[MGHB12H3] - Final Exam Guide - Ultimate 34 pages long Study Guide!
Document Summary
Chapter 1: the world of human resources management. Human resources management (hrm): the process of managing human talent to achieve an organization"s objectives. Human capital: the knowledge, skills and capabilities of individuals that have economic value to an organization. Challenge 1: responding strategically to changes in the marketplace. Six sigma: a set of principles and practices whose core ideas include understanding customer needs, doing things right the first time and striving for continuous improvement. Reengineering: the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service and speed. Outsourcing: contracting out work that was formerly done by employees. Change management: systematic way of bringing about and managing both organizational changes and changes on the individual level. Reactive change: change that occurs after external forces have already affected performance. Proactive change: change initiated to take advantage of targeted opportunities. Globalization: the trend to opening up foreign markets to international trade and investment.
