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WGU Principles of Management at Western Governors University(IAC1) Sample Questions (Q22-Q27):
NEW QUESTION # 22
What is the purpose of the Six Sigma Quality approach? Choose 1 answer
- A. To promote the six most common leadership objectives
- B. To break down communication barriers
- C. To analyze the causes of product defects
- D. To improve employee education processes
Answer: C
Explanation:
The purpose of the Six Sigma Quality approach is to analyze the causes of product defects and to reduce variability in manufacturing and business processes. Six Sigma uses statistical methods to identify and eliminate defects, aiming for near perfection in production processes. It involves steps like defining the problem, measuring key aspects, analyzing the data, improving processes, and controlling the future process performance.
NEW QUESTION # 23
What is the most common way for entrepreneurs to finance a start-up business? Choose 1 answer
- A. Initial public offering
- B. Venture capital
- C. SBA loan
- D. Personal funds
Answer: D
Explanation:
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.
NEW QUESTION # 24
Entrepreneurs who want to start a new business need to understand the level of risk and both dimensions.
What do entrepreneurs use to assess levels of risk and innovation?
Choose 1 answer
involved in establishing a new venture and must then decide if they are comfortable with
- A. Collaboration tracking matrix
- B. Innovation creation diagram
- C. Entrepreneurial strategy matrix
- D. Entrepreneurial loss function diagram
Answer: C
Explanation:
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) andInnovation 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.
NEW QUESTION # 25
Which process is used to verify that deliverables are correct and complete? Choose 1 answer
- A. Quality Collaboration
- B. Quality Cooperative
- C. Quality Control
- D. Quality Assurance
Answer: C
Explanation:
The process used to verify that deliverables are correct and complete is known as Quality Control. Quality control involves the operational techniques and activities used to fulfill requirements for quality. It includes activities such as measuring, examining, and testing to gauge one or more characteristics of a product or service and the comparison of these with specified requirements to determine conformity.
* Quality Control(Answer A): This process is a part of the quality management focused on fulfilling quality requirements. It involves monitoring specific project results to determine if they comply with relevant quality standards and identifying ways to eliminate causes of unsatisfactory performance.
* Quality Assurance(Answer D): This process is about ensuring that quality standards and processes are adhered to, and that the final products meet those standards. While it helps prevent defects by focusing on the process used to make the product, it is not directly involved in verifying the deliverables themselves.
* Quality Collaboration(Answer B) andQuality Cooperative(Answer C): These terms are not standard processes in quality management as defined in the principles of management, thus making them
* incorrect choices for this question.
The textbook clearly states that quality control involves the steps taken to monitor results and ensure that they meet the required standards, making it the correct choice for verifying that deliverables are correct and complete.
NEW QUESTION # 26
In which situation does religious preference inappropriately affect decision making? Choose 1 answer
- A. A manager refuses to participate in an event that conflicts with the manager's personal religious beliefs.
- B. A real estate agent uses her religious background as a basis for accepting bids on property that is for sale.
- C. An individual follows religious dietary restrictions while at work regardless of the religious beliefs of others.
- D. A company allows two days off per year for religious celebrations to all employees regardless of religious affiliation.
Answer: B
Explanation:
Religious preference inappropriately affects decision making when a real estate agent uses her religious background as a basis for accepting bids on property that is for sale. This situation reflects discrimination and bias, as decisions are being influenced by personal religious beliefs rather than objective criteria. Such actions can lead to unethical practices and violate principles of fair treatment and equality.
NEW QUESTION # 27
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