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GMS 200 Actual test Questions & answers | A Graded
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GMS 200 Actual test Questions &answers | A Graded
Programmed Decisions - ✔✔Solutions to problems that are readily available from past experiences
to solve structured problems
Unstructured Problems - ✔✔New and unusual situations which non-programmed decisions
Non Programmed Decisions - ✔✔Decisons that use specific solutions crafted for a unique problem
Certain Environments - ✔✔Offer complete information about possible action alternatives and
their outcomes
Risk Environments - ✔✔Environments that lack complete information about action alternatives
and their consequences, but offer some estimates of probabilities of outcomes for possible action
alternatives
Uncertain Environments - ✔✔An environment in which Information is so poor that
probabilities cannot be assigned to likely outcomes of known action alternatives.
Optimizing Decision - ✔✔Choosing the absolute best decision among alternatives
Satisficing Decision - ✔✔Choosing the first "satisfactory" alternative
Global Economy - ✔✔Resources, markets, and competition are worldwide in scope
Global Sourcing - ✔✔The process of purchasing materials, manufacturing components, or
business services from around the world for local use
,Licensing Agreement - ✔✔A local firm pays a fee to a foreign firm for rights to make or sell
its products in a particular region
Franchising - ✔✔A form of licensing in which the foreign firm buys the rights to use another
name and operating methods in its home country
Foreign Direct Investment - ✔✔Building, buying all or part ownership of a business in a
foreign country
Global Strategic Alliance - ✔✔A partnership in which foreign and domestic firms share resources
and knowledge for mutual gains
Foreign Subsidiary - ✔✔local operation completely owned by a foreign firm
Greenfield Investment - ✔✔building an entirely new operation in a foreign country
Political Risk - ✔✔A potential loss of value of foreign investment due to instability and changes
in host country
Local Legal Systems - ✔✔complex and unfamiliar laws can create problems
Protectionism - ✔✔Giving favourable treatments to domestic businesses
Multinational Corporations - ✔✔business firms with extensive international operations in
foreign countries
Transnational Corporation - ✔✔Operates on a worldwide borderless basis
Ethnocentrism - ✔✔tendency to consider one's own culture as superior to others
, Ethnocentric Attitude - ✔✔Believes the best approaches are found at home and tightly
control foreign operations
Polycentric Attitude - ✔✔Respects local knowledge and allows foreign operations to run with
substantial freedom
Geocentric Attitudes - ✔✔High in cultural intelligence and take a collaborative approach to
global management practices.
Open Systems - ✔✔transforms resource inputs from the environment into product outputs
Analytics - ✔✔the systematic gathering and processing of data to make informed decisions.
Joint Ventures - ✔✔Operating in a foreign country through co ownership by foreign and
local partners
Scientific Management - ✔✔Management approach that emphasizes careful selection and training
of workers and supervisory support.
Modern Management - ✔✔Management approach that uses a quantitative and evidence
based apporach
Bureaucracy - ✔✔a rational and efficient form of organization founded on logic, order, and
legitimate authority
Administrative Principles - ✔✔Fourteen principles developed by Henri Fayol that suggest
managers should learn the management functions of planning organizing,leading, and controlling
Scalar Chain Principle - ✔✔Administrative prinicple that states there should be a clear and
unbroken line of communication from the top to the bottom of the organization
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