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What are the four functions of management?
- Planning
- Organizing
- Leading
- Controlling
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What is Planning?
- Delivering strategic value
- The management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue.
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What is Organizing?
- Building a dynamic organization
- The management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals.
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What is Leading?
- Mobilizing people
- The management function that involves the manager's efforts to stimulate high performance by employees.
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What is Controlling?
- Learning and changing
- The management function of monitoring performance and making needed changes.
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Define Management
Management is the process of working with people and resources to accomplish organizational goals effectively and efficiently.
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What is effectiveness?
Achieving organizational goals
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What is efficiency?
Achieving goals with minimal waste of money, time, materials, and people.
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What are the three management levels and skills?
- Technical skills
- Conceptual and decisional skills
- Interpersonal and communication skills
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What are Technical skills?
The ability to perform a specialized task involving a particular method or process.
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What are Conceptual and decisional skills?
The ability to identify and resolve problems for the benefit of the organization and its members.
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What are Interpersonal and communication skills?
People skills; the ability to lead, motivate, and communicate effectively with others.
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What is Control?
Any process that directs the activities of individuals toward the achievement of organizational goals.
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What are the three types of control?
- Bureaucratic control
- Market control
- Clan control
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What is Bureaucratic control?
The use of rules, regulations, and authority to guide performance.
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What is Market control?
Control based on the use of pricing mechanisms and economic information to regulate activities within organizations.
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What is Clan control?
Control based on the norms, values, shared goals, and trust among group members.
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What is Management audit?
An evaluation of the effectiveness and efficiency of various systems within an organization.
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What is External audit?
An evaluation conduted by one organization, such as CPA firm, on another organization.
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What is Internal audit?
A periodic assessment of a company's own planning, organization leading and controlling processes.
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What are the main differences between Manufacturing vs. Services?
Manufacturing and Service Organizations differ chiefly because manufacturing is goods-oriented (tangible) and service is act-oriented.
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Establishing Priorities
- In nearly all cases, certain issues or items are more important than others.
- Recognizing this allows managers to focus their attention to those efforts that will do the most good.
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What is Pareto Phenomenon?
a few factors that account for a high percentage of occurence of some event(s). (The critical few factors should receive the highest priority. This is a concept that is appropriately applied to all areas and levels of management.)
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What is System?
a set of interrelated parts that must work together.
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The business organization is a system composed of ___________.
subsystems
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What are the three subsystems?
- Marketing subsystem
- Operations subsystem
- Finance subsystem
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The systems approach.....
- Emphasizes interrelationships among subsystems.
- Main theme is that the whole is greater than the sum of its parts.
- The output and objectives of the organization take precedence over those of any one subsystem.
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What is Competitiveness?
- How effectively an organization meets the wants and needs of customers relative to others that offer similar goods or services.
- Organizations compete through some combination of their marketing and operations functions. (Ex. What do customers want? How can these customer needs best be satisfied?)
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What is Strategy?
A plan for achieving organizational goals. (Serves as a roadmap for reaching the organizational destinations)
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What are the two types of strategies that organizations have?
- Organizational strategies
- Functional level strategies
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What are Organizational strategies?
- Overall strategies that relate to the entire organization.
- Support the achievement of organizational goals and mission.
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What are Functional level strategies?
Strategies that relate to each of the functional areas and that support achievement of the organizational strategy.
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What is Tactics?
- The methods and actions taken to accomplsh strategies.
- The "how to" part of the process
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What is Operations?
The actual "doing" part of the process
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Effective strategy formulation requires taking into account:
- Core competencies - special attributes or abilities that give an organization a competitive edge.
- Environmental scanning (SWOT) - considering of events and trends that present threats or opportunities for a company.
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Successful strategy formulation also requires taking into account:
- Order qualifiers - characteristics that customers perceive as minimum standards of acceptability to be considered as a potential for purchase.
- Order winners - characteristics of an organization's goods or services that cause it to be perceived as better than the competition.
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What is The Balanced Scorecard Approach?
A top-down management system that organizations can use to clarify their vision and strategy and transform them into action.
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What are the key points of The Balanced Scorecard Approach?
- Develope objectives
- Develop metrics and targets for each objective
- Develop initatives to achieve objectives
- Identify links among the various perspectives (Finance, Customer, Internal business processes, and Learning and growth)
- Monitor results
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What is the equation for Productivity?
Productivity = Output/Input
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What is Standardization?
Extent to which there is an absence of variety in a product, service or process same. Or things are the same.
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What are the Advantages of Standardization?
- Fewer parts to deal with in inventory & manufacturing
- Reduced training costs and time
- More routine purchasing, handling and inspection procedures
- Orders fillable from inventory
- Opportunities for long production runs and automation
- Need for fewer parts justifies increased expenditures on perfecting designs and improving quality control procedures
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What are the Disadvantages of Standardization?
- Designs may be frozen with too many imperfections remaining.
- High cost of design changes increases resistance to improvements
- Decreased variety results in less consumer appeal.
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What is Mass Customization?
- A strategy of producing basically standardized goods or services, but incorporating some degree of customization in the final product or service.
- Facilitating Techniques: (Delayed differentiation - producing basically standardized goods, but incorporating some degree of customization & Modular design - a form of standardization in which component parts are grouped into modules that are easily replaced or interchanged.)
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What is Capacity?
- The upper limit or ceiling on the load that an operating unit can handle
- Capacity needs include (Equipment, Space, and Employee skills)
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Capacity decisions.....
- impact the ability of the organization to meet future demands
- affect operating costs
- are a major determinant of initial cost
- often involved long-term commitment of resources
- can affect competitiveness
- affect the ease of management
- are more important and complex due to globalization
- need to be planned for in advance due to their consumption of financial and other resources
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What are the Basic Layout Types?
- Product layouts: uses standardized processing operations to achieve smooth, rapid, high-volume flow.
- Process layouts: can handle varied processing requirements.
- Fixed-Position layout: the product or project remains stationary, and workers, materials, and equipment are moved as needed.
- Combination layouts: the three basic layout types are ideal models, which may be altered tos atsfy the needs of a particular situation.
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What is Line Balancing?
The process of assigning tasks to workstations in such a way that the workstations have approximately equal time requirements.
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Why is line balancing important?
- It allows us to use labor and equipment more efficiently.
- To avoid fairness issues that arise when one workstation must work harder than another.
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What is Cycle Time?
- The maximum time allowed at each workstation to complete its set of tasks on a unit.
- Cycle time also establishes the output rate of a line
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