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Value & Problem-Based Management Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. _____ is a term that means additional value.

Question 2 2. If a firm is experiencing the Law of Diminishing Marginal Returns, the firm should

Question 3 3. Typically large companies are more likely to hire an employee that adds a

Question 4 4. Why does the rate of output slow when hiring more workers?

Question 5 5. If we hire another worker at The Bean Patch, the beans picked goes up from 35 to 40 bags of beans per hour. We can conclude that the marginal value of the additional worker is _____.

Page 2

Question 6 6. Which one of these is an example of polarities?

Question 7 7. On a polarity map, what do the the right pole and left pole list?

Question 8 8. What is polarity management?

Question 9 9. Juggling two interdependent polarities requires __________.

Question 10 10. How do you determine whether you have a problem or a polarity?

Page 3

Question 11 11. What is the first step for the framework of dilemma management?

Question 12 12. In which step in the dilemma management framework process is it best to avoid defensive and reactionary behavior?

Question 13 13. Frank is reviewing how he chose to put Gina on temporary suspension due to her conflict with another one of his employees. Which step of the dilemma management framework is he acting out?

Question 14 14. What defines a dilemma?

Question 15 15. Henry has a dilemma because he has two contracts that need the same resources, and he does not have enough for both. His boss, Clara, simply berates him and tells him that she wouldn't have made this mistake in his position, despite the fact that Henry knows she has indeed made these mistakes in the past, and has clearly not learned from them. What part of the dilemma management framework is Clara missing?

Page 4

Question 16 16. Faced with an unexpected drop in sales, the ABC auto body repair leadership team has decided to revise their per-hour pricing structure and replace it with a case-by-case estimate system. This is an example of:

Question 17 17. A simple change and a transformational paradox both have the impact of modifying a process, but:

Question 18 18. Which statement about a paradox in business management is FALSE?

Question 19 19. Why is the mindset associated with competition and collaboration a business management paradox?

Question 20 20. If a business management paradox can be _____, it can often be helpful to leaders faced with important decisions.

Page 5

Question 21 21. Todd's company develops enterprise accounting software that is a turnkey financial management system for non-financial industry businesses. Since his customers do not have specific subject-matter expertise in his products, Todd's company must ensure that their value is:

Question 22 22. When creating and growing value, it is important to provide adequate _____ to accomplish the objectives with excellence.

Question 23 23. In addition to customer-realized value, the _____ must also realize the same or greater value.

Question 24 24. In the context of value, one of the most common errors made by new entrepreneurs and business leaders is:

Question 25 25. Which of the following products would carry with it the most significant concerns about value visibility?

Page 6

Question 26 26. All of the following are examples of value creation in action EXCEPT:

Question 27 27. How can businesses embrace value creation from their employees?

Question 28 28. What type of intangible assets can help with the value creation process?

Question 29 29. What is value creation?

Question 30 30. What is the importance of value creation to a business organization?

Value & Problem-Based Management Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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