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Principles of Management > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

Corporate Strategy

A

Talks about broad issues

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2
Q

Business Strategy

A

How awe are going to compete

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3
Q

SWOT

A

Strengths, Weaknesses, Opportunities, Threats

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4
Q

TOWS

A

SWOT backwards. Helps with development of actions steps

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5
Q

Five forces (Porter)

A
  1. How much rivalry is there in the industry?
  2. What are the barriers/difficulties of getting into the industry?
  3. Suppliers
  4. Buyers
  5. Other Products
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6
Q

VRIO

A

Valuable, Rare, Inimitable, Organization

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7
Q

Approach: Broad Market

A
  1. Differentiation

2. Cost Leadership

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8
Q

Cost Leadership

A

Producing the least expensive product

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9
Q

Approach: Narrow Market

A
  1. Focused Differentiation

2. Focused Cost Leadership

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10
Q

Value Chain:

A
  1. Product Focused
    1. Process Focused
    2. Fixed Position Layout
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11
Q

Why Project Profiling?

A
  1. Better understanding
  2. Develop execution plan
  3. Allocate resources
  4. Helps identify skills and experiences of the people
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12
Q

How might projects differ?

A
  • Size
    • Time
    • Location
    • Complexity
    • Risk
    • Time Pressure
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13
Q

Darnell-Preston Complexity Index

A

Scale 1-4:

  • External
    • 1-Similar to others, 4-never completed project this size
  • Internal
    • 1-Simple, few people, 4-Complicated, many people
  • Technology
    • 1-Technology not new, familiar, 4-technology new, untested, unfamiliar
  • Environmental
    • 1-no legal issues, 4-multiple legal issues
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14
Q

Project Phases:

A

Initiation Phase
Planning
Execution
Closeout

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15
Q

Initiation Phase (Skills needed)

A

Conceptual Skills

Team Building Skills

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16
Q

Planning (Skills Needed)

A

Organization Skills
Planning Skills
Leadership Skills

17
Q

Execution (Skills Needed)

A

Leadership Skills

18
Q

Closeout (Skills Needed)

A

Controlling Skills

19
Q

3 ways to fund a project

A
  1. Commercial Paper (B2B) Loan
  2. Sell more shares of stock to raise money
  3. Savings (retained earnings)
20
Q

Costs of each project funding method

A
  1. Borrowing-Interest rates
  2. Savings-Can’t hire as many people or give raises
  3. Selling Stock-lowers value of stock, decrease of company worth, more dividends payable
21
Q

Techniques to determine cost/benefit analysis

A
  1. Payback-when will we pay back then exceed original investment?
  2. IRR-Internal Rate of Return-Calculates the percent return of the money invested
22
Q

IRR

A

Internal Rate of Return

23
Q

Communication Matrix; What’s the legend?

A

A-Approval
R-Review and Comment
I-Inform

24
Q

Organizational Structure

A
  1. Centralization
  2. Formalization
  3. Hierarchical Level
  4. Span of Control
  5. Departmentalization
25
Q

Centralization

A

Keeps all decision making at the top level

26
Q

Formalization

A

How clearly the rules and regulations are defined. Very Structured Business.

27
Q

Hierarchical Level

A

more managerial levels, order of importance, Tall vs flat

28
Q

Span of Control

A

how many people your in control of.

29
Q

Two configurations of organizational structure

A
  1. Mechanistic-Product

2. Organic-Process

30
Q

Departmentalization

A

Functional; similar tasks, similar skills

31
Q

4 ways to Divide teams:

A
  1. Product-groups based on product line
  2. Market-groups based on customers
  3. Geographic-groups based on location
  4. Matrix-cross functional teams, online and locational teams
32
Q

Network Structure (Modular)

A
  1. Design
    1. Manufacture
    2. Shipped
    3. Sales
33
Q

Strategic Alliance

A

Two companies work together to create a product

34
Q

Boundary-less Organizations

A

working with various companies with different strengths

35
Q

Learning Organizations

A

Schools

Principles of Management (2 decks)

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