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Financial Market > DEVELOPING A COMPETITIVE STRATEGY AND CONTEMPORARY COST MANAGEMENT TECHNIQUES > Flashcards

DEVELOPING A COMPETITIVE STRATEGY AND CONTEMPORARY COST MANAGEMENT TECHNIQUES Flashcards

1
Q

Level of sales in critical product group,
sales trend, percent of sales from new
products, sales forecast accuracy

A

SALES

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2
Q

Earnings from operations, earnings
trend, dividend growth

A

PROFITABILITY

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3
Q

Cash flow, trend in cash flow, interest
coverage, asset turnover, inventory
turnover, receivable turnover, credit ratings

A

LIQUIDITY

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4
Q

Share price

A

MARKET VALUE

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5
Q

Customer returns and complaints,
customer survey

A

CUSTOMER SATISFACTION

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6
Q

Coverage and strength of dealer and
distributor channel relationships; e.g. number
of dealers per state or region

A

DEALER AND DISTRIBUTOR

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7
Q

Trends in sales performance, training,
market research activities; measured in
hours or peso

A

MARKETING AND SELLING

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8
Q

On-time delivery performance, time
from order to customer receipt

A

TIMELINESS OF DELIVERY

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9
Q

Customer complaints, warranty expense

A

QUALITY

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10
Q

Number of defects, number of returns,
customer survey, amount of scrap, amount of
rework, field service reports, warranty claims,
vendor quality defects

A

QUALITY

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11
Q

Cycle time (from raw materials to finished
product); labor efficiency’ machine efficiency;
amount of waste, rework and scrap

A

PRODUCTIVITY

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12
Q

Setup time, cycle time

A

FLEXIBILITY

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13
Q

Downtime, operator experience, machine
capacity, maintenance activities

A

EQUIPMENT READINESS

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14
Q

Number of activities, effects and activities

A

SAFETY

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15
Q

Number of design changes number of new
patents or copyrights, skills of research and
development staff

A

PRODUCT INNOVATION

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16
Q

Number of days over or under the announced ship date

A

TIMELINESS OF NEW
PRODUCT

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17
Q

Number of training hours, amount of skill
performance improvement

A

SKILL DEVELOPMENT

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18
Q

Employee turnover, number of complaints,
employee survey

A

EMPLOYEE MORALE

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19
Q

Rate of turnover, training experience, adaptability, financial and operating performance measures

A

COMPETENCE

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20
Q

is a technique in which management develops policies and practices to ensure that the firm’s products and services exceed customer’s expectations

A

Total Quality Management

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21
Q

The two major characteristics of TQM are:

A
  1. a focus on serving customers, and
  2. systematic problem-solving using teams made up of front-line workers
22
Q

is the philosophy that activities are undertaken only as needed or demanded

A

Just-In-Time (JIT)

23
Q

tends to focus broadly on the control of TOTAL
MANUFACTURING COSTS instead of individual costs such as direct manufacturing labor

A

Just-In-Time (JIT)

24
Q

is a process for creating competitive
advantage in which a firm reorganizes its operating and management functions, often with the result that jobs are modified, combined, or eliminated.

A

REENGINEERING

25
Q

It has been defined as the
“fundamental rethinking and radical redesign of business processes to achieve dramatic improvement in critical, contemporary measures of performance, such as cost, quality, service and speed.

A

REENGINEERING

26
Q

a more radical approach to improvement than TQM, is an approach where business process is diagrammed in detail, questioned and then completely redesigned in order to eliminate unnecessary steps, to reduce opportunities for errors and to reduce costs.

A

PROCESS REENGINEERING

27
Q

Process reengineering has one basic recurrent problem, that is

A

EMPLOYEE RESISTANCE.

28
Q

is a process by which a firm
1. determines its critical success factors
2. studies the best practices of other firms (or other units within a firm) for
achieving these critical success factors, and
3. then implements improvements in the firm’s processes to match or
beat the performance of those competitors.

A

Benchmarking

29
Q

is a management technique in which marketing and production processes are designed to handle the increased variety that results from delivering customized products and services to customers

A

Mass Customization

30
Q

is an accounting report that include the firm’s critical success
factors in four areas
a. financial performance
b. customer satisfaction
c. internal business process, and
d. innovation and learning.

A

Balanced Scorecard

31
Q

firm’s critical success factors in four areas

A

a. financial performance
b. customer satisfaction
c. internal business process, and
d. innovation and learning

32
Q
  • is used to develop a detailed description of the
    specific activities performed in the operation of the firm.
A

ACTIVITY ANALYSIS

33
Q

is used to improve the accuracy of cost
analysis by improving the tracing of costs to products or individual
customers.

A

ACTIVITY-BASED COSTING

34
Q

uses activity analysis to improve operational control and management control.

A

ACTIVITY BASED MANAGEMENT

35
Q

are key strategic tools for many firms, especially those with complex operations, or great diversity of products

A

ABC and ABM

36
Q

is a sequential process of identifying and removing constraints in a system

A

THEORY OF CONSTRAINTS (TOC)

37
Q

is a management technique to identify and monitor the costs of a product throughout its life cycle. It consists of all steps from product design and purchase of raw material to delivery of and
service of the finished product.

A

LIFE CYCLE COSTING

38
Q

involves the determination of the desired cost for a product or the basis of a given competitive price so that the product will earn a desired profit.

A

TARGET COSTING

39
Q

Target cost =

A

Market determined price - Desired profit

40
Q

The entity using ____ must often adopt strict cost-reduction measures to meet the market price and remain profitable

A

target costing

41
Q

This is a common strategic approach used by intensely competitive industries where even small price differences attract consumers to the lower-priced product

A

TARGET COSTING

42
Q

is the use of computers in product
development, analysis and design modification to improve the quality and performance of the product

A

COMPUTER-AIDED DESIGN (CAD)

43
Q
  • is the use of computers to plan,
    implement, and control production.
A

COMPUTER-AIDED MANUFACTURING

44
Q

involves and requires a relatively large investment in computers, computer programming, machines and equipment.

A

AUTOMATION

45
Q

is a computerized network of automated equipment that produces one or more groups of parts or variations of a product in a flexible manner

A

FLEXIBLE MANUFACTURING SYSTEM (FMS)

46
Q

is a manufacturing system that totally integrates all office and factory functions within a company via a computer-based information network to allow hour-by-hour manufacturing management.

A

COMPUTER-INTEGRATED MANUFACTURING (CIM)

47
Q

A number of internet-based companies have emerged and been proven successful in last decade. Established companies will undoubtedly
continue to expand into cyberspace - both or B2B transactions and for
retailing.

A

E-commerce

48
Q

refers to the sequence of business functions in which usefulness is added to the products or services of a company

A

Value chain

49
Q

The term refers to the increase in the usefulness of the product or service and a result its value to the customer.

A

value

50
Q

is an analysis tool that firms use to identify the specific steps required to provide a product or service to the customer

A

value chain

51
Q

The key idea of this concept is that the firm studies each step in its operation to determine how each activity contributes to the firm’s competitiveness and profits.

A

Value chain

52
Q

is the set of activities required to design,
develop, produce, market and deliver products or services to customers.

A

INTERNAL VALUE CHAIN

Financial Market (9 decks)

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