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IB Business MD > 1.7 Planning tools (HL) > Flashcards

1.7 Planning tools (HL) Flashcards

1
Q

Purpose of a Fishbone diagram?

A

Identify cause and effect of quality problems

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2
Q

A concept closely related to Fishbone diagram?

A

Toyota’s 5 why’s

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3
Q

What is represented by the head of a fish?

A

The effect

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4
Q

What is represented by the bones of a fish?

A

Causes

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5
Q

What are the 4 M’s for manufacturing problem categories of Fishbone tool?

A
  1. Manpower (people?)
  2. Methods
  3. Materials
  4. Machines
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6
Q

What are the 4 P’s for Services problem categories of Fishbone tool?

A
  1. People
  2. Procedures (methods?)
  3. Politics (methods?)
  4. Places
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7
Q

What are the 4 S’s for Administration/Public sector problem categories of Fishbone tool?

A
  1. Skills (people?)
  2. Suppliers (people?)
  3. Systems (methods?)
  4. Surroundings (places, machines?)
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8
Q

What are the steps of Fishbone technic?

A
  1. Brainstorming among the group
  2. Identifying all possible causes
  3. Discarding those causes that do not directly relate/ are not the root cause of the effect
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9
Q

Limitations of a Fishbone technic?

A
  1. May show causes but no solutions
  2. May lead to blaming and arguments
  3. Requires honesty
  4. Requires a follow-up system
  5. Ignores priorities
  6. Ignores quantitative factors
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10
Q

What tool is closely related to a Decision tree?

A

Probability tree in Math

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11
Q

How many options/choices for a decision may be considered under a decision tree

A

As it seems appropriate

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12
Q

How many outcomes may there be for one option within the Decision tree tool?

A

In a simplistic approach we have just succeed' (larger returns expected) or fail’ (unsatisfactory returns)

But we can make more estimates, assessing e.g.:

  1. Best case scenario,
  2. Worst case,
  3. Most probable case scenarios, or even adding more cases.

The point is, that the sum of probability of all these cases must be 100%

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13
Q

What is the expected value?

A

Expected value of each option=

Probability (%) of one case * its estimated returns + Probability (%) of the next case * its estimated return (etc)

(The managerial decisions however must also consider the costs of each option)

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14
Q

What deductions should the manager consider after the calculated expected values?

A

The related costs, to arrive to the expected values less costs.

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15
Q

Limitations of a Decision tree?

A
  1. Estimates (of probability or returns), on which the decision is based, may turn out to be poor;
  2. It ignores qualitative factors
  3. May become too oh complex with many options
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16
Q

Which tool is dedicated to management of change?

A

Force field

17
Q

What are the 2 types of forces in the Force field tool?

A

Driving forces
Restraining forces

18
Q

What is summed up in the Force field analysis?

A

Weights for each force, typically with 5 being the highest

19
Q

Limitations of a Force field tool?

A
  1. The decision, which force to include, will be subjective/biased (based on a personal experience and end priorities)
  2. Estimate of weights (also subjective/biased)
  3. Basically based on qualitative (though not necessarily)
20
Q

What is the purpose of Gantt chart?

A
  1. To organise activities in order to determine most efficient use of resources and time-table.
  2. Measure the progress agains the key deadlines (the milestones).
  3. Create clear picture of intensity of activities, resource allocation and progress
21
Q

Limitations of Gantt chart?

A
  1. Based on estimates of time needed
  2. Difficult to follow in complex project with interdependent activities
  3. often only qualitative data (though not necessarily0
  4. Focus on meeting deadlines, which may erode quality
22
Q

Which tool is best for day-to-day operations?

A

Gantt chart

23
Q

Which tool is used for medium to long-term planning?

A

Decision tree and Force field

24
Q

Which tool is used for short term response?

A

Fishbone

25
Q

Which tool is used for short term to medium planning?

A

Gantt chart

26
Q

Which 2 out of 4 planing tools are useful for strategic planning?

A

Decision tree; Force field

27
Q

Which 2 out of 4 planing tools are useful for tactical planning?

A

Fishbone, Gantt chart

28
Q

Which tool are needed at which stage of decision making:
1. Initial/brainstorming?
2. Ongoing (to the final)?
3. AndFinal ?

A
  1. Initial/brainstorming: Fishbone; Force field
  2. Ongoing (to the final)- Gantt chart
  3. Final - Decision tree
29
Q

What are the keys of decision tree?

A
  1. Square for a decision and alternate options
  2. Circle for outcomes (summed up returns*probabilities)
  3. // for discarded options

IB Business MD (38 decks)

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