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Entrep Lesson 6 Flashcards

1
Q

refers to the activities, decisions, and responsibilities of managing
the resources which are dedicated to the production and delivery of products and services. It can significantly contribute to the success of the business by using one’s available resources to effectively produce products and services in a way that satisfies customers

A

operations management

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2
Q

4Ms of production were given more in-depth discussions by

A

Hobert and Chad Counts

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3
Q

“Multistream managers use practical wisdom to achieve multiple forms of well-being for multiple stakeholders.”

A

(Gutstein & Sheely)

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4
Q

Using the Inventory Management System to establish what is needed and at what inventory stock levels, Based on what is known, the manager can determine the volume of products that need to be processed and who will be responsible for each step of the process. The Manager will determine the most efficient way for each portion of
the process to be done to eliminate damage to the product and to eliminate areas where time and manpower are being wasted. Controlling waste is the key to efficient and profitable production.

A

Method

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5
Q

When examining the Methods you now have in place, what is the ideal number of people it will take to perform these methods and what positions should they be in

A

Manpower

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6
Q

When examining your facilities, vehicles, and tools, do you have everything you need to ensure the safety of the employees while maximizing the efficiency and productivity of the company?

A

Machine

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7
Q

Do you have the materials needed to perform all parts of production and are they conveniently located to minimize waste?

A

Materials

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8
Q

Give the 4Ms in the production

A

-Method
-Manpower
-Machine
-Materials

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9
Q

The four main advantages of an effective operation can provide to the entrepreneur’s business include:

A
  • reducing the costs of producing products and services, and being efficient
  • increasing revenue by increasing customersatisfaction through good qual.
  • reducing the amount of investment that is necessary to produce the required type and quantity of products and services, by increasing the effective capacity of the operation
  • providing the basis for future innovation, by building a solid base of operations skills and knowledge within the business
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10
Q

is the key to efficient and effective production management

A

Production planning and control

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11
Q

Production planning and control is the key to efficient and effective production management. It deals with decisions that will enable the entrepreneur to produce goods or offer services:

A

(1) according to customers’ specifications or needs;
(2) in the quantity demanded;
(3) by the schedule demanded;and
(4)) at minimum costs. When the entrepreneur plans ahead, one can anticipate problems, and work out
solutions to prevent problems from occurring.

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12
Q

pertains to “the way machines, workplaces, and storage areas are located in relation to one another. This means arranging and putting together the right space, appropriate furniture, and proper equipment in such a way as to minimize the movement and handling of materials to accomplish the tasks called for by the business.

A

Layout

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13
Q

According to DTI-BSMED, a _______ is one that facilitates the manufacturing process, minimizes materials handling and investment in equipment, maximizes the use of floor area, promotes the effective
utilization of manpower, and provides for employee convenience, safety, and comfort at work.

A

good layout

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14
Q

The DTI-BSMED Guide (2010) indicated that when choosing
machines and equipment, the following considerations should be kept in mind by the entrepreneur:

A

-Operating characteristics
-Engineering features
-Cost
-Qualitative factors
-

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15
Q

According to the DTI-BSMED Guide (2010), some tips for proper maintenance are:

A

cleaning machine parts after every use; applying lubrication on machines regularly (at least once a week) checking for worn-out parts at least once a month; checking electrical parts and wiring every month; and calibrating machines regularly.

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15
Q

According to the DTI-BSMED Guide (2010), some tips for proper maintenance are:

A

cleaning machine parts after every use; applying lubrication on machines regularly (at least once a week) checking for worn-out parts at least once a month; checking electrical parts and wiring every month; and calibrating machines regularly.

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16
Q

pertains to “all the goods a business has for sale, and all raw materials or parts a business keeps to ensure continuous operations.

A

Stock/inventory

17
Q

Some guideline to observe to ensure quality control in production:

A

(1) check the quality of your raw materials;
(2) calibrate measuring and testing equipment regularly:
(3) maintain machines properly and make sure they are in good condition:
(4) conduct adequate teststo verify whether the product meets quality standards or not; and
(5) inspect for quality

18
Q

refers to “the policies, practices, and systems that influence employees’ behavior, attitudes, and performance.”

A

human resource management (HRM)

19
Q

According to them, human resource management (HRM) refers to
“the policies, practices, and systems that influence employees’ behavior, attitudes, and performance.”

A

Noe, Hollenbeck, Gerhart, and Wright (2006)

20
Q

HRM practices, as viewed by them, include:

A
  • analyzing and designing work,
  • determining human resource needs(HRplanning),
  • attracting potential employees(recruiting),
  • choosing employees(selection),
  • teaching employees how to perform their jobs and preparing them for the future (training and development),
  • rewarding employees(compensation),
  • evaluating their performance (performance management), and
  • creating a positive work environment(employee relations).
21
Q

is “any practice or activity carried on by the organization with the primary purpose of identifying and attracting potential employees.”

A

Recruitment

22
Q

Recruitment is “any practice or activity carried on by the organization with the primary purpose of identifying and attracting potential employees.” However, because of differences in companies’ strategies, they may assign different degrees of importance to recruiting. In general, all companies have to make decisions in three
areas of recruiting:
(1) personnel policies,
(2) recruitment sources, and
(3) the characteristics and behavior of the recruiter

A

Design an effective recruitment strategy

23
Q

Selection is the “process by which the organization attempts to identify applicants with the necessary knowledge, skills, abilities, and other characteristics that will help the organization achieve its goals”. The
process of selecting the employees varies considerably from organization to organization, and from job to job.

A

Adopt a good selection process

24
Q

is the “process by which the organization attempts to identify applicants with the necessary knowledge, skills, abilities, and other characteristics that will help the organization achieve its goals”.

A

Selection

25
Q

Training is a set of activities aimed to facilitate the learning of knowledge, attitude, and skills among people in the organization, to, in turn, improve their current job performance and contribution to the achievement of organizational goals.

A

Develop effective training programs

26
Q

Performance management is the “process through which managers ensure that employees’ activities and outputs contribute to the organization’s goals” (Noe, et al., 2004). Performance Management is crucial, especially when the business is more complex, and goals are constantly changing. Measuring and managing performance is a challenging task and one of the keys to gaining a competitive advantage

A

Conduct performance management

27
Q

is the “process through which managers ensure that employees’ activities and outputs contribute to the organization’s goals”

A

Performance management

28
Q

Compensation refers to all forms of financial returns and tangible services and benefits that employees receive as part of an employment relationship. Employee benefits, in particular, refer to the part of the compensation package, other than pay for the time worked, provided to employees in whole or in part by employer payments (e.g., life insurance, pension, workers compensation, and vacation)

A

Implement an attractive compensation scheme

29
Q

refers to all forms of financial returns and tangible services and benefits that employees receive as part of an employment relationship.

A

Compensation

30
Q

Work-family balance may be defined as the degree to which an individual is able to simultaneously balance the temporal, emotional, and behavioral demands of both paid work and family responsibilities (Hill, Hawkins, Ferris, and Weitzman, 2001).

A

Design work-family balance programs

31
Q

______ may be defined as the degree to which an individual is able to simultaneously balance the temporal, emotional, and behavioral demands of both paid work and family responsibilities (Hill, Hawkins, Ferris, and Weitzman, 2001).

A

Work-family balance

32
Q

Employee relations or labor relations pertains to a set of processes and procedures utilized in the interaction between employees and employer to attain their respective goals while accommodating the needs of both parties. This interaction can include communication, interpersonal relationships, participation, discipline, and
grievance resolution.

A

Observe fair employee relations practices

33
Q

pertains to a set of processes and procedures utilized in the interaction between employees and employer to attain their respective goals while accommodating the needs of both parties.

A

Employee relations or labor relations

34
Q

Many small businesses begin with the founder-owner doing all the management functions of marketing, production, human resource, and finance without the help of specialized staff. However, a few would rather concentrate on one function, and be on top of that function.

A

Determine the entrepreneur’s role in the business

35
Q

The DTI-BSMED Handbook Guide (2010) indicated the following factors which can help the entrepreneur to choose which role(s) to take in one’s business.

A

-Education and Training
-Experience
-Interest & Talent
-Time
-The Pros and Cons of Having a Bird’s Eye View

36
Q

In starting a business, the entrepreneur may begin with family members, relatives, friends, neighbors, or acquaintances as the workforce, but be clear about requiring them to be professional in the workplace, especially when dealing with you.

A

Get the right people

37
Q

It is always advisable to prepare an employee manual. This should contain information pertaining to company policies and procedures on working conditions, compensation, other benefits, discipline, and grievance processing, among others.

A

Prepare an employee manual

38
Q

Human capital is the quality and quantity of skills, education, and talents a person has. When people attendclasses, become apprentices, obtain graduate degrees, and receive on-the-job training, they are investing in or improving their human capital. Allocate sufficient budget for the cost of specialized training that human resources may need to meet the skills necessary to be able to make the product or complete the service to be offered to acquire or develop a market. There should also be a budget allocated for training people on human relations and leadership skills

A

Invest in human capital.

39
Q

Motivation is a function of willingness and ability (skills) to do the job, as well as help employees, work at high energy levels. Open communication, respect, fair compensation, training, work-life balance, and empowerment activities and programs will definitely motivate people in the workplace.

A

Motivate people in the workplace

40
Q

One way of doing this is to ensure that the work environment is safe, healthy, caring for employees, and at least compliant with government rules and regulations, as well as company social responsibility. Competitive compensation and training will also help a lot toward this objective.

A

Maintain employees’ commitment and loyalty

41
Q

Communication is very important so that employees feel they are really part of the organization and, thus, work more and better. When employees know what is expected of them, how they will accomplish their tasks, instructions are clear, and they are allowed to give feedback to the concerned stakeholders in the enterprise, they will feel valued and respected. This can lead to better performance and higher productivity.

A

Effectively communicate policies and practices with employees

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