Final Flashcards
What are the 5 steps of the strategic planning process?
1) Setting mission/vision/values
2) Industry Analysis
3) Strategy formulation
4) Strategy Implementation
5) Performance measurement
Mission vs vision vs values vs objectives/goals
Mission: why exist
Vision: What success looks like
Values: Beliefs that define
Goals: how to get there/measures of progress
What does SMART goal stand for?
Specific Measureable Appropriate Realistic Time-bound
5 Generic strategies
1) Cost leadership - Walmart
2) Price leadership - Southwest
3) Differentiation - Apple
4) Focused - Louis Vuitton
5) Best Value
4 Questions in blue ocean
1) Eliminate
2) Reduce
3) Raise
4) Create
5 Strategic vehicles
1) Diversification
2) Defensive
3) Integration
4) Intensive
5) out/insourcing
3 strategies for CRP (Capacity Resource planning)
1) Capacity lead - anticipatory
2) Capacity lag - increased after demand
3) Average Capacity - budgeted for average
What is BPM and BPR
BPM: Business Process Management - Improving efficiency usually through tech
BPR: Business Process Re-engineering - Rebuilding processes, usually involves multi departments
What is the 5 step Six Sigma process?
D - efine scope M - easure and process data A - nalyze data I - mprove the process C - ontrol so process is maintained
4 types of risk and description
Strategic: bad strategy chosen that doesn’t work
Operational: bad processes/people
Compliance: broke law
Reporting: misreporting
5 Risk Responses
1) Risk acceptance
2) Risk Sharing - spread it out
3) Transferring - insurance
4) Reducing - credit checks
5) Avoiding
5 Basic steps in System Development Life Cycle (SDLC)
1) Planning
2) Analysis
3) Design/Development
4) Implementation
5) Maintenance
4 perspectives in Balance Scorecard
1) Financial
2) Customer
3) Process
4) Learning and growth
4 Responsibility centres
1) Profit - food service in hotel
2) Cost - Admin
3) Investment - power to purchase assets
4) Revenue - sales dept.
ROI formula
(NI/Sales) x (Sales/Assets)
NI/Assets
