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Management 3000 Exam 2
Read thefucking title
58
Management
Undergraduate 3
04/01/2013

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Term
5 Steps of the planning function
Definition
1. Define objectives – challenging but doable, raises the bar
2. Determine current status (DELTA)
3. Develop ideas for future conditions and make alternatives
4. Make a plan
5. Evaluate the plan and take action – ALWAYS question action
Term
Reasons for planning
Definition
Action oriented
Priority oriented
advantage oriented
change oriented
Term
Action oriented reasons for planning
Definition
keeps a results driven sense of direction
Term
priority oriented reasons for planning
Definition
makes sure the most important things get taken care of first
Term
advantage oriented reasons for planning
Definition
Makes sure all of the resources are used to their greatest advantage
Term
change oriented reasons for planning
Definition
anticipates problems and opportunites
Term
strategic plans
Definition
longs terms plans set broad and comprehensive
Term
time horizon of thought
Definition
the extent of which one considers the events in past and future
Term
functional plan
Definition
how different parts of an enterprise will contripbute to the plan
Term
financial plans
Definition
deals with the money required to support various operations
Term
strategic plans
Definition
production, financial, marketing, facilities, and human resource
Term
production plans
Definition
deals with the methods and and technology
Term
human resource plans
Definition
deal with recruitment, selection, and placement of people
Term
facilities plan
Definition
deal with the facilities development
Term
policy vs. procedures
Definition
Policy - plans and reasons for the rules
Procedures - rules
Term
Financial budget
Definition
project cash flows and expenses
Term
Operating budget
Definition
anticipates sales and revenue
Term
nonmonetary budget
Definition
allocate resources and people
Term
zero based budget
Definition
deals with common problems by approaching budget period as a brand new one
Term
qualitative forecasting
Definition
expert opinions to predict the future
Term
quantitative forecasting
Definition
uses math models and statistical analysis of historical data
Term
benchmarking
Definition
external comparisons to gain insight
Term
SMART
Definition
specific
Measurable
Attainable
Challenging
Timely
Term
Most important tool in management
Definition
goal setting
Term
Sentence Format for goals
Definition
(action verb)(measurable goal)(by deadline)
Term
How setting goals can be good
Definition
narrow attention and direct efforts
lead to more effort
influence persistence
Term
How setting goals can be bad
Definition
narrow attention
unethical behavior
decrease risk taking
Term
Intrinsic vs Extrinsic
Definition
Intrinsic - doin things because you want to do them

Extrinsic - money, praise, others
Term
strategy
Definition
a comprehensive plan guiding resource allocation to achieve long term goals
Term
strategic intent
Definition
focusing energy on one consistent goal
Term
corporate strategy
Definition
sets long term direction for the total enterprise
Term
business strategy
Definition
indentifies how a specific component of the entire enterprise will run
Term
functional strategies
Definition
guides activities within one specific level of operation
Term
growth strategy
Definition
increase the size or scope of current operations
Term
concentration
Definition
seeks expansion within one business area
Term
diversification
Definition
expansion occurs by entering new business areas
Term
vertical integration
Definition
acquiring new suppliers or distributors
Term
retrenchment strategy
Definition
changes in operation to correct weaknesses
Term
restructuring
Definition
reduces scale or mix of operations
Term
downsizing
Definition
cutting down the size of operation and workforce
Term
divestiture
Definition
selling off parts of the organization
Term
Forward vertical integration
Definition
A large supplier purchases its distributors
Term
Backward vertical integration
Definition
A Small business (distributor) purchasing its suppliers
Term
e business strategy
Definition
using the internet to gain advantage
Term
crowdsourcing
Definition
using the internet to engage customers to make suggestions and express opinions
Term
steps in strategic management process
Definition
review current situation
analyze organization and external environment
develop new strategies
inmplement strategies
evaluate results
Term
SWOT Analysis
Definition
analyses strengths, weaknesses, opportunities and threats
Term
Porters 5 forces
Definition
Competitors
New Entrants
Suppliers
Customers
Substitutes
Term
attractive vs. unattractive industry
Definition
attractive - all of porters 5 forces are low
Term
differentiation strategy
Definition
seeks competitive advantage through uniqueness
Term
cost leadership strategy
Definition
seeks competitive advantage through low price
Term
focused differentiation strategy
Definition
differentiation used to target a special kind of needs, expensive
Term
alert listening
Definition
eavesdropping on employees to gain more info
Term
trendency
Definition
wider span of control
Term
factors driving decentralization
Definition
heuristic (creativity) vs. algorithmic work
Term
Criterion validity
Definition
actual job skills
Term
content validity
Definition
work ethic
Term
construct validity
Definition
traits
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