Principles-of-Management Principles of Management at Western Governors University(IAC1) Questions and Answers

The most common way for entrepreneurs to finance a start-up business is by using personal funds.

Personal Funds(Answer C): Many entrepreneurs begin their ventures by using their own savings or personal resources. This is often the most accessible form of financing and does not require external approval or incur debt​​.

SBA Loan(Answer A) andVenture Capital(Answer B): These are common sources of financing, but they are less frequently used than personal funds, especially in the initial stages of a start-up.

Initial Public Offering(Answer D): This is a method of raising capital typically used by established businesses rather than start-ups.

A clear and concise statement of the basic purpose of an organization is its mission. A mission statement provides a broad description of how the organization intends to achieve its vision. It specifies the organization's reason for being and answers the question, "What business(es) should we undertake?"​​.

In the textbook "Principles of Management," a mission statement is defined as a broad description of how a firm will try to make its vision a reality, often describing the products and services the company plans to offer and the customers it plans to serve​​. This differentiates it from a vision statement, which is more general and focuses on what the business aspires to become in the future.

It is reasonable for an employer to accommodate the needs of a worker with a disability by providing a Braille keyboard for a worker who is visually impaired. This accommodation helps the employee perform essential job functions and is considered a reasonable adjustment under the Americans with Disabilities Act (ADA), which requires employers to make accommodations that do not impose undue hardship on the operation of the business​​.

An effective diversity training program commonly includes building awareness among employees. This involves educating employees about the importance of diversity, the benefits it brings to the workplace, and how to recognize and appreciate differences among colleagues. Awareness-building helps in creating a more inclusive and respectful work environment, which is essential for the success of diversity initiatives.

Building Awareness(Answer A): Effective diversity training programs focus on increasing cultural competencies, valuing differences, and understanding how diversity enhances business decisions​​.

Completing a Skills Inventory(Answer B),Analyzing Feedback(Answer C), andIdentifying Informal Networks(Answer D): While these activities may support diversity efforts, they are not core elements of diversity training programs as described in the textbook.

To stimulate conflict and get a different perspective, bringing in outsiders is the most appropriate technique.

Bringing in Outsiders(Answer A): This technique involves introducing new individuals who have different viewpoints, which can stimulate conflict and provide new perspectives that might be overlooked by the current team. It helps in shaking up the status quo and encouraging innovative thinking​​.

Appointing a Devil's Advocate(Answer B): While also effective in stimulating conflict, this technique involves someone within the group challenging ideas to ensure thorough evaluation. However, it might not provide as fresh a perspective as bringing in outsiders.

Authoritative Command(Answer C) andCompromise(Answer D): These are more about resolving conflict rather than stimulating it.

The organizational concept that best describes a manager assigning tasks to various employees is the division of labor. This concept involves breaking down work into specialized tasks that different workers or groups perform. It aims to increase efficiency and productivity by allowing employees to focus on specific functions where they can develop expertise.

Division of Labor(Answer C): This refers to the assignment of different tasks to different employees, allowing for specialization and increased efficiency in the workplace​​.

Segmentation(Answer A),Teamwork(Answer B), andIntegration(Answer D): These concepts relate to different aspects of organizational structure and functioning but do not specifically describe the assignment of tasks to employees.

Wardrobe Web, Inc. should use statistical analysis to analyze defects such as late delivery, wrong shipment, and poor customer service. Statistical analysis involves collecting and analyzing data to identify trends, patterns, and root causes of issues. It helps in making informed decisions to improve quality and efficiency by addressing the identified defects​​.

When a computer manufacturer purchases the company that supplies computer chips for the company, it is using a vertical integration strategy. Vertical integration involves expanding a company's operations into different stages of production within the same industry, such as acquiring suppliers or distributors, to increase control over the supply chain and reduce costs​​.

A benefit of a boundaryless organization is that employees may express their opinions freely. Boundaryless organizations eliminate traditional barriers between departments and hierarchical levels, fostering open communication, collaboration, and a free flow of information across the organization. This openness encourages employees to share their ideas and opinions without fear of repercussions, enhancing innovation and problem-solving​​.

The first step of the control process is setting performance standards.

Setting Performance Standards(Answer B): This step involves establishing the criteria against which performance will be measured. These standards serve as the benchmark for assessing actual performance and determining any necessary corrective actions​​.

Measuring Performance(Answer C) andComparing Performance Against Standards(Answer D): These steps come after setting performance standards.

Taking Corrective Action(Answer A): This is the final step in the control process.

The source of conflict between older tenured faculty and younger, nontenured faculty members at the university is structure. Structural conflicts arise due to hierarchical or organizational arrangements that create differences in status, power, or access to resources. In this scenario, the inability to terminate older tenured faculty regardless of their competence creates a structural conflict with the younger nontenured faculty who may feel disadvantaged or undervalued​​.