FINALS Reviewer Flashcards
Ensures that a company is achieving what it set out to accomplish. It compares performance.
Evaluation and Control
It is the end result of the activity. It is based on the organizational unit to be appraised and the objectives to be achieved.
Performance
Specify what is to be accomplished by focusing on the end result of the behaviors through the use of objectives and performance targets or milestones.
Output control
Emphasize resources, such as knowledge, skills, abilities, values, and motives of employees.
Input control
Specify how something is to be done through policies, rules, standard operating procedures, and orders from a superior
Behavior control
Recently developed accounting method for allocating indirect and fixed costs to individual products or product lines based on the value- added activities going into that product.
Activity-based costing (ABC)
A corporatewide, integrated process for managem uncertainties that could negatively or positively influence the achievement of the corporation’s objectives
Enterprise Risk Management (ERM)
What are the traditional financial measures
Return On Investment (ROI)
Earnings Per Share (EPS)
Return On Equity (ROE)
Defined as the present value of the anticipated future stream of cash flows from the business plus the value of the company if liquidated
Shareholder value
Combines financial measures that tell the result of actions already taken with operati measures on customer satisfaction, inter processes, and the corporation’s innovation and improvement activities the divers of future financial performance
Balanced scorecard
Areas the management develops goals and objectives
Financial
Customer
Innovation and learning
Internal business perspective
Measures that are essential for achieving a desired strategic option
Key performance measures
During strategy formulation and Implementation, top management approves a series of programs and supports __________ from its business units.
Operating Budget
This is typically done monthly. In addition, top management will probably require ______________ summarizing data on such key factors as the number of new customer contracts, the volume of received orders, and productivity figures
periodic Statistical report
Resources are measured in dollars, without consideration for service or product costs. Thus, budgets will have been prepared for engineered expenses (costs that can be calculated) and for discretionary expenses (costs that can be only estimated) It is typically established whenever an organizational unit has control over both i’s resources and its products or services.
Expense centers
Primarily used in manufacturing facilities Computed for each operation based on historical data The result is the expected cost of production, which is then compared to the actual cost of production.
Standard cost centers
It can be thought of as “the pattern, of planned human resource deployments and activities intended to enable an organization to achieve its goals”
Strategic human management (SHRM) resource
Components of Strategic Management
Environmental Scanning
Strategy formulation
Strategy Implementation
Evaluation and Control
It allows for consideration of human resource issues during the strategy formulation process
Two-Way Linkage
It is based on continuing rather than sequential interaction
Integrative Linkage
Levels of integration focused on day-to- day activities
Administrative Linkage
The role of the HRM function in strategic management is to ensure that the company has the proper number of employees with the levels and types of skills required by the strategic plan
True
False
True
For a company to have a good strategy foundation, certain tasks must be accomplished in pursuit of the company’s goals, individuals must possess certain skills to perform those tasks, and these individuals must be motivated to perform their skills effectively
True
False
True
According to Michael Porter of Harvard, competitive advantage stems from a company’s being able to create value in its production process. Value can be created in one of two ways. First, value can be created by reducing costs Second, value can be created by differentiating a product or service in such a way that it allows the company to charge a premium price. relative to its competitors
True
False
true
A strategy focusing on increasing market share, reducing costs, or creating and maintaining a market niche for products and services
Concentration Strategy
Focus on new market and product development, innovation, and joint ventures
Internal Growth Strategy
The planned elimination of large numbers of personnel, designed to enhance organizational effectiveness.
Downsizing
It consists of the strategies that evolve from the grassroots of the organization and can be thought of as what organizations do, as opposed to what they intend to do
Emergent Strategies
A process of analyzing tasks necessary for the production of a product or service, before assigning tasks to a particular job category or person. After thoroughly understanding the workflow design, we can make decisions regarding how to initially bundle various tasks into discrete jobs that can be executed by a single person
Work-flow design
Refers to the relatively stable and formal network of vertical and horizontal interconnections among jobs that constitute the organization: After understanding how job relates to different levels and functional areas, we can make informed decisions on how to design or improve jobs to benefit the entire organization
Organizational structure
The activities that members of a work unit engage in to produce a given output The process consists of operating procedures and these procedures include all the tasks that must be performed in the production of the output
Work processes
The processes that emphasize manufacturing goods with a minimum amount of time, materials, money, and people to leverage technology and flexible, well-trained, and skilled personnel to produce more custom products for less
Lean Production
Use large groups of low-skilled employees to churn out long runs of identical mass products stored in inventories for later sale
Batch Work Methods
A systematic investigation of tasks, duties, and responsibilities of a job and the necessary knowledge, skills, and abilities of the person who neer’s to perform the job adequately Organizations need to understand and match job requirements and people to achieve nigh quality performance
Job analysis
An effort where job responsibilities and tasks are reviewed, and possibly re- allocated among staff, to improve output. Redesigning jobs car. Icad to improvements in both productivity and job satisfaction.
Job redesign
Identifies the most qualified applicants for employment It is necessary to determine the task that will be performed by the individual hired and the knowledge, skills, and abilities the individual must have to perform the job effectively.
Selection
The process of increasing the knowledge and skills of an employee for doing a particular job. It involves the development of skills that are usually necessary to perform a specific job.
Training
A regular review of an eniplovee’s job performance and overall contribution to a company Through job analysis, the organization can identify the behaviors and results that distinguish effective performance performance from ineffective
Performance appraisal
A systematic way of determining the value/worth of a job about other jobs in an organization. It tries to make a systematic comparison between jobs to assess their relative worth to establish a rational pay structure
Job evaluation
Unstructured interviews follow a systematic approach where employees are interviewed accurately and consistently
True
False
False
it must be structured interviews
The questionnaire job analysis method requires employees, supervisors, and managers to fill out forms, namely questionnaires It’s one of the most widely used job analysis methods because it’s inexpensive to create and easy to distribute to numerous individuals at a faster rate
True
False
True
Enables job analysts to observe employees in their daily routines. The information collected through observation is extremely useful and reliable since it’s via first-hand knowledge.
Observation method
Vertical expansion of a job by adding planning and decision-making responsibilities
Job enrichment
The motivational approach to job design focuses on the job characteristics that affect the psychological meaning and motivational potential, and it views attitudinal variables as the most important outcomes of job design
True
False
True
The consistency of a performance measure, the degree to which a performance measure is free from random error, refers to the measuring instrument rather than the characteristic itself
Reliability
The degree to which the information provided by selection techniques enhances the effectiveness of selecting personnel in organizations
Utility
The training design process refers to a systematic approach to designing training programs to be effective and produce learning
True
False
True
Person analysis includes identifying the important tasks and knowledge, skills, and behaviors that need to be emphasized in training for employees to complete their tasks
True
False
False
it must be the TASK ANALYSIS
An employee sent by his or her company to manage operations in a different country.
Expatriate
The Strategic Management Journal was created
1980
Sun Tzu’s The Art of War provides a classic handbook on military strategy with numerous business applications, such as the idea that “win without fighting is hest.” This type of approach was used by businesses
530 CE
Moses uses hierarchical delegation of authority during the exodus from Egypt Dividing a large set of people into smaller groups creates a command structure that enables strategies to be implemented.
1491 BC
Machiavelli’s book The Prince offers clever recipes for success to government leaders Some of the book’s suggestions are quite devious, and the word Machiavellian comes to refer to acts of deceit and manipulation
1532
The American Civil War ends. Historians consider the Confederacy to have had better generals, but the Union possessed greater resources Sometimes good strategies simply cannot overcome a stronger adversary
1865
International strategy is a strategy through which the firm sells its goods or services outside its domestic market
True
False
true
By expanding the number of markets in which they compete, firms can enjoy economies of scale, particularly in manufacturing operations.
True
False
True
A global strategy is an international strategy in which a firm’s home office determines the strategies that business units are to use in each country or region.
True
False
True
Regionalization is a second global! environmental trend influencing a firm’s choice and use of international strategies.
True
False
True
By Licensing is an entry mode in which an agreement is formed that allows a foreign company to purchase the right to manufacture and sell a firm’s products within a host country’s market or a set of host countries’ markets The licensor is normally paid a royalty on each unit produced and soli. a.
True
False
True
By International diversification strategy is a strategy through which a firm expands the sales of its goods or services across the borders of global regions and countries into a potentially large number of geographic locations or markets.
True
False
True
