CH4 Management Competency Flashcards
WHAT IS SOUND JUDGMENT?
A DECISION OR DETERMINATION BY A PERSON WITH AUTHORITY TO DO SO:
- IN GOOD FAITH
- DECISION MAKER BELIEVES THE DECISION TO BE COMPETENT, LOGICAL, VALID, BEST INTEREST OF ORG
- REASONABLE INQUIRY AS AN ORDINARY PRUDENT PERSON IN A LIKE POSITION WOULD USE UNDER SIMILAR CIRCUMSTANCES.
- DECISION IS TRUSTWORTHY AND FREE FROM ERRORS
THE NUMBER OF PEOPLE REPORTING TO ONE MNGR
SPAN OF CONTROL
THIS IS THE MGMT FUNCTION THAT INCLUDES ALL THE STEPS REQUIRED TO ENSURE THE ACTIVITIES OF AN ORGANIZATION ARE CONFORMING TO PLANS
CONTROLLING
ID A VARIATION OF THE LINE-AND STAFF ORG THAT ADDS HORIZONTAL LINES OF AUTHORITY FROM PRODUCT OR PMs TO TRADITIONAL VERTICAL LINES OF AUTHORITY FROM FUNCTION MGRS
MATRIX MGMT
THE ORG’S INSPIRATION, THE FRAMEWORK FOR ALL ITS STRATEGIC PLANNING:
WHERE DO WE WANT TO GO?
VISION STATEMENT
METRICS ARE
THE VARIOUS PARAMETERS OR WAYS OF LOOKING AT A PROCESS THAT IS TO BE MEASURED
WHICH MGMT SKILL INCLUDES THE ABILITY TO SET PRIORITIES?
TIME MGMT
A FAVORABLE PERCEPTION OF A PERSON OR SITUATION BASED ON ONE CHARACTERISTIC IS KNOW AS
HALO EFFECT
CUSTOMER VALUE CAN BE DESCRIBED AS?
THE RATIO OF BENEFITS TO SACRAFICE A CUSTOMER IS WILLING TO MAKE FOR A PRODUCT
IF YOU ARE DESIGNING ACTIVITIES RELATING TO MARKETING OBJECTIVES AND THE CHANGING MARKETING ENVIRONMENT - YOU ARE ENGAGING IN?
MARKETING PLANNING
A STRATEGY FOR INCREASING SALES BY INTRODUCING NEW PRODUCTS INTO NEW MARKETS?
DIVERSIFICATION
COMPREHENSIVE MONEY-BACK GUARANTEE OR REFUND POLICIES MAY HELP A COMPANY REDUCE THE EFFECTS OF?
COGNITIVE DISSONANCE
WHICH 3 CATEGORIES MUST A SUPPLY CHAIN MGR ANALYZE BEFORE CHOOSING A MARKETING CHANNEL?
MARKET, PRODUCT AND PRODUCER
ELASTIC DEMAND OCCURS WHEN?
CONSUMERS WILL BUY MORE OR LESS OF A PRODUCT WHEN THE PRICES CHANGES
PRODUCTIVITY IS EXPRESSED AS?
OUTPUT DIVIDED BY INPUT
SRVC DESIGN DIFFERS FROM PRODUCT DESIGN IN WHAT WAY?
THERE IS LESS LADITUDE IN DECTING AND CORRECTING ERRORS PRIOR TO DELIVERY
WHAT IS THE TERM THAT INCLUDES THE CONCEPTS, TECHNIQUES, & PRACTIVES USED IN MANAGING OPERATIONS OF AN ORG?
OPERATIONS MGMT
WHAT IS CORRECTIVE FEEDBACK?
AN EXCHANGE FROM THE MGR TO TO WORKERS TO POINT OUT MISTAKES AND REDIRECT EFFORT TOWARDS IMPROVEMENT
WHAT DESCRIBES THE DEGREE TO WHICH AN ACTIVITY OR INITIATIVE IS SUCCESSFUL IN ACHIEVING A SPECIFIC GOAL?
EFFECTIVENESS
WHICH INVENTORY COSTS CONSIST OF 3 SEPARATE COMPONENTS (COST OF CAPITAL, COST OF STORAGE, COST OF OBSOLESCENCE , DETERIORATION, AND LOSS?
CARRYING COSTS
THE PURCHASE OF AN ASSET ON CREDIT WILL?
INCREASE TOTAL ASSETS AND TOTAL LIABILITIES
A MEANS OF DETERMING THE NUMBER OF GOODS AND SRVCS @ A GIVEN PRICE TO GENERATE SUFFICIENT REVENUE TO COVER COSTS?
BREAK-EVEN ANALYSIS
THE PROCESS OF PLANNING FOR THE BEST SELECTION & FINANCING OF LONG-TERM INVESTMENET PROPOSALS, TAKING INTO ACCOUNT THE TIME VALUE OF $
CAPITAL BUDGETING
THE DEBT TO EQUITY RATIO ILLUSTRATES THE RELATIONSHIP BETWEEN?
FUNDS FROM CREDITORS AND OWNER(S)
THIS RATION MEASURES THE ABILITY OF A FIRM TO PAY ITS SHORT-TERM DEBTS
CURRENT RATIO
WHAT IS THE KEY TO MEASURE THE EFFICIENCY OF A BUSINESS FIRM?
ROI
WHAT IS THE PURPOSE OF A BALANCE SHEET?
SHOW THE CURRENT FINANCIAL POSITION OF A BUSINESS ON A PARTICULAR DATE
WHAT IS THE CORRECT SEQUENCE OF PRESENTATION OF ITEMS ON AN INCOME STATEMENT?
REVENUE
EXPENSES
EXTRAORDINARY ITEMS
AAAA REPAIR COMPLETED REPAIR OF $150 ON A CUSTOMER DISHWASHER ON 28JUN; INVOICE AND PAYMENT ARE BOTH MADE ON 7JUL. AS OF 30JUN THE $150 IS?
ACCRUED REVENUE
OVER A PERIOD OF TIME IF TOTAL ASSETS INCREASES BY $25k AND TOTAL LIABILITIES INCREASE BY $7K, THE NEW OWNER’S EQUITY WILL INCREASE BY?
$18K
WHAT IS NOT CONSIDERED AN ACCOUNT?
LIABILITIES
ON AN INCOME STATEMENT THE DIFFERENCE BETWEEN SALES AND COST OF GOODS SOLD IS CALLED?
GROSS PROFIT
ECONOMISTS WHO ARE CONCERNED ABOUT STUDYING THE BEHAVIORS OF INDIVIDUAL HOUSEHOLDS, FIRMS, AND INDUSTRIES ARE STUDYIING?
MICROECONOMICS
THE DOMESTIC ECONOMY INCLUDES?
HOUSEHOLD, BUSINESS AND GOV SECTORS
IF INFLATION AND FLUCTUATIONS OF ECONOMIC ACTIVITY ARE AVOIDED, THEN THE ECONOMY IS BETTER ACHIEVING THE GOAL OF?
STABILITY
A BUSINESS CYCLE CONTRACTION TENDS TO CAUSE?
HIGH OR RISING UNEMPLOYMENT
WHICH OF THE FOLLOWING STATEMENTS IS NOT ONE OF THE 4 BASIC LAWS OF SUPPLY & DEMAND?
IF SUPPLY INCREASES AND DEMAND DECREASES, THEN IT LEADS TO LOWER EQUILIB PRICE & HIGHER QTY
UNDER FREE TRADE, WORLD PRICES FOR EXPORTS AND IMPORTS WOULD BE SUCH THAT?
THE QTY SUPPLIED BY EXPORTERS WOULD EQUAL THE QTY DEMANDED BY IMPORTERS
THE AMOUNT OF BENEFIT (SATISFACTION) A CONSUMER RECEIVES FROM A GOOD OR SERVICE IS REFERRED TO AS
UTILITY
WHAT IS TRANSPARENCY?
THE ABILITY TO BE OPEN AND HONEST WITH NO INTENT TO DECEIVE OR MISLEAD
