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Business Acumen Questions and Answers (Latest Update 2024) Verified Answers
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Business Acumen Questions and Answers (Latest Update 2024) Verified Answers
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Business Acumen Questions andAnswers (Latest Update 2024) Verified
Answers
Key Competencies for Comp Professionals - Correct Answer
✅Financial Management, HR Management, Resource
Management
Financial Management Competencies - Correct Answer ✅1.
funding
2. ROI of programs
3. budget for programs
4. cost benefit thinking
5. expendetures
6. Cost effective approaches
7. procurement & contracting
8. performance plans
HR Management Competencies - Correct Answer ✅1.
Assess current and future staffing needs based on goals and
budget.
2. Ensure staff are selected, developed, appraised and
rewarded
,Business Acumen Questions and
Answers (Latest Update 2024) Verified
Answers
3. Take corrective action
4. Understand basic org design principles
Resource Management Competencies - Correct Answer ✅1.
Determine sources and collect data to facilitate decisions
2. Partner with internal staff and external consult/vendors
3. Use efficient and cost effective approaches to integrate
technology
What sets apart top performers - Correct Answer ✅The
ability to tie the key competencies together, distill key
messages and make impactful decisions
Business acumen skills and behaviors - Correct Answer ✅1.
Mission, vision, values. Understanding the purpose of your
organization, how it creates value, how it makes money
2. Business strategy. Understandings your customers
competition and competitive advantage
3. Organizational culture. Understanding the culture and
subcultures of the organization
, Business Acumen Questions and
Answers (Latest Update 2024) Verified
Answers
4. HR strategy. Ability to speak about your area of expertise
and collaborate with others
Business acumen for the comp professional - Correct
Answer ✅Demonstrate influencing and negotiation skills, be
an expert with data, navigate regulatory challenges
The importance of business acumen - Correct Answer
✅Contributions to organizational success, engaging with
executive leadership, self improvement and career
development
Contributions to organizational success - Correct Answer
✅Understand the financial and strategic context of your
organization, influence the organizations bottom line and
financial results
Engaging with executive leadership - Correct Answer
✅Represent the perspective of your area of expertise and
articulate its role in business outcomes, align with the
company's mission and financial priorities
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