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MG 409 exam 1 part 3
| Question | Answer |
|---|---|
| Ethnocentric— | A strong emphasis on the home-country practices, policies, and culture. Home-country approaches dominate and operations in other countries are typically copied from the home country. |
| Polycentric— | A strong emphasis on each country as a unique environment. Practices, culture, and policies rely heavily on what is “normal” in each country. |
| Regiocentric— | Rather than emphasizing each individual nation’s uniqueness, countries are considered as aggregates within a region. |
| Geocentric— | An emphasis on utilizing the best ideas and practices from anywhere in the world. |
| Franchising | is an arrangement whereby a business can be replicated and expanded by granting the right to use its business model and brand. |
| licensing agreement | Organization sells the rights to its products or trademarks to producers |
| Joint ventures | are created between two or more partners who share ownership and risk in the investment. |
| A merger | is two companies that combine their businesses together to create a new business entity. |
| An acquisition | is one company being bought by another, which typically results in the acquired company being folded into the acquirer’s business. |
| Foreign direct investment | occurs when a company takes a controlling ownership interest in a business in another country |
| Outsourcing | is transferring the management and performance of a business function to an external service provider. |
| Offshoring | is a broad term describing a company’s relocation of a business process or operation from one country to another. |
| expatriate | is a citizen of one country who is working in a second country and employed by an organization headquartered in the first country. |
| Repatriation | , returning the expatriate to the home country, must also be executed well for the organization to capitalize on the benefits of the overseas assignment |
| host-country national | is an employee working in their home country for a firm that is headquartered in a different country. |
| third-country national | is a citizen of one country who is working in a second country for an organization that is headquartered in a third country. |
| host-country-based approach | compensates the expatriate at the same level as workers from the host country. |
| codetermination | Practice in which union or worker representatives are given positions on a company’s board of directors. |
| Strategic planning | is the process of defining organizational strategy, or direction, and allocating resources (capital and people) toward its achievement |
| organizational mission | The core reason for the existence of the organization and what makes it unique |
| organizational core values | Principles that create the operating philosophy for organizational decisions |
| VUCA, | an acronym standing for volatile, uncertain, complex, and ambiguous. |
| triple bottom line | Considers the organization’s impact on three major areas—economic, social, and environmental |
| Strategic HR management | The appropriate use of HR management practices to gain or keep a competitive advantage |
| multinational corporation (MNC) | An organization that has facilities and other assets in at least one country other than its home country |
| Human resource planning | is the process of analyzing and identifying the need for and availability of people so that the organization can meet its strategic objectives. |
| environmental scanning | The assessment of external and internal environmental conditions that affect the organization |
| Succession planning | is the process of identifying a plan for the orderly replacement of key employees. |
| Forecasting | uses information from the past and present to predict future conditions. |
| Alternate work arrangements | are nontraditional schedules that provide flexibility to employees and include job sharing and telecommuting. |
| Due diligence | is a comprehensive assessment of all aspects of the business being acquired |
| Effectiveness for organizations | is a measure of the ability of a program, project, or task to produce a specific desired effect or result that can be measured. |
| Efficiency | is the degree to which operations are carried out in an economical manner. |
| Benchmarking | is the process of comparing an organization’s business results to industry standards or best practices. |
| balanced scorecard | A framework organizations use to report on a diverse set of performance measures |
| total cost of workforce (TCOW) | A comprehensive measure that takes into account the full cost for all people that contribute work to the organization |
| return on investment (ROI) | Calculation showing the value of investments in human capital |
| Human capital value added (HCVA) | is an adjusted operating profitability figure calculated by subtracting all operating expenses except labor expenses from revenue and dividing by the total full-time head count. |
| Human capital return on investment (HCROI) | directly shows the amount of profit derived from investments in labor, which represents the leverage the company has on labor cost. |
| Human economic value (HEVA) | shows the wealth created per employee. |
| HR audit | is a formal research effort to assess the current state of an organization’s HR practices |
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