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Questions and Answers

What is continuous learning?

The ongoing process of acquiring new skills or knowledge to adapt and grow personally or professionally.

What is an example of continuous learning?

A professional taking online courses to update their skills or earn new certifications to stay competitive in their field.

What is "war for talent"?

The competition among companies to attract, hire, and retain skilled and talented employees.

What is an example of "war for talent"?

<p>A tech company offering high salaries, remote work options, and extensive benefits to attract top software developers in a competitive job market.</p> Signup and view all the answers

What is social capital?

<p>The network of relationships, trust, and cooperation between people that provide support, resources, and opportunities.</p> Signup and view all the answers

What is an example of social capital?

<p>A person using their professional network to find a job opportunity through a referral from a trusted connection.</p> Signup and view all the answers

What is intellectual capital?

<p>The combined brainpower and shared knowledge of an organization's employees.</p> Signup and view all the answers

What is an example of intellectual capital?

<p>A company's database of customer information, product designs, and marketing strategies that gives it a competitive advantage.</p> Signup and view all the answers

What is a knowledge worker?

<p>A knowledge worker's mind is a critical asset to employers and adds to the intellectual capital of an organization. They likely provide creative support to the organization.</p> Signup and view all the answers

What is an example of a knowledge worker?

<p>A software developer who uses their expertise to create apps or programs, solving problems and adding value through their specialized knowledge.</p> Signup and view all the answers

What is a virtual team?

<p>A team that involves people collaborating remotely, often from different locations, using digital tools and technology instead of meeting in a physical office.</p> Signup and view all the answers

What is an example of a virtual team?

<p>A project team with members from the U.S., India, and Germany working together through video calls and online collaboration tools.</p> Signup and view all the answers

What is tech IQ?

<p>A person's ability to use current technologies at work and in personal life.</p> Signup and view all the answers

What are some examples of how tech IQ is used?

<p>Checking inventory, making a sales transaction, ordering supplies, telecommuting, and working on virtual teams.</p> Signup and view all the answers

What is networking?

<p>A group of interconnected people or systems that share information, resources, or support.</p> Signup and view all the answers

What is an example of networking?

<p>A professional networking group where members connect to share job opportunities, industry insights, and business contacts.</p> Signup and view all the answers

What is globalization?

<p>The worldwide interdependence of resource flows, product markets, and business competition that characterize our economy.</p> Signup and view all the answers

What are some examples of globalization?

<p>International trade, cultural exchange, and the spread of information technology.</p> Signup and view all the answers

What is information technology?

<p>The use of computers, networks, and software to store, manage, and process data.</p> Signup and view all the answers

What is an example of information technology?

<p>A company using cloud services to store and access its files securely from anywhere.</p> Signup and view all the answers

What is workforce diversity?

<p>The inclusion of people from different backgrounds, cultures, genders, ages, and abilities in a workplace.</p> Signup and view all the answers

What are some examples of workforce diversity?

<p>A tech company employing individuals from various countries, ensuring cultural and language diversity, and a retail store hiring people of different age groups, from young students to older adults, to bring varied experiences.</p> Signup and view all the answers

What are ethics?

<p>A code of moral principles that set standards of conduct for what is &quot;good&quot; and &quot;right&quot;, as well as &quot;bad&quot; and &quot;wrong&quot;.</p> Signup and view all the answers

What are some examples of ethical principles?

<p>Honesty, integrity, fairness, and responsibility.</p> Signup and view all the answers

What does workforce diversity reflect?

<p>Differences with respect to gender, age, race, ethnicity, religion, sexual orientation, and able-bodiedness.</p> Signup and view all the answers

What does a diverse and multicultural workforce offer?

<p>Challenges and opportunities to employers.</p> Signup and view all the answers

What is an example of a company that embraces workplace diversity?

<p>Workplace Diversity is a marketing firm that employs individuals of various ethnicities, genders, ages, and abilities, including people from different countries, ensuring a wide range of perspectives and ideas in their campaigns and projects.</p> Signup and view all the answers

What is frenturing?

<p>When companies collaborate with others, often competitors, to share resources, technology, or expertise for mutual benefit.</p> Signup and view all the answers

What are some examples of frenturing?

<p>Two tech firms teaming up to develop a new software platform, combining their expertise and market reach, and competing airlines forming an alliance to share flight routes, allowing them to offer more destinations to customers.</p> Signup and view all the answers

What is a real-world example of frenturing?

<p>The Star Alliance, where airlines like Lufthansa, United Airlines, and Singapore Airlines collaborate. They share routes, lounges, and frequent flyer benefits, allowing them to expand their services and reach without directly competing on all fronts.</p> Signup and view all the answers

How diversity bias can occur in the workplace?

<p>Prejudice, discrimination, and the glass ceiling effect.</p> Signup and view all the answers

What is prejudice?

<p>The display of negative, irrational opinions and attitudes.</p> Signup and view all the answers

What is discrimination?

<p>Unfairly treating members of some groups.</p> Signup and view all the answers

What is the glass ceiling effect?

<p>An invisible barrier or ceiling.</p> Signup and view all the answers

What are barriers for workforce?

<p>Obstacles that prevent people from accessing or advancing in jobs.</p> Signup and view all the answers

What is one example of a barrier for workforce?

<p>Immigrants struggling to find jobs due to limited proficiency in the local language.</p> Signup and view all the answers

What is a second example of a barrier for workforce?

<p>Qualified individuals being overlooked for promotions because of their gender or ethnicity.</p> Signup and view all the answers

What is the free agent economy?

<p>People change jobs more often and work on flexible contracts.</p> Signup and view all the answers

What is an example of the free agent economy?

<p>Freelance designers who don't work for just one company, but take on design projects from different clients whenever they want.</p> Signup and view all the answers

What is a second example of the free agent economy?

<p>Ride-Share Drivers who use apps like Uber work for themselves, choosing when and where they want to drive instead of being tied to a fixed schedule or company.</p> Signup and view all the answers

What is productivity?

<p>An overall measure of the quantity and quality of work performance with resource utilization taken into account.</p> Signup and view all the answers

What is resource utilization?

<p>How well you use available resources, like time, money, or people, to get the most work done effectively.</p> Signup and view all the answers

What is an example of resource utilization in project management?

<p>A manager making sure all team members have tasks to avoid anyone sitting idle and wasting time.</p> Signup and view all the answers

What is an example of resource utilization in manufacturing?

<p>A factory using all its machines efficiently to produce as many products as possible without any downtime.</p> Signup and view all the answers

What are the four key competencies that managers must have in today's business environment?

<p>Information/interpersonal/analytical/technological competency.</p> Signup and view all the answers

What is technological competency?

<p>The ability to understand new technologies and to use them to their best advantage.</p> Signup and view all the answers

What is information competency?

<p>The ability to locate, gather, organize, and display information for decision-making and problem-solving.</p> Signup and view all the answers

What is analytical competency?

<p>The ability to evaluate and analyze information to make actual decisions and solve real problems.</p> Signup and view all the answers

What is interpersonal competency?

<p>The skill of interacting well with others. It involves being able to communicate clearly, understand others' feelings, work well in teams, and build good relationships.</p> Signup and view all the answers

What are heuristics?

<p>Simple, quick ways to solve problems or make decisions using past experiences or rules of thumb instead of detailed analysis.</p> Signup and view all the answers

What is an example of a heuristic?

<p>Trying different solutions until you find one that works, like testing different ways to fix a broken gadget. This is called trial and error.</p> Signup and view all the answers

What is a second example of a heuristic?

<p>Choosing the shortest checkout line at the grocery store because it usually gets you out faster, even without counting all the people. This is called a rule of thumb.</p> Signup and view all the answers

What is business intelligence?

<p>The process of using data and technology to understand how a business is doing and make better decisions.</p> Signup and view all the answers

What are some examples of business intelligence?

<p>Sales analysis and customer feedback.</p> Signup and view all the answers

What is scenario planning?

<p>Planning for different possible future situations so you are prepared, no matter what happens.</p> Signup and view all the answers

What are some examples of scenario planning?

<p>A business creating plans for what to do if sales go up, stay the same, or go down next year, and a school making a plan for online classrooms in case there's another pandemic.</p> Signup and view all the answers

What is problem-solving?

<p>Finding solutions to fix issues or challenges.</p> Signup and view all the answers

What are some examples of problem-solving?

<p>Figuring out why a computer is not working and fixing it, and a team brainstorming ways to increase customer satisfaction when complaints are high.</p> Signup and view all the answers

What is risk-taking?

<p>Making decisions that involve uncertainty, hoping for a positive outcome.</p> Signup and view all the answers

What are some examples of risk-taking?

<p>An entrepreneur starting a new business, not knowing if it will succeed, and a student choosing to study abroad, leaving their comfort zone for new opportunities.</p> Signup and view all the answers

What is a performance deficiency?

<p>When something doesn't work as expected or falls below the required standard.</p> Signup and view all the answers

What are some examples of performance deficiencies?

<p>An employee missing sales targets consistently, and a product having a defect that leads to customer complaints and returns.</p> Signup and view all the answers

What is a performance opportunity?

<p>A chance to do something better or achieve more success.</p> Signup and view all the answers

What are some examples of performance opportunities?

<p>A company spotting a new market trend and launching a product to take advantage of it, and an athlete noticing a weakness in their competition and using it to win the game.</p> Signup and view all the answers

What are problem seekers, avoiders, and solvers?

<p>They are different personality types that approach problem-solving in distinct ways.</p> Signup and view all the answers

What are problem avoiders?

<p>They are inactive in information gathering and solving problems.</p> Signup and view all the answers

What are some examples of problem avoiders?

<p>An employee who ignores feedback about poor performance, thinking it will be overlooked, and a business ignoring customer complaints instead of improving its products or services.</p> Signup and view all the answers

What is systematic thinking?

<p>It approaches problems in a rational, step-by-step, and analytical fashion.</p> Signup and view all the answers

What are some examples of systematic thinking?

<p>An engineer carefully calculating measurements, materials, and safety standards before building a bridge to ensure it is safe and effective, and a manager analyzing data, creating a detailed plan, and evaluating all potential risks before launching a new product.</p> Signup and view all the answers

What is intuitive thinking?

<p>It approaches problems in a flexible and spontaneous fashion.</p> Signup and view all the answers

What are some examples of intuitive thinking?

<p>A chef quickly combining ingredients based on experience and instinct to create a new recipe without following a strict formula, and an experienced basketball player making a quick pass based on a gut feeling and experience during a fast-paced game, without overthinking it.</p> Signup and view all the answers

What is critical thinking?

<p>Carefully analyzing information, asking questions, and considering different perspectives before making a decision or forming an opinion.</p> Signup and view all the answers

What are some examples of critical thinking?

<p>A doctor examines symptoms, reviews test results, and considers different possible conditions before deciding on the best treatment, and a student researches both sides of a debate topic, evaluates sources, and builds strong arguments based on evidence rather than just opinions.</p> Signup and view all the answers

What is multi-dimensional thinking?

<p>A combination of both intuitive and systematic thinking.</p> Signup and view all the answers

What is a key characteristic of multi-dimensional thinking?

<p>The ability to look at a situation from different angles, considering all the factors and possible outcomes before making a decision</p> Signup and view all the answers

What are some examples of multi-dimensional thinking?

<p>An event planner organizing a wedding considers multiple factors like the budget, venue, guest preferences, and weather conditions all at once to ensure the event runs smoothly, and a teacher designing a lesson plan by thinking about different student learning styles, classroom resources, and time management to make sure all students stay engaged and learn effectively.</p> Signup and view all the answers

What is the difference between structured and unstructured problems?

<p>Structured problems are ones that are familiar, straightforward, and clear with respect to information needs. Unstructured problems are ones that are full of ambiguities and information deficiencies.</p> Signup and view all the answers

What are programmed decisions?

<p>They follow a set process or rule because they happen often. They are routine, everyday decisions.</p> Signup and view all the answers

What are some examples of programmed decisions?

<p>Restocking inventory in a store automatically when stock levels get low, based on a set rule, and a manager using a standard system to create staff work schedules each week.</p> Signup and view all the answers

What is escalating commitment?

<p>When people continue investing time, money, or effort into something, even if it’s not working, because they've already committed to it.</p> Signup and view all the answers

Study Notes

Chapter Summaries

  • Chapter 1: Covers chapters 1, 7, 5, and 2. Exam will consist of 70 multiple-choice questions, administered during a 40-minute window between 11 am and 12 pm. Study resources include PowerPoint slides and a textbook. Continuous learning is a process of acquiring new skills or knowledge for personal and professional growth. The "war for talent" refers to competition among companies to attract, hire, and retain skilled employees. Concepts include social capital, intellectual capital, knowledge workers, virtual teams, globalization, information technology, workforce diversity, and ethics.

Chapter 7

  • Chp 7: Covers the concept of intellectual capital, interpersonal, analytical, and technological competency. This involves technological competency in understanding and using new technologies, information competency in finding, organizing, and presenting information, and analytical competency in evaluating and analyzing information. Interpersonal competency involves strong communication skills, understanding others' feelings, and effective collaboration in teams, and also includes heuristics (simple problem-solving methods using past experiences). The chapter also discusses business intelligence, scenario planning, problem-solving, risk-taking, performance deficiency, performance opportunity, systematic vs intuitive thinking, and multi-dimensional thinking.

Chapter 5

  • Chp 5: Discusses the effects of globalization, including economic growth (increased trade and markets), cultural exchange (mixing of cultures), and technological advancements (easier knowledge and innovation spread). The negative effects of globalization include job displacement, cultural homogenization (loss of unique cultures), economic inequality, and environmental impact.

Chapter 2

  • Chp 2: Explores theories of classical management, including scientific (e.g., Taylor's principles for optimal efficiency), administrative (e.g., Fayol's planning, organization, command, coordination, and control principles), and bureaucratic (e.g., Weber's rules, procedures, and hierarchy) approaches. Additional topics include Maslow's hierarchy of needs, McGregor's Theory X and Y, contingency thinking, and evidence-based management.

Chapter 1

  • What is: Social capital, intellectual capital, knowledge worker, virtual team, globalization, information tech, workforce diversity, and ethics. Includes descriptions and examples of each.

Chapter 1 (Part 2)

  • What is: Concepts of social capital, intellectual capital, knowledge worker, virtual teams, and technology. Provides detailed examples for each. Discusses social capital as the network of relationships, trust, and cooperation that provides support, resources, and opportunities. Defines intellectual capital as combined brainpower and shared knowledge within an organization. Explains knowledge workers as individuals whose minds are a crucial asset to employers. Details virtual teams as remote collaboration using technology. Explores technology as a person's ability to use current technologies.

Other Chapters

  • Additional Chapters: The provided text includes summaries and questions on various topics, including barriers for the workforce, frenturing, culture, cultural dimensions (low/high context, monochronic/polychronic), culture shock, obstacles for global companies, global management, the USMCA, the European Union, strategic tools, and more. Information is organized to understand the concepts of the text's main topics.

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