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Management 2060 > Exam 2 (Chapters 5 & 6) > Flashcards

Exam 2 (Chapters 5 & 6) Flashcards

1
Q

specifies the actions that will be taken to achieve a set of goals or objectives

A

a plan

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2
Q

express preferred results

A

goal

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3
Q

specific statements of desired outcomes

A

objectives

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4
Q

What is widely used to define goals?

A

balanced scorecard

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5
Q

What are the 4 distinct areas that a balanced scorecard recommends each company define goals?

A
  1. customers
  2. internal business processes
  3. learning
  4. growth
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6
Q

when there are multiple business units within one company, goals are often set for each unit and are termed…

A

strategic business unit goals

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7
Q

What might strategic business unit goals include?

A
  • improving the company’s marketing material

- enhancing communication between the sales force and marketing team

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8
Q

tends to be more vague and typically includes descriptive language

A

goals

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9
Q

more detailed and are closely linked to a company’s strategic plan

A

objectives

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10
Q

acronym used to define the qualities of successful objectives

A

SMART

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11
Q

What are SMART objectives?

A
  • Specific
  • Measurable
  • Attainable
  • Relevant
  • Time Bound
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12
Q

What does the SMART Objective ‘specific’ refer to?

A

objectives should be well defined with sufficient details

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13
Q

What does the SMART Objective ‘measurable’ refer to?

A

objectives should have associated measurements so it is clear when they have been reached

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14
Q

What does the SMART Objective ‘attainable’ refer to?

A

objectives should be realistic and achievable

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15
Q

What does the SMART Objective ‘relevant’ refer to?

A

objectives should be focused on matters of importance

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16
Q

What does the SMART Objective ‘time bound’ refer to?

A

objectives should have deadlines, starting points, ending points, and fixed durations

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17
Q

anticipates unexpected events and outlines how the company should react to these events

A

contingency plan

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18
Q

the practice of continually measuring an organization’s performance and practices in key areas and comparing them with other organizations, to find ways of achieving better results

A

benchmarking

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19
Q

What are the 6 steps to benchmarking?

A
  1. Select the business to benchmark
  2. Determine appropriate metrics (KPIs) to gauge performance and take measurements
  3. Select competitors and/or leading companies in different industries against which to compare
  4. Calculate the differences between internal metrics and the performance metrics of the comparison companies; determine the causes of any shortcomings revealed by the benchmarking comparison
  5. Develop improvement programs to close performance gaps
  6. Implement improvement programs and repeat benchmarking comparison
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20
Q

Why is benchmarking used?

A

to find ways of achieving better results

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21
Q

the systematic process of making sure that plans, targets or standards of performance within an organization are met

A

management control or controlling

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22
Q

What are the 5 steps of controlling?

A
  1. Establish performance standards
  2. Perform the work
  3. Measure the process involved
  4. Compare that measurement data to the plan, target the standards
  5. Take corrective action, either adjusting performance or revising the plan, target or standards
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23
Q

involves reviewing performance and taking corrective action when necessary

A

control

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24
Q

ensures that organizational processes are functioning as efficiently as expected

A

control systems

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25
Q

What can control systems be categorized as (based on organizational work stream)?

A
  1. Feedforward
  2. Concurrent
  3. Feedback Systems
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26
Q

controls the process from the beginning

ex: ice cream manufacturer sampling his raw materials before producing to ensure quality

A

feedforward

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27
Q

controls the process as it runs by monitoring specific points in the process

(ex: beer breweries sampling their product several times as it ferments)

A

concurrent

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28
Q

controls the process by measuring performance at the end

ex: a restaurant surveying their customers after their meal to determine customer’s satisfaction

A

feedback

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29
Q

What can control systems be categorized as (based on business area they are designed to manage)?

A
  1. Inventory
  2. Financial
  3. Scheduling and Program Planning
30
Q

controls aim to ensure that its use and costs are within expected limits

(ex: prioritizing according to dollar value or importance)

A

inventory

31
Q

strive to keep the company’s operations within their budget

ex: capital, operating, and variable budgets

A

financial

32
Q

strive to organize project work so that it is completed on time and within the expected budget

(ex: Gantt and PERT charts)

A

scheduling and program planning

33
Q

a cost control technique that shows the point at which a product becomes profitable based on its price, sales volume, and cost

A

break even chart

34
Q

the system of relationships governing tasks, reporting, and authority that is required for an organization to do its work

A

organization structure

35
Q

What are the two fundamental needs for successful operation that organization structure addresses?

A
  1. provides for the division of labor

2. combines and coordinates the divided work of the organization’s members to achieve the desired goals

36
Q

the act of drawing up plans for an organization’s future direction to attain its goals

A

planning

37
Q

a hierarchy decision-making structure where all decisions and processes are handled strictly at the top or the executive level

A

centralized structures

38
Q

daily operations and decision-making responsibilities are delegated by top management to middle and lower-level mangers within the organization, allowing top management to focus more on major decisions

A

decentralized structures

39
Q

grouping employees into units or departments

A

departmentalization

40
Q

What are the 2 main approaches of departmentalization?

A
  1. functional structure

2. divisional structure

41
Q

separates employees based on the function of the business they perform

(ex: marketing department, sales department, etc.)

A

functional structure

42
Q

groups employees by product, geographic, or market divisions

A

divisional structure

43
Q

the number of employees that report to one manager

A

span of control

44
Q

the relationships that are in an organization that keep ingoing from the CEO to the floor worker

A

administrative hierarchy

45
Q

how tasks are divided among employees

A

division of labor

46
Q

the manner in which an organization operates in reality, as opposed to its formal distribution of roles and responsibilities

A

informal organization

47
Q

What are the 4 main contingencies that can impact a company’s organizational structure over time?

A
  1. size
  2. strategy
  3. technology
  4. environment
48
Q

What does SIZE refer to in impacting a company’s organizational structure over time?

A

the number of people employed at the company and generally, as a company grows, its workforce becomes more specialized

49
Q

What is an example of STRATEGY referring to impacting a company’s organizational structure over time?

A

a company that wants to add another product to its line might have to add a new functional unit

50
Q

What does TECHNOLOGY refer to in impacting a company’s organizational structure over time?

A

the type of technology used at the company affects how much manual labor is performed by employees

51
Q

What does ENVIRONMENT refer to in impacting a company’s organizational structure over time?

A

companies operate in a market that changes quickly, while others do not

52
Q

expresses, in numbers, management’s plan of action for a future period of time, it helps coordinate what needs to be done to execute that plan

A

budget

53
Q

the process of preparing a budget and part of an organizations planning process

A

budgeting

54
Q

method in which senior management develops a high level budget for the company

A

top down budgeting

55
Q

method that attempts to determine the underlying costs for each individual department or segment of an organization and then total up each department

A

bottom up budgeting

56
Q

the sum of the actions a company intends to take to achieve long term goals

A

organizational strategy

57
Q

a comprehensive budget plan which encompasses the organization’s operating and financial plans

A

master budget

58
Q

What does the master budget include?

A

all of the individual budgets related to sales, cost of goods sold, operating expenses, capital expenditures, and cash as well as the firms pro forma statements

59
Q

charting a decision based ongoing term goals and a longer term vision

A

strategic decision

60
Q

a type of short term decisions by a company in the lieu of long term strategies at the time of acquisition of company assets

A

operational decision

61
Q

What are the decision making steps?

A
  1. Gather information to determine the cause of the problem
  2. Identify alternative options
  3. Choose the best option
  4. Implement the solution
  5. Evaluate the decision
62
Q

When does certainty occur?

A

when a manager has complete information about the goals, options, and outcomes associated with each alternative solution

63
Q

When does risk occur?

A

when the manager knows the goals and options but cannot predict the exact outcomes

64
Q

What is important to understand before beginning the risk management process?

A

the difference between risk propensity and risk impact

65
Q

What must be considered during the risk management process?

A

risk propensity and risk impact

66
Q

the likelihood that a risk will occur; often expressed as some sort of probability

A

risk propensity

67
Q

the total effect that the occurrence of the risk has on a project or venture; includes but is not limited to financial considerations

A

risk impact

68
Q

What are the 3 decision making models?

A
  1. Classical Models
  2. Administrative Models
  3. Political Model
69
Q

grunded in economics and assumes that the manager makes the decision that is in the best economic interests of the company; assumes that the problems can be easily defined and that the decision maker understands the goals of the company; assumes that the information for making the decision is readily available and that economic criteria should fee sued to evaluate possible options

A

classical model

70
Q

views decision-makers as less rational

A

administrative model

71
Q

assumes that there are no objective decision problem definitions or criteria. Instead, the political process is used to determine what needs to be addressed. Consensus and bargaining are then used to devise the best solution

A

political model

Management 2060 (2 decks)

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