Introduction To Business

Question 1

Career options

Answer 1

1- academia
2-associateship
3-corporate dentistry
4-opening a new practice
5-purchasing all or part of a practice

Question 2

Associateship

Answer 2

Allows you to work for another dentist without the financial obligation of owning a practice.

Question 3

You can learn about purchasing opportunities from several sources including

Answer 3

Brokers
Colleagues
Allied dental groups
Local business organisations

Question 4

Corporate dentistry

Answer 4

Another option is working for a dental office chain. Most practice protocols and operational standards are set outside the practice.

Question 5

Organisations

Answer 5

Collections of people who work together and coordinate their actions to achieve a wide variety of gaols or desired future outcomes.

Question 6

Managers

Answer 6

The people responsible for supervising the use of an organisation’s resources to meet its goals.

Question 7

Resources

Answer 7

Include people, skills, machinery, materials,computers and it , patients, financial capital, and loyal customers,and employees.

Question 8

Goals

Answer 8

An idea or future desired result that a person or a group of people plan and committed to achieve within a limited time space by setting deadlines.

Question 9

Vision statement

Answer 9

Describe the desired future position of the company.
Is the ultimate goal of what they’d like to accomplish.

Question 10

Mission statement

Answer 10

Defines the company’s business,its objectives and its approach to reach those objectives.
The mission is what the people do in order to achieve the vision.

Question 11

Organizational performance

Answer 11

A measure of how efficiently and effectively managers use available resources to satisfy customers and achieve organizational goals.

Question 12

Effectiveness

Answer 12

A measure of the appropriateness of the goals an organisation is pursuing and the degree to which they are achieved.

Question 13

Efficiency

Answer 13

A measure of how well or how productively resources are used to achieve a goal .
Getting the most output for the least inputs.

Question 14

Administration

Answer 14

Is the art and science of decision making and leadership.
Science: some aspects are objective and can be approached with rationality and logic.
Art: some aspects are subjective and are based on application of knowledge and personal skills to achieve results.

Question 15

Four tasks of administration

Answer 15

Planning
Organizing
Leading
Controlling

Question 16

Planning

Answer 16

Is the process managers use for identifying and electing appropriate goals and actions for the organization.

Question 17

Organizing

Answer 17

Is the task of structuring working relationships in the way that allows organizational members to work together effectively and efficiently to achieve organizational goals.

Question 18

Leading

Answer 18

Leadership involves using power , personality, and influence, persuasion, and communication skills.

Question 19

Controlling

Answer 19

Is the process of evaluating or measuring how well an organisation has achieved its goals , resulting in taking corrective actions to improve performance or maintain results.

Question 20

Levels of administration

Answer 20

CEO
Top managers strategic level
Middle managers implementing level
First line managers operations level

Question 22

Fist line managers

Answer 22

Responsible for the daily supervision of the employees.

Question 23

Middle managers

Answer 23

Supervises first line managers.
Responsible for finding the best way to use resources to achieve organizational goals

Question 24

Top managers

Answer 24

Responsible for the performance of all departments.
Establish organizational goals.

Question 25

Skills managers need

Answer 25

Technical skills lower level man Human skills middle managers Conceptual skills(analytical) top

Question 26

Competitive advantage

Answer 26

Ability of one organisation to outperform other organisations because it produces desired goods more efficiently and effectively than its competitors.

Question 27

Innovation

Answer 27

The process of creating new or improved goods and services or developing better ways to produce or provide them.

Question 28

Planning

Answer 28

Identifying and selecting appropriate goals and courses of action for an organisation.

Question 29

Strategy

Answer 29

A cluster of decisions about what goals to pursue , what actions to take , and how to use resources to achieve goals.

Question 30

Three steps in planning

Answer 30

1- determining the organization's mission and goals. 2- formulating strategy ( analyze current situation and develop strategy) 3- implementing strategy

Question 31

To perform the planning task , managers ( dentists )

Answer 31

1- establish where an organisation is at the present time. 2- determine its desired future state. 3- decide how to move it forward to reach that future state.

Question 32

Time horizon

Answer 32

Period of time over which they are intended to apply or endure. 1- long term plans usually 5 years or more. 2- intermediate term plans are 1 -5 years. 3- short term plans are less than 1year

Question 33

Types of planning

Answer 33

1- strategic planning 2- operational planning 3- resource planning 4- contingency planning.

Question 34

Environmental scanning SWOT analysis

Answer 34

Strengths Weaknesses Opportunities Threats

Question 35

Types of strategies

Answer 35

1- low cost strategy 2- differentiation 3- stuck in middle