Chapitre 3 Flashcards
What is an IPO?
Initial public offering: is a firm initial sale of stock to the public. The objective is to raise capital quickly and obtain financing outside of the banking system, while reducing debt and risk
What are the goal of Management?
Guiding development, maintenance and allocation of ressources
What are the four functional keys of organisation?
Anticipating
Coordinating and allocation
Guiding team members
Reviewing results and making any changes if necessary
What planning means?
Planning starts with predicting opportunities and possible risks the firm could experience.
What are the 4 different types of planing?
Strategic plans: long term goals and objectives
Tactical plans: short, help to implement the strategic plan, time frame of a year or less
Operational plans: encompass the creation of specified standards, methods, policies, and procedures in specific business segment
Contingency plan: find alternative courses of action for unexpected events and crisis.
What are the steps in the decision making process?
1- Decision making framework
2- Team structure
3- Time frame consideration
4- The approach
5- Encourage ideas, discussions, and spirited debates
6- Dynamic group navigation
7- Ensuring the puzzle pieces are in place ready for implementation
8- Agreeing on way forward
Name the 5 types of departmentalization?
1- Functional: based on foundation of duties performed
2- Product: based on the premise that goods and services are produced in one department
3- Process: based on the production need it for each organization
4- Customers: based on consumer-target market
5- Geographic:
Name the 5 steps of the control process?
1/ Standards of performance
2/ Actual performance measurement
3/ Performance VS goal achievement
4/ Deviation analysis
5/ Corrective action
What are the 3 different phases of production planning?
- Mass production: 3 to 5 years period, Substantial amount of one good all at once
- Mass-customization: up to two years, same as mass production but after that the good is custom-tailored to customisation
- Customisation: one year or less, production of specific customer demand.
Name the 2 different structure?
Matrix structure and committee structure
What is the difference between the Matrix structure and the Committee structure?
Matrix structure : approved from a project management perspective, wit the traditional line and staff approach.
Advantages: collaboration, ressource efficiency, agility
Disadvantages: alignement, lack of unity
Committee structure: Peer, authority and responsibility are handled by a group of leader
Advantages: diversity of thought, looking at challenges and opportunities
Disadvantages: More than one person is making the final decision
What are the difference between divisions and wholly owned subsidiary?
Divisions: how organisation are divided, play a specific and vital role within a large business structure.
Advantages: creation is simpler and faster, can be form or disband as needed
Disadvantages: can be challenging for the employee to figure out who they are suppose to report to
Wholly Owned Subsidiary: Business entity separated the from the parent business.
Advantages: taxes purposes, added benefits, might be eligible for various tax breaks
Disadvantages: challenge to control the subsidiary directly
Name the 4 types of teams?
Problem solving team: teams members at the same hierarchy level in the same department or subject matter experts on a particular topic.
Self-managed teams: extremely autonomous and take responsibility for goal setting, planning, team member performance and overall outcomes.
Cross-functional team:come from varying level of hierarchy and different business unit, its a mixie of the 2 first teams types.
Virtual teams: this teams tend to be task oriented and the exchange of crucial information can get lost due to the environment.
