exam 1 Flashcards
(143 cards)
1
Q
planning
A
process that include defining goals, establishing strategy, and developing plans to coordinate activities
2
Q
planning advantage
A
- force manager to look beyond everyday problem
- improves coordination of decisions
- emphasizes organizational objectives
- help new business
3
Q
planning disadvantages
A
- take up time
- neglective organizing
- influencing
- controlling
4
Q
standing plans
A
used repeatedly bc it focuses on stuff that keep happening
5
Q
policy
(standing plan)
A
standing plan which is a broad guideline to taking action
6
Q
procedure
(standing plan)
A
standing plan which outlines specific steps to accomplish a particular task
7
Q
rules
(standing plan)
A
standing plan which states specifically what an individual can or cannot do
8
Q
single use plans
A
used to carry out a special project, not to be repeated
9
Q
organizational purpose
A
identify what the organization exists to do
10
Q
organizational objectives
A
Target specific goals and guiding its management
11
Q
3 levels of objectives
A
- Long-term - target reached in 5-7 yrs
- Intermediate-term - targets achieve in 1-5 yrs
- short-term - target achieve in 1 yrs or less
12
Q
forecasting
A
predicting future environmental events that will influence the operationss
13
Q
Sales Funnels
(type of forecasting)
A
focuses on sales pipeline and use data from each stage of funnel
stages:
awareness - e.g. marketing activities
leads
prospects
sales
14
Q
moving average
(type of forecasting)
A
average sales over a specific period is used to predict future sales
15
Q
regression
A
analyze relationship between different variables
- plot data points and form a line
16
Q
product stages/lifecycles
A
idea that products go through different stages in their lifecycle
Lifecycle:
- introduction
- growth
- maturity
- saturation
- decline
17
Q
why plans fail
A
- planning not integrated
- lack of understanding
- managers not engage
- wrongly vested responsibility
- too much at once
- bad luck
18
Q
management
A
process to accomplish organizational goals using cumulative body of info
or
career devoted to guiding and directing organizations
19
Q
roles of management
A
- guide organizations toward goals
- assigning effective activities
- work through other ppl and resources
20
Q
planning
A
process of choosing a tasks, outlining how to perform them, and when
21
Q
organizing
A
assigning tasks to individuals and groups in the organization
22
Q
influencing
A
process of motivating, leading, and guiding activities of organization members in appropriate directions
23
Q
controlling
A
process of gathering performance info, comparing performance standards, and adjusting if needed
24
Q
managerial effectiveness
(managerial resources)
A
% of total resources that contribute to goal achievement
25
managerial efficiency
(managerial resources)
% of total resources that contribute to productivity
productivity = units / labor
26
theory of characteristics
(managerial resources)
enthusiasm, purpose driven, self-confident, and faith in their worthiness
27
human
(organizational resources)
include people and their knowledge skills
- employees are essential part
- them leaving cause big change
28
raw materials
(organizational resources)
company's RM are "materials" that build the company's final product
29
monetary
(organizational resources)
money used to buy goods/services
30
capital
(organizational resources)
equipment used to make goods/services
31
technical
(management skills)
ability to apply specialized knowledge to perform a task
- lower level or management
(usually at start of career)
32
human
(management skills)
being about to cooperate and work w ppl
- mid-career path
33
conceptual
(management skills)
ability to see the organization as a whole
- upper management
(later in career)
34
task-related
Focus on duties and task associated w the job
- include short-term planning, job clarification, and monitoring operations
ex: organizing
35
people-related
Process of focusing on ppl involved w the company
- include support, recognitions, develop skills, consulting, empowerment
ex: answering questions/conflicts
36
change-related
managing change in the company
ex: restructuring, hiring/firing
37
career
sequence of work-related positions occupied
38
career stages
1. exploration - figuring it out
- age 15-25
2. establishment - productive and high performing
- age 25-45
3. maintenance - growing, maintenance, or stagnation
- age 45-67
4. decline - retirement
- age 67+
39
emotional intelligence
being able to understand urself, managing ur emotions, dealing and understanding other ppl emotions
40
strategy
what you plan to do to achieve goals
41
strategic planning
long range plan focused on organization as a whole
42
environmental analysis
(strategic management process)
assessing external and internal factors that influence an organization’s strategic decisions.
includes:
1. economic component
- wages, tax, inflation
2. social component
- demographic, education, age
3. politcal component
- attitudes toward certain industries
4. legal component
- clean air act, regulations
5. technology component
- robotics growing
6. internation component
- foreign market
7. industry environment
- porter's five forces model
43
porter's five forces model
1. threat of new entrants - ability of new firm to enter market
2. buyer power - buyers have influence over price and quantity of the product
3. supplier power - supplier have control over term and conditions for the materials they provide
4. threat of substitude products
5. intensity of rivalry - firm putting pressure on another
44
SWOT analysis
include analysis of
1. external opportunities and threats
- market and competitors
2. internal strengths and weaknesses
(resources, core competence)
45
core competence
unique skills/knowledge that gives competitor advantage
46
differentiation
making firm more competitive by developing products different from competitors
47
cost leadership
make firm more competitive by producing product cheaper than competitors
48
focus
make firm more competitive by targeting particular consumer
49
growth
aim to increase business
50
stability
maintain or imrprove business
51
retrenchment
strengthen or protect amount of business
52
divestiture
eliminate unit not generating satisfactory amount of business
53
control
monitoring activities to ensure they are accomplished as planned
54
controlling process
1. measure performance
2. compare measured performance to standards
3. take corrective actions
55
power
extent to which a person can influence someone else
- more influence = more power
56
positional power
authority that comes from a person's rank or title in the company
57
personal power
ability to influence others through a person's skills and attitude
58
make control successful.by..
- be specific on company's goals
- pay attention to different kind of org. goals and prio
- timely corrective action
- communication of control process to people
59
data
type of facts or statistics
60
information
details about project
or set of conclusions from data analysis
61
information appropriateness
relevance of info to decision making process
62
information quality
degree to which info represents reality
info closely represents reality = higher quality + greater value
63
information timeliness
expected availability of data at the right time for its intented use
64
information quantity
the amount of decision related info manager possesses
65
information system
network that provide managers w continual access to vital info
66
operations management
systematic design, direction, and control that transform inputs into services and products for internal and external use
67
process
series of steps taken to create output
(take input, transform them -> output)
68
Characteristic of process
1. every process and person in the company has customers
2. every process and person in the company relies on suppliers
69
1st process characteristic
there are:
1. external customers - end user or reseller
2. internal customers - other employee in the company
- these are employees in the company who is considered customers because as you pass from 1 process to the next, the receiving employee is the customers who has to be satisfied with the product
70
2nd process characteristic
1. external suppliers - outside providers of input to make goods/service
2. internal suppliers - receiving supplies from other employee in the company
71
manufacturing process
goods are:
- physical
- output can be inventoried
- low customer contact
- long response time (3 weeks)
- capital intensive - goods tend to be expensive to make ( need machinery)
- quality easily measured (ex: broken, dent, creacked
72
service process
- intangible
- can't inventory output
- high consumer contact
- short response
labor intensive
- hard to measure quality
73
similarity of manufacturing and service
1. forecasting/capacity planning
2. process management
3. manage variations (goods coming out in diff color, size...)
4. monitor and control costs and productivity (placing cap on volume)
5. supply chain management
6. location planning (place to product/provide G/S)
7. inventory managements
8. quality control (default items)
9. scheduling
74
Core Values for Company Success
1. supplier relationship process
2. new service/product development process
3. order fulfillment process
4. customer relationship process
75
1. supplier relationship process
(core values/process)
process of selecting suppliers for G/S
- important bc no supplies = no product
76
2. new service/product development process
(core values/process)
process of designing new G/S
- as it advances, using old supplies = low quality goods
77
3. order fulfillment process
(core values/process)
process of activities to produce and deliver G/S
- no delivery = bad reputation = fail
- make sure goods get delivered
78
4. customer relationship process
(core values/process)
process of attracting and building relationship with customers
- no customer relationship = lose revenue = fail
79
support process
Processes like Accounting, Finance, Human Resources, Management Information Systems and Marketing that provide vital resources and inputs to the core processes
80
corporate (operations) strategy
provides an overall direction that serves as framework
81
Core competencies
(corporate strategy)
the resources and capabilities that comprise the strategic advantages of a business
- workforce = trained and flexible
- facilities
- market and financial know how
> should be stable n liquidity
- system and technology
> know the technology and system to build the product
82
global strategies
plans to assist business in expending and going globally
83
collaborative effort
(global strategies)
providing core competency to another company that cant or will not produce them
84
joint venture
2 firms joining together financially and legally for global expansion
(join ownership)
85
technology licensing
global partner pays technology originator a free
ex: company A has something B wants
B pays for % of sales as fee to gain goods/info that would assist their comp.
86
market segmentation
identify group of customers w similar traits to ensure providing G/S that benefits them
87
need assessment
determine what needs to be done to achieve goals
88
service or product needs
(need assessment)
asses if:
price is to cheap/expensive
quality is good or bad
customization availability?
89
delivery system needs
(need assessment)
asses if its:
- available (how many hrs/day?)
- convenience (how easy to contract delivery)
- courtesy
- safety
- accurate
- reliability
- delivery speed
90
volume needs
(need assessment)
high or low
variability
predictability
91
Competitive Priorities
1. quality
2. time
3. cost
4. flexibility
92
Top Quality
(competitive prio - quality)
delivery outstanding G/S
93
consistent quality
(competitive prio - quality)
delivery G/S that meet design specifications on consistent basis
94
low-cost operations
(competitive prio - cost)
delivery G/S at lowest possible cost
95
delivery speed
(competitive prio - time)
quickly filling a customer's order
96
on-time delivery
(competitive prio - time)
meeting delivery-time promises
97
development
(competitive prio - time)
quickly introducing new G/S
98
customization
(competitive prio - flexibility)
ability to change G/S designs
99
variety
(competitive prio - flexibility)
handling wide range of G/S efficiently
100
volume flexibility
(competitive prio - flexibility)
de-accelerating rate of production to match with demands
101
order winner
product that sells better by achieving critical competitive prios
102
order qualifier
product that meets a min threshold of less critical competitive prios
103
productivity equations
output / input
104
advantage of global competition
1. improve transportation n communication
2. loosen regulations on financial institution
3. increase imported goods demand
4. reduce import quotas and trade barriers
105
risk of global business
1. politcal risk
2. nationalization and seizing comp. property
3. employee skills
4. bribe
6. conflict of interest
7. black market
106
key aspects of process strategy
1. capital intensity
2. resource flexibility
3. customer involvement
107
capital intensity
mix of labor and equipment
108
fixed equipment automation
(capital intensity)
high equip. cost, fixed operation sequence, high to change = little to no flexibility to make diff type of products at lowest unit cost of product produced
109
flexible equipment automation
lower equip cost, irregular process for similar products = more flexible to make diff products, higher unit cost of product produced
110
resource flexibility
adaptability to change in volume, design, & technology
111
general purpose equipment
(resource flexibility)
lower total costs per unit when producing lower quantities
112
special purpose equipment
(resource flexibility)
lower total costs per unit when producing higher quantities
113
customer involvement
way customers become part of the process and extent of their participation
114
customer involvement ADVANTAGE
- increase net value to other customer
- reduction in product, shipping, and inventory costs
115
customer involvement DISADVANTAGE
- disruptive
- managing timing and volume is challenging
- difficult quality measurement
- requires interpersonal skills
- may need multiple locations
116
customer contact
the extent to which the customer is present, actively involved, and receives personal attention during service process
117
process divergence
is when process is highly customizable w how tasks are performed
118
line flow
one operation to the next, routine work
- linear
119
flexible flow
operation, customers, material, and info move in diverse way
- diverse
120
job process
small scale, low volume, high variety, high skill
121
batch process
moderate volume, moderate variety, mid level skills
122
line process
high volume of standardized goods, repetitive process, slightly flexible, low skills
123
continuous flow process
very high volumes, high standarized, continous process, no flexbility
124
design to order
totally customizable
125
make to order
common base, custom add ons
126
assemble to order
common base, premade add ons
127
make to stock
mass production of products
(inventory)
128
plant within plants
process when facility divides plant into sub-facilities where each sub-facilities does it's own task, process, priorities, and production under the same roof
129
store within store
retailer will place a store in a branch of well established grocery or department store
130
focused factories
result of firm splitting large plant that produced all company's product into smaller plants
131
reengineering
process of rethinking and redesigning to improve performance in term of cost,, quality, service, and time
132
process of improvement model
1. define
2. measure
3. analyze
4. improve
5. control
133
flowchart
diagram that traces flow of info, customers, equip, or material through various steps
134
work measurement techniques
used to establish times for task and improve productivity
135
time study
(work measurement techniques)
develop a time standard for a process
136
elemental standard data
(work measurement techniques)
uses similar processes as baseline
- no exact standard available
137
pre-determined data method
(work measurement techniques)
uses published data for comparison
138
work sampling
(work measurement techniques)
takes various samples of processes or tasks
139
learning curve
(work measurement techniques)
used when introducing new processes or products
140
swim lane flowchart
visual representation that groups functional areas responsible for different sub-processes into lanes
141
process chart
document activities by time into 5 categories
1. opeeration (change, create, add)
2 transportation
3. inspection
4. delay
5. storage
142
benchmarking
systematic procedure that measure firm's processes, service, and products against those of industry leaders
143
