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Managing Operations > chapter 7 > Flashcards

chapter 7 Flashcards

1
Q

planning definition

A

The process of determining how an organization can get where it wants to go and what it will do to accomplish its objectives

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2
Q

purpose of planning

A

-Minimize risk by reducing uncertainties
-Increase degree of organizational success
-Establish a coordinated effort within the organization
-Facilitate the accomplishment of the organization and its objectives

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3
Q

advantages of planning

A

– Helps managers to become future-oriented
– Enhances decision coordination
– Emphasizes organizational objectives
– Helps ensure sustainability of the firm
– Helps managers to identify and deal with problems that arise as the firm conducts its business

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4
Q

disadvantages of planning

A

– Managerial time involvement
– Rigidity and lack of adaptability
– Balance of time spent on organizing, influencing, and controlling

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5
Q

primacy of planning

A

– Planning is the primary management function
– Planning serves as the basis for the other management functions

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6
Q

types of plans

A

standing and single-use

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7
Q

standing plan

A

Exist for routine guidelines and actions that occur repeatedly (policies, procedures, rules)

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8
Q

single use plan

A

Exist for single purpose only (budgets, programs)

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9
Q

planning process

A

state organizational objectives, List Alternative Ways of Reaching Objectives, Develop Premises on Which to Base Each Alternative, Choose the Best Alternative for Reaching Objectives, Develop Plans to Pursue the Chosen Alternative, Put the Plans into Action

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10
Q

org objectives includes and involves

A

• The target toward which the organization’s open management system is directed

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11
Q

druckers 8 areas to set objectives

A

Market Standing, Innovation, Productivity, Physical & Financial Resources, Profitability, Managerial Performance & Development, Worker Performance & Attitudes, Public Responsibility

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12
Q

Market standing

A

Management should set objectives indicating where it would like the company to be in relation to its competitors.

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13
Q

Innovation

A

Management should set objectives outlining its commitment to the development of new methods of operation

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14
Q

Productivity

A

Management should set objectives outlining the target levels of production

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15
Q

Physical and financial resources

A

Management should set objectives regarding the use, acquisition, and maintenance of capital and monetary resources

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16
Q

Profitability

A

Management should set objectives that specify the profit the company would like to generate

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17
Q

Managerial performance and development

A

Management should set objectives that specify rates and levels of managerial productivity and growth

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18
Q

Worker performance and attitudes

A

Management should set objectives that specify rates of worker productivity as well as desirable attitudes for workers to possess

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19
Q

Public responsibility

A

Management should set objectives that indicate the company’s responsibilities to its customers and society and the extent to which the company intends to live up to those responsibilities

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20
Q

types of objectives

A

short term, intermediate, long- term

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21
Q

short term objective

A

one year or less

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22
Q

intermediate term objectives

A

one to five years

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23
Q

long term objective

A

five to seven years

24
Q

Management by Objectives (MBO)

A

Management approach based exclusively on objectives

25
Q

step 1 of MBO process

A

Review organizational objectives: The manager gains a clear understanding of the organization’s overall objectives.

26
Q

step 2 of MBO process

A

set worker objectives: The manager and the worker meet to agree on worker objectives to be reached by the end of the normal operating period

27
Q

step 3 of MBO

A

Monitor progress: At intervals during the normal operating period, the manager and the worker check to see whether the objectives are being reached.

28
Q

step 4 of MBO

A

Evaluate performance: At the end of the normal operating period, the worker’s performance is judged by the extent to which the worker reached the objectives

29
Q

step 5 of MBO

A

Give rewards Rewards given to the worker are based on the extent to which the objectives were reached

30
Q

advantages of MBO

A

– Emphasize what should be done in an organization to achieve organizational goals
– Secures employee commitment to attaining
organizational goals

31
Q

disadvantages of MBO

A

– Time-consuming
– Increased paperwork
– Difficult to go beyond a year under a MBO

32
Q

forecasting

A

The process of predicting future environmental
happenings that will influence the operations of the organization

33
Q

importance of forecasting

A

helps managers understand the future makeup of the environment, which in turn helps managers formulate more effective plans

34
Q

qualitative sales forecast

A

Jury of Executive Opinion Method, Delphi Method, Sales Force Estimation Method

35
Q

Jury of Executive Opinion Method

A

appropriate managers give their opinions on what will happen to sales in the future.

36
Q

Delphi Method

A

gaining consensus from a group of experts while maintaining their anonymity

37
Q

Sales Force Estimation Method

A

predicts future sales levels primarily by asking appropriate salespeople for their opinions of what will happen to sales in the future.

38
Q

quantitative sales forecasting

A

moving average, regression, product stages

39
Q

moving average method

A

utilizes historical data to predict future sales levels

40
Q

regression method

A

predicts future sales by analyzing the historical relationship between sales and time

41
Q

product stages method

A

predicts future sales by using the product life cycle to better understand the history and future of a product

42
Q

best way to use the forecasting methods

A
  • A combination of methods is best, particularly using both qualitative and quantitative methods
    -The best methods fit the needs of the organization and can be adapted to changes in the environment
43
Q

scheduling

A

process of formulating a detailed listing of activities that must be accomplished to attain an objective, allocating the resources necessary to attain the objective, and setting up and following time tables for completing the objective

44
Q

Gantt charts

A

bar graphs used for scheduling

45
Q

Program Evaluation and Review Technique (PERT)

A
  • Evolved from the Gantt chart
  • Estimate the time necessary to complete each activity
46
Q

affirmative purpose of planning

A

increase the degree of organizational success

47
Q

protective purpose of planning

A

minimize risk by reducing the uncertainties surrounding business conditions and clarifying the consequences of related management actions

48
Q

fundamental purpose of planning

A

help the organization reach its objectives

49
Q

procedure

A

outlines a series of related actions that must be taken to accomplish a particular task

50
Q

policy

A

furnishes broad guidelines for taking action that is consistent with reaching organizational objectives

51
Q

rule

A

designates specific required actions

52
Q

stage 1 of product life cycle

A

introduction: when a product is brand new, sales are just beginning to build

53
Q

stage 2 of product life cycle

A

growth stage: the product has been in the marketplace for some time and is becoming more accepted, so product sales continue to climb

54
Q

stage 3 of product life cycle

A

maturity stage: competitors enter the market, and although sales are still climbing, they are climbing at a slower rate than they did in the growth stage

55
Q

stage 4 product life cycle

A

saturation stage: when nearly everyone who wanted the product has it; Sales during the saturation stage typically are due to the need to replace a worn-out product or due to population growth

56
Q

stage 5 of product life cycle

A

decline: finds the product being replaced by a competing product

57
Q

Critical Path PERT

A

The sequence of events and activities requiring the longest period of time to complete

Managing Operations (11 decks)

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