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Engineering Management
Final for Engineering Management
59
Management
Undergraduate 4
05/08/2010

Additional Management Flashcards

 


 

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Term
Specification
Definition
Fully describes the preferred condition which may take the form of a goal, standard, or other carefully determined quantitative statement of conditions
Term
Control
Definition
The process of maintaining conformance of the system
Term
Production
Definition
making the product or delivering the service
Term
Inspection
Definition
A judgment concerning whether the production meets the specifications. Determines whether or not corrective actions need to be taken
Term
Planning Function
Definition
Determines an organizations objectives and establishes the appropriate strategies for achieving those objectives
Term
Organizing Function
Definition
Assigns tasks identified during planning to individuals and groups within the organization so that objectives set by planning can be achieved
Term
Leading Function
Definition
Directing and motivating, influence organization members to perform in a ways that accomplish the organization's objectives
Term
Controlling Function
Definition
Makes sure that the organizations actual performance conforms with the performance that was planned for it
Term
Operational Definition
Definition
converts a concept into measurable, objective units.
Term
3 Types of Control that Managers Use
Definition
Preliminary- Control method focusing on preventing deviations in the quality and quantity of resources used in the organization

Concurrent-Monitoring ongoing operations to ensure that objectives are pursued

Feedback- A type of control where corrective action is directed at improving either the resource acquisition process or the actual operations
Term
Capital Budget
Definition
An intermediate and long-run planning document that details the alternative sources and uses of funds
Term
Investment Decisions
Definition
Managerial decisions that involve the commitment of present funds in exchange for future funds
Term
Payback Method
Definition
Calculates the number of years needed for the proposed capital acquisitions to repay its original cost out of future cash earnings
Term
Accounts Receivable Turnover
Definition
The ratio of credit sales to average accounts receivable
Term
Inventory Turnover
Definition
The ratio of cost of goods sold to average inventory
Term
Debt/Equity Ratio
Definition
A measure of the amount of assets financed by debt compared to that amount financed by profits retained by the firm and investments (stocks and other securities)
Term
Debt/Asset Ratio
Definition
An expression of the relationship of the firm's total debts to its total assets
Term
Liquidity Ratio
Definition
reflects the firm's ability to meet current obligations as they become due
Term
Current Ratio
Definition
The ratio of current assets to current liabilities
Term
Acid-Test Ratio
Definition
Relates only cash and near-cash items (current assets excluding inventories and prepaid expenses) to current liabilities
Term
Median
Definition
Descriptive statistic that denotes the point at which 50% of the points lie above and 50% lie below
Term
Mean
Definition
The average
Term
Mode
Definition
The most common data point
Term
Statistical Process Control
Definition
A method of implementing quality control before the final inspection stage. It relies on statistical tools to control variation within given processes
Term
Total Quality Control
Definition
An effective system for integrating the quality development, quality maintenance, and quality improvement efforts of the various groups in an organization so as to enable marketing, engineering, production, and service at the most economical levels that allow for full customer satisfaction
Term
Total Quality Management
Definition
oriented toward treating the system as the primary source of error or defects in manufacturing or service work
Term
Communication
Definition
The exchange of information between a sender (source) and a receiver (audience)
Term
Encoding
Definition
To convert a message into groups of symbols that represent ideas or concepts

Should be done with the receiver's background in mind for communication to take place
Term
Medium of Transmission
(examples)
Definition
A means of carrying an encoded message from the source to the receiver

Ex: Ink on paper, vibrations of air produced by vocal cords, and electronically produced airwaves such as radio and TV signals

Face to face is richest
Term
Feedback
Definition
The receiver's response to the sender's message
Term
Noise
Definition
Interference that affects any or all stages of the communication process
Term
To Increase upward communication in the workplace, the company should
Definition
Drive out fear
Term
3 Types of Communication
Definition
Oral- Communication using the spoken word to transmit a message

Written- Transmitting a message through the written word

Nonverbal- Intentional or unintentional messages that are neither written nor spoken
Term
Empathic Listening
Definition
Listening with the intent to understand, also known as active listening
Term
Downward Communication
Definition
Information that flows down the organizational hierarchy from managers and supervisors to subordinates
Term
Upward Communication
Definition
Information that flows p the organization from the subordinates to the supervisors and mangers
Term
Horizontal communication
Definition
Messages that flow between persons at the same level of an organization
Term
Grapevine
Definition
An informal communication channel that cuts across formal channels of communication and carries a variety of facts, opinions, rumors, and other information
Term
Source Credibility
Definition
The receiver's confidence and trust in the source of the message
Term
Communication Audit
Definition
A systematic method for collecting and evaluating information about an organization's communication efforts
Term
Leadership
Definition
The process of exerting influence over people to attain organizational goals
Term
Managers VS Leader
Definition
Managers are more concerned with "getting things done" whereas Leaders are concerned with "getting the right things done"
Term
Power
Definition
The capacity to influence people
Term
The 6 Types of Power
Definition
Reward-Ability to allocate organizational resources in exchange for cooperation

Coercive-Ability to apply penalties when an employee fails to cooperate

Expert- Individual's technical or expert knowledge about a particular area

Referent- Individual's personal characteristics that are esteemed by others

Legitimate-Accompanies certain positions within an organization

Personal- Consists of both expert & referent
Term
Contingency Leadership Models
Definition
Leadership theories that assert that the specific leadership behavioral style must be contingent on the situation if the leader is to be effective
Term
Trait Theory of Leadership
Definition
An early attempt to describe effective leaders in a systematic fashion that focuses on the leader's physical and personality attributes
Term
Behavioral Style Model
Definition
Task oriented -Leadership behaviors such as setting goals giving directions, and supervising worker performance, and applauding good work.

People Oriented- The aspect of leadership theory consisting of behaviors such as showing empathy for worker needs and feelings, being supportive of group needs, establishing trusting relationships with workers, and allowing workers to participate in work-related decisions
Term
Entrepreneur
Definition
A person who assumes the major risks of creating incremental wealth by making an equity, time, and/or career commitment of providing value to a product or service. The product or service itself may or may not be new or distinct, but value is added by the entrepreneur
Term
Intrapreneur
Definition
A person inside an organization who pursues an innovation and champions it over a period of time
Term
Types of Entrepreneurship
Definition
Administrative
Opportunist
Acquisition
Imitative
Incubative
Term
Administrative Entrepreneurship
Definition
Exhibited by the champion who supports research and development and provides or helps secure needed resources to develop ideas and move them from the lab to the market.
Term
Opportunist Entrepreneurship
Definition
Exhibited by companies that allow employees to seek and take new opportunities that help the company
Term
Acquisition Entrepreneurship
Definition
A strategy whereby firms court other firms that have knowledge, ideas, or promising products
Term
Imitative Entrepreneurship
Definition
This form of entrepreneurship takes advantage of and extends the use of other firms' ideas, products, and technologies
Term
Incubative Entrepreneurship
Definition
Involves subjecting a new idea, technology or innovation to experimentation and testing.
Term
Business Plan
Definition
The entrepreneur's road map. The business plan contaings descriptoions of the company, its founders, the product, and its potential markets, as well as financial projections about the company's expected future performance
Term
Risk management Controls Include?
Definition
Implementation of Risk Control Plan
Modification of Risk Controls
Term
Typical Interval Program Reviews Include
Definition
Interval Program Status Reviews
Quality Reviews
Term
Program Priorities
Definition
Focuses Management's review of status
Guide selection of corrective actions
Continuously rank risk issues
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