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Flashcards in Business Management and Strategy (Mod 1) Deck (25)
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Gantt Chart

aka horizontal bar chart, milestone chart or an activity chart

Visual benefit is that it supports ongoing awareness of how completion of subtasks impacts potential for success


PERT Chart

Program evaluation and review technique chart

Tasks that must be completed in sequence are called dependent or serial tasks -- aka the critical path. Parallel or concurrent tasks take place simultaneously but don't have to be completed sequentially to critical path


Four Phases of Strategic Planning Process

Strategy Formulation: vision and mission statements developed; organizational values defined

Strategy Development: SWOT analysis, long-term organizational objectives established; strategies defined

Strategy Implementation: short-term objectives established; action plans developed; resources allocated; focus on motivating employees to manage plan

Strategy Evaluation: strategies reviewed; performance measured


Why Strategic Planning?

Helps an organization focus on how to succeed in the future; integrates goals and activities of the major business functions of an organization in order to achieve organizational success


Three Questions Strategic Planning Addresses

Where is the company now?
Where does the company want to go?
How will the company get there?


Define vision, mission and values

Vision statement: vivid, guiding image of the organization's desired future

Mission statement: specifies what activities the organization intends to pursue and what course management has charted for the future

Values: what is important to the organization


SWOT Analysis Process

Simple and effective process for collecting info about an organization's current state

S = Strength (internal)
W = Weakness (internal)
O = Opportunities (external)
T = Threats (external)


Timeframes for short, mid and long term objectives

Long-term = 3-5 years

Mid-term = 1-3 years

Short term = 6 months-1 year


HR's Role in Strategic Planning

Serve needs of organization as a whole and its constituent functions

Expert on strategic human resource planning (organizational and functional levels)

Fulfill basic mission

Understand roles of other functions

Build partnerships across organization/relationships with key people in the organization

Learn organization's industry

Use facts and data to support suggestions

Contribute to measuring strategic success


Balance Sheet

Statement of the organization's financial position (assets, liabilities, equity) at a PARTICULAR TIME.

Assets = Liabilities + Equity
Equity = Assets - Liabilities


Income Statement

Compares revenues, expenses, and profits over a SPECIFIED PERIOD OF TIME (usually a year or quarter)

Provides the "bottom line" or net income/profit

Revenues - Expenses = Net Income


What does this department do?

Central focus of operations is the provision of goods and services to the customer.

Productivity, quality, cost, delivery and performance are primary responsibility of operations


Human Capital

Combined knowledge, skills and experience of a company's employees


Four Stages of Organizational Life Cycle



Environmental Scanning Process

Systematic survey and interpretation of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization in the future.



Return on Investment

ROI = value received from an investment - cost of investment/cost of the investment



Cost-Benefit Analysis

Measure financial value of an action

Cost-Benefit Ratio = Value of project or received benefits/cost



Balanced Scorecard

Designed to provide a concise yet overall picture of an organization's performance as measured against goals in four areas (finance, customers, internal business process, learning and growth) and from the perspective of various stakeholders


Why use quantitative and qualitative

Quantitative provides numeric data analyzed with statistical methods (BREADTH)

Qualitative is based on research that supplies non-numeric data (DEPTH)


Measures of Central Tendency

Describe groups by how much of a certain characteristic they have in common

Mean = average score

Mode = value that occurs most frequently

Median = middle point above and below which 50% of the scores lie


Measures of Variation

Provide an indicator of variation around central tendency values

Range: distance between highest and lowest scores; range = highest score minus lowest score

Percentile: specific point in a distribution that has a given percentage of cases below it

Standard deviation: how much the scores are spread out around the mean


The broadest answers come from open-ended or closed-ended questions?



Reliability and Validity

Reliability = ability of an instrument to measure consistently; ability to repeat an experiment and obtain similar results

Validity: ability of an instrument to measure what it is intended to measure

A reliable instrument is not necessarily valid; however, a valid instrument is always reliable


Relationship of Committees and Subcommittees

Bills go to a committee, who then referred to a subcommittee.

Subcommittees review, mark-up and send back to committee. If subcommittee votes not to report to full committee, bill dies.


Number of votes needed to override a Presidential veto

2/3 roll-call votes of members present in sufficient numbers for a quorum