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management 3000
exam 1
163
Management
Undergraduate 3
02/12/2012

Additional Management Flashcards

 


 

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Term
organization
Definition
collection of people working together to achieve a common purpose
Term
organizations perform and create ___________
Definition
value
Term
organizations are open systems that transform resource inputs into outputs in the form of ________ and ________
Definition
goods and services
Term
input
Definition
anything that will eventually earn value for a cooperation...intellectual capital, raw materials
Term
management activities include
Definition
planning
organizing
leading
controlling
Term
plan/planning
Definition
specify the goals to be achieved and decide the appropriate actions to take to achieve those goals.
Term
organize/organizing
Definition
assemble and coordinate resources needed to to achieve goals
Term
lead/leading
Definition
stimulate individuals to high performance individually and in groups through direction, motivation, and communication
Term
control/controlling
Definition
monitor progress and implement changes necessary ensure that goals are met
Term
levels of management...
Definition
strategic
operational
tactical
Term
strategic level managers
Definition
top level, senior execs of an organization responsible for overall management who develop long term strategies for the survival, growth and effectiveness of the company
Term
operation managers
Definition
frontline managers, supervise the day to day operations of the business and the hourly employees
Term
tactical managers
Definition
mid level, responsible for translating the general goals and plans developed by strategic managers into specific objectives and actions
Term
hourly employee
Definition
not a manager, directly involved in the day to day operations and may assume self management functions if organization allows
Term
directive management view
Definition
ideas are pushed downward, what can employees do for the managers, top to bottom movement on the management pyramid
Term
supportive management view
Definition
inverted pyramid, what can managers do for employees, information flows upward from employees to managers, managers say let me help you...
Term
types of managers
Definition
line
staff
functional
general
administrators
Term
line manager
Definition
managers are responsible for work activities that directly affect organizations output
Term
staff managers
Definition
use technical expertise to advise and support the efforts of line workers
Term
functional managers
Definition
responsible for a single area of activity
Term
general managers
Definition
responsible for more complex units that include many functional areas
Term
administrators
Definition
work in public and non profit organizations
Term
cognitive/hard skills
Definition
things you know, think, psychomotor skills
Term
affective/soft skills
Definition
what you show, feel, illustrate
Term
micro skills
Definition
good at singular tasks you can complete and told to do
Term
macro skills
Definition
can see how one little job is part of the whole company
Term
specialized skills
Definition
what youre best at
Term
general skills
Definition
know a little about alot, lots of skills necessary
Term
formal skills
Definition
read reports, analyze numbers, present bullet points, interact with people
Term
informal skills
Definition
grapevine/rumor mill, coffe room, parking lots, unplanned interaction where you can acquire more information
Term
networking skills
Definition
relations with people and sources of information (inside and outside of company)
Term
server skills
Definition
being a source of information
Term
skill basket
Definition
all the shit youre good at
Term
conceptual skills
Definition
the ability to think analytically and achieve integrative problem solving
Term
human skills
Definition
the ability to work well in cooperation with other persons
Term
technical skills
Definition
the ability to apply expertise and perform a special task with proficiency
Term
productivity
Definition
measures the quantity and quality of outputs relative to the cost of inputs
Term
effectiveness
Definition
an output measure or task or goal accomplishment
Term
efficiency
Definition
an input measure of resource cost associated with goal accomplishment
Term
intellectual capital
Definition
is the collective brainpower or shared knowledge of a workforce that can be used to create value
Term
intelligence capital equation
Definition
competency X commitment
Term
resources and intangible resource advantage theory
Definition
seperates similar companies
Term
planning
Definition
the process of setting objectives and determining how to best accomplish them
Term
objectives
Definition
identify the specific results or desired outcomes that one intends to achieve
Term
long term plans
Definition
look 3 or more years into the future
Term
intermediate plans
Definition
less than 3 years
Term
short term plans
Definition
1 year or less, most people are comfortable with short term plans
Term
planning enables people/organizations to orient towards:
Definition
prioriting
results
change
resource utilization
Term
steps to planning
Definition
specify
benchmark
anticipate
options
measure
Term
strategic plans
Definition
set broad, comprehensive, and longer term action directions for the entire organizations
Term
company's vision
Definition
clarifies purpose of the organization and what it hopes to be in the future
Term
mission statement
Definition
states plans and visions to company and customers
Term
tactical plans
Definition
help to implement all or parts of the strategic plan
Term
functional plans
Definition
indicate how different operations within the organization will help accomplish the overall strategy
Term
functional plans include...
Definition
production plans
financial plans
facilities plans
marketing plans
human resource plans
logistics plans
Term
operational plans
Definition
identify short term activities to implement strategic plans
Term
policies
Definition
standing plans that communicate guidelines for decisions
Term
procedures
Definition
rules that describe actions to be taken in specific situations
Term
budgets
Definition
plans that commit resources to projects or activities
Term
zero based budgets
Definition
allocate resources as if each budget were brand new (gives transparency and doesn't allow for loopholes)
Term
forecasting
Definition
assumptions about what will happen in the future
Term
qualitative forecasts
Definition
assumptions about the future that use expert opinions
Term
quantitative forecasts
Definition
assumptions about the future that use math and statistics
Term
benchmarking
Definition
use of external comparisons to evaluate and identify possible future actions
Term
S.M.A.R.T. goals
Definition
specific
measurable
acceptable/attainable
realistic/challenging
timely/timed
Term
value chain
Definition
an analysis of the organization as a series of activities, each which adds or removes value to or from products and or services
Term
value adding activities
Definition
shit an organization does that make it better or more appealing (academics at mizzou)
Term
value reducing activities
Definition
shit an organization does that make it worse and less attractive (parking at mizzou)
Term
distribution chain
Definition
path of finished good from manufacturer to customer
Term
traditional distribution model
Definition
buy-hold-sell
Term
modern distribution model
Definition
sell-source-ship
Term
disintermediation
Definition
use of internet as delivery vehicle; cut guys out of the picture; leads to less control over business
Term
reintermediation
Definition
reintroducing intermediaries that were previously left out
Term
supply chain
Definition
paths reaching back to company's suppliers of parts and subassemblies for it's finished goods and or services, and paths reaching forward to company's receivers of finished goods (distribution chain)
Term
today a goal of business is to move towards globalization to promote _______
Definition
efficiency
Term
in a ______ _________ the success of one company is directly related to the success of another
Definition
supply chain
Term
logistics
Definition
the movement of parts, subassemblies, and finished goods within a supply chain involving handling and transportation
Term
logistics involves...
Definition
trucking
shipping facilities
docks
information accessability
warehouse shit
movement of information with technology
RFID radio frequency identification
Term
JIT inventory
Definition
ordering/making/delivering the exact amount of goods required at exactly the right time they are needed in order to reduce inventory, save costs, and improve quality
Term
according to the criminal Tim Waid, inventory is ______ and can be described as ________ _______ __________
Definition
evil, dollars held hostage
Term
why is inventory evil?
Definition
cost
tastes change
shrinkage (lost/damage/stolen)
needs building and managers and shit
must be insured
depreciates
Term
when is inventory good?
Definition
no change in taste/demand
demand is extremely high
margin of cost is extremly high
Term
cycle time
Definition
the amount of time from order placement until receipt for the customer. Organizations must transform inputs into outputs during order fulfillment
Term
cycle time equation
Definition
idle time + travel time + process time = cycle time
Term
idle time
Definition
amount of time product/service sits without anything happening to it
Term
travel time
Definition
amount of time the product/service spends going from process to process
Term
process time
Definition
amount of time the product is being worked on
Term
organizations want to...
Definition
reduce non value adding activities
streamline/compress process time
improve ratio of process time/cycle time
reduce cycle time
Term
quality
Definition
relates to reliability, what you want, trade off with price
Term
statistical process control
Definition
using ratios and shit to figure out if you are being productive, effective, efficient
Term
standardization
Definition
product does not vary much, machines do one single thing
Term
economies of scale
Definition
each product becomes cheaper to make as each product is made (mass production)
Term
economies of scope
Definition
applying economies of scale to slight product variation
Term
in mass production, the number of ________ is greater than the number of _________
Definition
machines, people
Term
mass production attributes
Definition
# of machines > # of people
specialization
low cost
centralization (rigid control structure)
Term
advantages of mass production include...
Definition
removal of non value work
catalogue know how
fewer errors
Term
disadvantages of mass production
Definition
increase capital outlay
Term
lack flexibility
Definition
Term
customization is also known as ______ _______ ___________
Definition
small batch production
Term
customization
Definition
making a few of many different things
Term
attributes of customization
Definition
# of people > # of machines
variation
increases cost
decentralization (less rigid control)
Term
advantages of customization
Definition
decrease capital outlay
flexibility
Term
disadvantages of customization
Definition
non value work (more travel/idle time)
non catalogue know how
more errors
Term
standard production is _________ than custom production
Definition
cheaper
Term
push approach to management
Definition
directive, management is a science, standardization, Ideals and procedures are pushed down from managers to lower levels of the pyramid
Term
pull approach to management
Definition
supportive management, management is an art, managers pull information from employees and customers in lower levels up to the top of the pyramid
Term
mass customization
Definition
making alot of many different things
Term
module (subassembly)
Definition
specific processes or tasks performed by a subunit of the production facility or outside vendor
Term
examples of a module (subassembly)
Definition
subway sandwich
white/black iphone
f150 with short/long bed
Term
outsourcing
Definition
company focuses on core competency work, sends out other work
Term
offshoring
Definition
company seeks low cost manufacturing sites over seas
Term
insourcing
Definition
company offers value added activity to business partner inside
Term
reshoring
Definition
shift back to stateside production
Term
macroenviornment
Definition
all of the background conditions in the external environment of the organization
Term
macroenvironment includes...
Definition
economic health of the company
legal political issues
socio cultural issues
technological issues
natural environment
Term
specific (task) environment
Definition
actual organizations, groups, and persons with whom an organization interacts and conducts business
Term
important stakeholders to the specific (task) environment include...
Definition
customers
suppliers
competitors
regulators
owners
Term
customers want...
Definition
1. customer service
2. quality
3. low price
4. speed
Term
suppliers want...
Definition
1. proprietory information
2. relation based partnership, not transaction based,
3. value adding relationships
Term
regulators want to know...
Definition
how are you successful?
how do you do shit?
Term
owners want...
Definition
growth and value
earnings
Term
primary constituants
Definition
people/organizations with a direct relation to the business
Term
secondary constituants
Definition
people/organizations who view the organization at a distance, not directly related in the day to day of the business
Term
primary constituants include...
Definition
employees
customers
stakeholders
communities
suppliers
Term
secondary constituants include
Definition
government
media
creditors
NGO's/Unions
education systems
Term
core comptency
Definition
the one thing a company does best and continues to get better at it
Term
competitive advantage
Definition
a core comptency that clearly sets an organization apart from competitors and gives it an advantage over them in the marketplace
Term
sustainable competitive advantage
Definition
a competitive advantage/comptency that is difficult for competitors to imitate
Term
first mover advantage
Definition
the first organization to employ a unique competitive advantage, attracting customers and keeps customers (like apple in the 80's...or like 'da U in da 80's')
Term
competitive advantage can be linked to...
Definition
products
pricing
customer service
cost efficiency
quality
knowledge
speed
entry barriers
financial resources
Term
environmental uncertainty
Definition
a lack of complete information regarding what exists and what developements may occur in the external environment
Term
dimensions of environmental uncertainty
Definition
-degree of complexity
-rate of change
Term
degree of complexity
Definition
simple vs. complex environmental uncertainty
Term
rate of change
Definition
stable vs. dynamic environmental uncertainty
Term
strategy
Definition
a comprehensive action plan that identifies long term direction for an organization and guides resource utilization to accomplish organizational goals with sustainable competitive advantage
Term
strategic intent
Definition
focusing all organizational energies on a unifying and compelling goal
Term
organizational effectiveness
Definition
sustainable high performance in using resources to accomplish mission and objectives
Term
levels of strategies include...
Definition
corporate
business
functional
Term
corporate strategies
Definition
set long term direction for the total enterprise
Term
business strategies
Definition
how a division or strategic business unit will compete in its product or service domain
Term
functional strategies
Definition
guides activities within one specific area of operations
Term
mission
Definition
the reason for an organization's existance
Term
mission statements identify...
Definition
customers
products or services
location
philosophy
Term
an important test of the mission statement of a company is how well is serves its __________
Definition
stakeholders
Term
operating objectives
Definition
narrow and short term goals to mission fulfillment, direct activities toward key and specific performance results
Term
SWOT analysis
Definition
examining of an organizations current position by looking at internal strengths and weaknesses compared to environmental opportunities and threats
Term
S.W.O.T.
Definition
Strengths, weaknesses, opportunities, threats
Term
BCG matrix
Definition
compares market growth rate for products and services to market share of products and services (dogs, cash cows, question marks, stars)
Term
growth strategies
Definition
seeks an increase in size and the expansion of current operations
Term
concentration strategies
Definition
grow within the same business areas (pepsi pushing mountain dew)
Term
diversification strategies
Definition
grow by acquiring or investing in new and different business areas
Term
related diversification
Definition
sticking to related product areas when diversifying (pepsi buying gatorade)
Term
unrelated diversification
Definition
diversifying into completely unrelated fields (walt disney going from cartoons to theme parks)
Term
vertical integration
Definition
diversifying through buying related shit to your business, can also be buying within the supply chain (pepsi buying t-bell, scholastic buying a paper company)
Term
reduction strategies
Definition
adjusting operations when an organization is in trouble
Term
chapter 11 bankruptcy
Definition
everyone gets paid, protects firm from creditors while management re-orgainzes to restore solvency (blockbuster)
Term
chapter 7 bankruptcy
Definition
organization is gone, goes under, liquidate and sell everything and have creditors line up for payment
Term
liquidation
Definition
close business and sell assets to pay creditors
Term
downsizing
Definition
decreasing size of operations to focus on what youre good at (starbucks)
Term
divestiture
Definition
sells parts of organization to refocus on core business (pepsi selling t bell)
Term
turnaround strategy
Definition
fix specific performance problems
Term
differentiation
Definition
providing product or service in a different way that provides value and customers are willing to pay more
Term
niche
Definition
an organization being one thing to a few people
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