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Mana 4322 (Chapter 4)

the makeup goods and services in the GDP of developed countries has changed over the last decade. more than 50% of the value of GDP of developed countries is based on
knowledge (intellectual assets and intangible people skills)
as the competitive environment changes, strategic management must focus on different aspects of the organization. recently, strategic management has moved from focusing on
tangible resources to intangible resources
changes in our economy have forced firms to be more concerned with protecting their
knowledge workers, social capital, intellectual capital
in the knowledge economy, if a large portion of a firm’s value is in intellectual and human assets, the difference between the company’s market value and book value should _____________ a company with mostly physical and financial assets
be larger than
according to the text, intellectual capital is the difference between the market value and the book value of a firm. intellectual capital can be increased by
attracting and retaining knowledge workers
which of the following firms would you expect to have the highest ratio of market value to book value?
human capital includes
an individual’s capabilities, knowledge, and skills
_________________ includes creativity and problem solving ability
human capital
_________________ can be defined as the “network of relationships that individuals have throughout the organization”
social capital
tacit knowledge
can be accessed only with the consent of the employees because it is in the minds of the employees
new knowledge involves the continual interaction between ____________ and ________________
tacit; explicit
recently, a knowledge worker’s loyalty to their employing firm has ___________________ compared to his or her loyalty to their profession and colleagues
the text discusses 3 areas firm must be concerned with in order to keep their best and brightest employees from leaving. these include all of the following EXCEPT
managing a knowledge intensive workforce is very challenging. the best way for a firm to manage its workforce is to
balance efforts in the attraction, selection, and retention of top talent
in an effort to reduce wasted time and effort in interviewing too many candidates while assuring a good candidate pool, a firm should
use a pre-interview quiz or “bozo filter” (e.g., Cooper Software)
many companies use referrals by current employees as a source for new hiring and even monetarily reward them for the following reasons:
both because current employees are careful in their recommendations because of their credibility and also because it is less expensive than the fees paid to headhunters
ABC, Incorporated desires to have the most qualified people in every position throughout its organization. This is an example of a concern for
developing human capital
developing human capital is essential to maintain a competitive advantage in today’s knowledge economy. Efforts and initiatives to develop human capital should be directed
throughout the firm at all levels
maintaining a competitive workforce is very challenging in today’s economy. The role of evaluating human capital, in recent years, has
in a 360-degree evaluation and feedback system, _____________ rate a person’s skill and performance
superiors, direct reports, colleagues
attracting and retaining human capital is a challenge for many firms today. firms experiencing high turnover should
adopt effective retention strategies
in order to take advantage of investment in human capital, a firm should
establish practices that will enhance employee retention all
the least effective way to retain human capital is
requiring employees to sign agreements that prevent them form working for competitors in the future
generally, employees are most likely to stay with an organization if
the organization’s mission and values align with the employee’s mission and values
many successful firms use internal labor markets. the most important reason they do this is because
they want to keep highly mobile employees motivated and challenged
all of the following are the benefits of diversity in a firm’s workforce except
similarity in perspectives argument
human capital and social capital are vital for superior firm performance. if a firm has strong human capital, the firm may exploit this by building social capital. this can be accomplished through
encouraging the sharing of ideas between employees in the firm
in an effort to capture key employees from competitors, firms may attract the symbolic leader of a group within a competing firm and hope others will follow. this has been termed
the “Pied Piper effect”
social capital is a source of strength to many firms. firms leverage their social capital in an effort to create competitive advantages. a firm’s social capital is based on
the relationships among a firm’s employees
social network analysis is helpful because the configuration of group members’ social ties within an outside the group affects the extent to which members connect to individuals who do all of the following EXCEPT
ensure that everyone has the same perspective on strategic and operational issues
in social network analysis _______________ stress(es) the importance of ties connecting heterogeneous people, helping to ensure a wide range of diversity in information and perspective
bridging relationships
in social network analysis, high levels of _____________________ often come at a price. for example, groups can become too insular and fail to share what they have learned with people outside the group
advantages of effective social networks for career success include all of the following EXCEPT
greater redundancy in knowledge sources
among the downsides of social capital is/are:
social capital may both breed “groupthink” and the socialization processes to create it (orientation, training, etc.) can be expensive
social capital has many potential benefits. however, according to the text, social capital
may or may not be beneficial to a firm
the use of information technology (e.g. e-mail) has increased in recent years in many organizations
communicate information efficiently
the creation of knowledge assets is typically characterized by
high upfront costs and low variable costs
mary stinson was required to take over a project after the entire team left the company. she was able to reconstruct what the team had accomplished through reading e-mails exchanged by the previous team’s members. this is an example of
using explicit knowledge
explicit (or codified) knowledge
knowledge that can be documented, widely distributed, and easily replicated.
the management of intellectual property involves all of the following EXCEPT
converting explicit knowledge to tacit knowledge
dynamic capabilities include all of the following EXCEPT
becoming more efficient in operational processes
dynamic capabilities
are about the ability of an organization to challenge the conventional wisdom within its industry and market, learn and innovate, adapt to the changing world, and continuously adopt new ways to serve the evolving needs of the market.

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