all the answers

Identifying the best methods for arranging inbound material logistics falls under which primary activity?

Inbound Logistics (D) Signup and view all the answers

What aspect of value measurement is specifically addressed by the pricing function?

Margin analysis (A) Signup and view all the answers

Which of the following activities is considered a support activity in Porter's value chain?

Human Resources Management (B) Signup and view all the answers

Which statement correctly differentiates between allocative and productive efficiency?

A market can be allocatively efficient but not productively efficient. (A) Signup and view all the answers

What is a defining characteristic of technological efficiency (TE)?

It occurs when output cannot be increased without increasing inputs. (D) Signup and view all the answers

Which of the following statements is true regarding economic efficiency (EE)?

If production is economically efficient, it must also be technologically efficient. (A) Signup and view all the answers

How are current assets classified in an organization's accounting system?

They consist of stocks, receivables, and financial assets. (D) Signup and view all the answers

What role does money play in economic activity from an accounting perspective?

It mediates economic activity but is neither an input nor an output. (A) Signup and view all the answers

Which of the following is NOT a factor influencing economic efficiency?

Stakeholder satisfaction. (D) Signup and view all the answers

What is primarily assessed by the concept of productive efficiency?

The ability to produce output at the lowest cost possible. (B) Signup and view all the answers

Which of the following best defines efficiency in an economic system?

Maximizing desired outputs with minimal input. (C) Signup and view all the answers

Which of the following factors is NOT considered a source of MURI in the workplace?

Mental fatigue from overthinking (C) Signup and view all the answers

What does the 'Seiso' step in the 5S methodology emphasize?

Logical arrangement of items (A) Signup and view all the answers

What type of knowledge is described as necessary for designing and engineering a home bread maker?

Tacit knowledge (D) Signup and view all the answers

What is a consequence of abusing market power according to the listed organizational challenges?

Supplier reluctance to negotiate (D) Signup and view all the answers

Which principle of the Toyota Production System emphasizes the importance of a long-term philosophy over short-term financial goals?

Principle 1: Base your management decisions on a long-term philosophy (D) Signup and view all the answers

Which practice is likely to exacerbate wear and tear on machines and tools?

Driving performance to maximum limits (C) Signup and view all the answers

Which principle of the Toyota Production System focuses on creating continuous process flow to surface problems?

Principle 2: Create continuous process flow (D) Signup and view all the answers

Which of the following is an example of a factor leading to MURI in an organizational context?

Delivering supplies without notification (B) Signup and view all the answers

In the Toyota Production System, which principle advocates for visual control to ensure problems are not hidden?

Principle 7: Use visual control (A) Signup and view all the answers

Which principle of the Toyota Production System encourages leaders to understand the work and pass on knowledge?

Principle 9: Grow leaders who understand the work (C) Signup and view all the answers

Infrastructure Activities

Activities like accounting, legal, finance, control, public relations, quality assurance, and strategic management.

Technology Development

The use of equipment, software, procedures, and technical expertise to transform inputs into outputs.