WGU Principles-of-Management Exam Dumps

Entrepreneurs who want to start a new business need to assess levels of risk and innovation involved in establishing a new venture. The tool commonly used to assess these dimensions is the Entrepreneurial Strategy Matrix.

Entrepreneurial Strategy Matrix (Answer D): This matrix helps entrepreneurs evaluate their business ideas by plotting the level of innovation (low to high) against the level of risk (low to high). This analysis aids in understanding the feasibility and potential success of the new venture by identifying which strategies are likely to succeed given the level of risk and innovation involved.

Collaboration Tracking Matrix (Answer A) and Innovation Creation Diagram (Answer B): These are not standard tools used to assess risk and innovation in entrepreneurship as described in the textbook.

Entrepreneurial Loss Function Diagram (Answer C): This is not a recognized tool for assessing risk and innovation in entrepreneurial ventures as per the principles of management.

The strategy the corporation is using to overcome resistance to change is participation and involvement. This approach involves engaging employees who are affected by the change, soliciting their input, and incorporating their suggestions into the change process. By involving employees, the organization can reduce resistance and gain valuable insights that facilitate smoother implementation of changes.

When developing a quality management system, the step that involves answering the question, 'If you were the customer, how would you like us to operate?' is known as customerization. This process is focused on tailoring and personalizing the customer experience to meet individual needs and preferences, thus ensuring that the company's operations align closely with customer expectations and desires. By prioritizing the customer's perspective, businesses can enhance satisfaction and loyalty, which are critical components of an effective quality management system.

The last step in the strategic planning process is strategic control. This involves monitoring and evaluating the execution of the strategic plan to ensure that the organization is achieving its objectives and making necessary adjustments.

Strategic Management Process:

The strategic management process includes developing the firm's vision and mission, strategic analysis, setting objectives, creating and implementing strategies, and finally, measuring and evaluating performance.

Strategic control is the step where managers assess whether the strategies and plans are being effectively implemented and whether they are leading the organization towards its goals.

Purpose of Strategic Control:

It ensures that the organization is moving in the right direction and that the strategic plans are yielding the desired outcomes.

It involves setting performance standards, measuring actual performance, comparing it with the standards, and taking corrective actions if necessary.

Components of Strategic Control:

Performance Measurement: This involves tracking the progress of strategy implementation through key performance indicators (KPIs).

Feedback and Adjustment: Based on performance data, managers provide feedback and make adjustments to strategies to address any deviations from the planned objectives.

The type of cross-cultural communication barrier experienced by the executive who did not understand the meaning of 'lift' is a barrier caused by semantics. Semantics barriers arise from differences in the meaning of words and phrases used in different cultures or regions. In this case, 'lift' is a British English term for what is known as an 'elevator' in American English, leading to confusion.