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MBA > Kickoff Week > Flashcards

Kickoff Week Flashcards

1
Q

Define Scarcity

A

The condition in which wants are forever greater than the available supply of time, goods and resources. Even if it was free.

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2
Q

Why is Scarcity the underlying fundamental problem?

A

Time is Scarce
Incomes are Scarce
Resources are Scarce

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3
Q

Define Resources

A

The inputs used to make the goods/services that individuals and society desires

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4
Q

What are some examples of resources

A

Raw materials, physical capital, labor, human capital, entrepreneurship, technology

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5
Q

Define Physical Capital

A

Human-made goods used to make other goods (equipment, machinery, etc.)

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6
Q

Define Human Capital

A

experience, training, education of labor force

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7
Q

Define Entrepreneurship

A

the ability to organize the other inputs and to take the risk

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8
Q

What are the 3 main economical questions for society?

A

What goods/services should we make?
How to make the goods/services?
How do we allocate the goods/services that we do make?

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9
Q

Define Efficiency

A

How can we make resources go as far as possible?

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10
Q

Define Equity

A

How we split up the end result.

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11
Q

Define Economics

A

The study of scarcity in society and the decisions it drives, including the distribution of goods and services

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12
Q

Normative vs Positive Economics

A

Normative is centered around moral, ethical, and subjective beliefs of how things should be.

Positive is centered around factual testable and objective beliefs on how the world is.

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13
Q

Define Microeconomics

A

the study of choices facing individuals (households, businesses and even government), and their interactions.

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14
Q

Define Macroeconomics

A

The study of how the aggregate of individual decisions (microeconomics) affect an entire economy (national or global)

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15
Q

Who are the 3 microeconomic agents

A

Households, Firms (business) / Industries, Government

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16
Q

What are the four steps of Supply Chain

A

Plan, Source, Make, Deliver

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17
Q

Simple Supply Chain

A

Bring Stuff in, Make Stuff, Ship Stuff Out

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18
Q

Medium Complicated Supply Chain

A

Suppliers, Distributors, Manufactures, Wholesalers, Retailers

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19
Q

Why is a smaller supply chain easier than a bigger one?

A

Communication is easy

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20
Q

What happens as supply chains get larger?

A

Major corporate departments (Purchasing, Marketing, Sales, Operations) get siloed.

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21
Q

What is the Integrated Supply Chain

A

End to End Supply Chain, from resources to consumers

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22
Q

What is the Risk Equation

A

Risk = Probability x Consequences

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23
Q

What are the six major themes of Supply Chain

A

Talent, Strategy, Relationship Management, Visibility, Coordination, Design

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24
Q

What’s a good format to answer a question?

A

A - B - A

Answer - Background - Answer

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25
Q

For Presenting, what is your AIM

A

Audience, Intent, Message

You should know your AIM when structuring a presentation

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26
Q

During a Presentation what should you ask about your audience?

A

Who are they?
Why are they here?
What is important to them?
What do they already know about the topic?

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27
Q

For a presentation, how do you define your Intention?

A

When we’re done, we want the audience to……

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28
Q

Fore a presentation, how do you define Message?

A

If people only remember one things, we want it to be…

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29
Q

What is Integrated Decision Making?

A

“Big Picture” thinking.
Thinking “Globally” rather than “Locally”

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30
Q

Why do Organizations Lean?

A

Reduce Costs

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31
Q

What are the 3 categories you can cut costs from?

A

Labor, Material, Overhead

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32
Q

What is a concern of trying to reduce Labor Cost?

A

the work force get’s demoralized

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33
Q

What’s the best growth strategy from a Lean Theory of Constraint?

A

Make the customer an offer they can not refuse and grow capacity by eliminating waste

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34
Q

What is TOC

A

Theory of Constraint

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35
Q

What are the basics focus areas for TOC?

A

Grow the Market, Eliminate waste at the constraint, eliminate policy that barriers growth.

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36
Q

What are the 2 premises of TOC?

A

The Goal of a business is to achieve sustainable growth and stability, now and in the future.

A system’s constraint(s) determine its output

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37
Q

What are the 4 obstacles of Theory of Constraint, and what are the 4 Pillars to overcome them?

A
  1. The Perception of reality as complexity - Inherent simplicity
  2. Accepting conflicts as given - Inherent harmony
  3. Our tendency to blame others - Inherent goodness
  4. Thinking that ‘we know” - Inherent potential/humanity
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38
Q

What are the Three Illusions that limit paradigms?

A

The Illusion of Complexity
The Illusion of Conflict
The Illusion of Certainty

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39
Q

What is the TOC 5 step focusing process

A
  1. Identify the system’s constraint
  2. Decide how to exploit the system’s constraint
  3. subordinate everything else to that decision
  4. elevate the system’s constraint
  5. if the constraint was broken in previous steps, start over.
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40
Q

What are the three types of constraints

A

Physical
Market
Policy

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41
Q

What are the policy constraints

A

Mindset constraints
Method constraints
Measures constraints

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42
Q

What are Mindset Constraints

A

Thought Process that blocks design, implementation or methods

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43
Q

What are Methods Constraints

A

Procedures or techniques that are incompatible with goals

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44
Q

What are measures constraints

A

Statistics/measurables that drive behaviors that do not improve the business or do not agree with organizational goals

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45
Q

What is the “Trinity” of Policy Constraints

A
  1. You don’t understand
  2. We are Different
  3. That won’t work here
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46
Q

Lean Supply Chain Principle 1

A

Improving the performance of every subsystem in isolation will not improve system performance. Improvements in subsystem performance must be gauged only through their impact on the whole system.

System Thinking requires “Uncommon Thinking”

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47
Q

What are the TOC Performance Measures?

A

Throughput - the rate which a system generates

Investment - Money invested in things for a system

Operating expense - Money that turns investment into throughput

48
Q

Why Study Leadership?

A

Climb the ladder
Ethics
Productivity

49
Q

Define Leadership

A

The ability to influence a group toward the achievement of goals

50
Q

Define Management

A

Use of authority inherent in designated formal rank to obtain compliance from organizational members

51
Q

What are the 4 steps of leadership

A

Understand
Predict
Facilitate
Influence

52
Q

How do leaders “Understand”

A

They interpret the environment and help followers understand how their contributions affect the organization

53
Q

How do leaders “Predict”

A

Leaders use the knowledge they have gained to forecast future contingencies and needs

54
Q

How do leaders “Facilitate”

A

Leaders have the potential to coalesce support and motivate their followers

55
Q

What are 4 leader levers

A

SMART Goals
Monitoring and Accountability
Incentives/Recognition
Social Capital

56
Q

What are the four leadership forms

A

Strategic Leadership
Tactical Leadership
Operational Leadership
Project Leadership

57
Q

What is Strategic Leadership

A

Where and how should we compete as an organization

58
Q

what is tactical leadership

A

how do we mobilize resources to realize our organizational goals

59
Q

what is operational leadership

A

How do we cultivate a culture of excellence and motivate people

60
Q

What is project Leadership

A

how to I manage a team to accomplish our near-term goals

61
Q

What are the three basic skills of a leader

A

Conceptual skills - think analytically and integrate

human skills - ability to work with others

Technical skills - ability to perform a task

62
Q

What is Finance?

A

The allocation and pricing of financial resources

63
Q

Finance can be inside and outside the firm, what are some examples of each

A

Inside - making decisions about Investing, Financing, or dividends

outside - Valuing a particular financial asset - Stocks, Bonds, Derivatives

64
Q

Who are the financial managers

A

the decision makers, generally the highest ranking officials (C-suite) and the “employees” or “Shareholders”

65
Q

Who are the Shareholders

A

They are the Owners of the firm

66
Q

What do shareholders want?

A

to maximize their wealth in the firm. They direct the managerial team to make financially appealing decisions

67
Q

What is the “Agency Problem”

A

Shareholders own the firm
Managers make the decisions

“Separation of ownership and control”

68
Q

How do shareholders align with the Managers of a firm?

A

Pay - structuring compensation packages to incentivize good performance

Watch from the board and scrutinize when capital is raised

Regulate - legal disclosure and anti-fraud laws

Threaten - to fire them

69
Q

What is the most important thing in “value”

A

Cash. Cash is king.

70
Q

What are three outside the firm financial securities

A

Common stock
Derivative Securities
Fixed Income Securities (money market, bond market, preferred stock)

71
Q

What are the two things we can do with Cash

A

Buy things NOW

Invest so it “Grows”

72
Q

What are the 3 defining features of Cash Flow

A

The Amount
The Direction
The Timing

73
Q

What is Cash Accounting

A

Cash Receipts - Cash Dispursements = Net Operational Cash Flow

74
Q

What is Accrual Accounting

A

Revenus - Expenses = Net Income

75
Q

What is a Balance Sheet

A

A Snapshot of wealth at a point in time

76
Q

What is the Accounting Equation

A

Assets = Liabilities + Owners Equity

Benefits to be consumed in the future = Creditor Claims = owners claims

77
Q

What are “receivables”

A

Amount to be collected for products already delivered

78
Q

What is the Inventory Cost Flow

A

“Finished Goods” (Balance Sheet) become “Cost of Sales” (Income Statement) after they’ve been sold

79
Q

Define Depreciation

A

An allocation of the portion of the initial cost of buildings and equipment to a year. Depreciation represents the ‘consumption’ of a building or equipment benefits for the year

80
Q

What are the Two Cost Paths

A

Expense - A benefit Consumed

Asset - A benefit deferred

81
Q

What is Goodwill

A

An intangible asset that arises when a company purchases another entity for an amount greater than the entity’s net asset market value (Assets - Liabilities)

82
Q

What are current liabilities

A

obligations to provide cash or services for benefits already received, within the span of one year

83
Q

What are long term liabilities?

A

debt or lease obligations to lessors, banks, institutional investors, and public investors

84
Q

What is stockholder’s equity?

A

the net assets (assets - liabilities) of the firm. Essentially the shareholders claim on the assets, not the market value.

85
Q

What is an Income Statement

A

to provide a measure of the change in weather from doing business over a period of time

86
Q

What is Operating Income (EBIT)

A

Revenues - all operating expenses, or earnings before interest and taxes

87
Q

What is Net Income (GAAP earnings)

A

Revenues - all expenses

88
Q

What is EBITA

A

Earnings Before Interest, Taxes, and Depreciation/Amortization

89
Q

What is a Statement of Cash Flow

A

Explanation of why the cash changed during a period (usually between balance sheets)

90
Q

What are the three Cash Flow activities

A

Operating Activities
Investing activities
Financing activities

91
Q

What are Cash Operating Activities

A

Cash flows that are associated with incomes producing activities

92
Q

What are Cash Investing activities

A

Cash flows that are associated with the purchase and sale of concurrent assets, such as property, equipment, and intangibles

93
Q

What are Cash Financing Activities?

A

Cash flows that are associated with obtaining or repaying resources from/to creditors or owners

94
Q

What is Free Cash Flow

A

The amount of cash available primarily from earnings that can be used to finance growth, pay dividends, repurchase stock, pay down debts

95
Q

Between two balance sheets, what two things track changes between them?

A

Income Statement (Revenue - expenses)
Statement of Cash Flow

96
Q

what is the ProMBA Definition of Marketing

A

Marketing is the customer-centric philosophy, strategies, and tactics necessary to consistently create, communicate and deliver customer value in order to capture value from customers in return during acquisition, expansion, and retention.

SIMPLE: Create, Communicate, and deliver customer value

97
Q

What is the Marketing Value Process

A

Identify the value
Choose the value
Provide the value
Communicate the Value
Assess the delivered Value
Repeat.

98
Q

What is Customer Value

A

Customer Value is the customer’s perception of what they want to have happen (consequence) in a specific use situation with the help of a product/service offering, in order to accomplish a desired purpose or goal

99
Q

What are the three aspects of Presence

A

Credibility
Connection
Confidence

100
Q

How can you improve your credibility

A

Look the part

101
Q

What does Authoritative look like

A

Take up space
Keep head still
Appear relaxed
Keep Eye Contact
Stay Slow
Speak in Lower Tones

102
Q

What does Approachable look like

A

Minimize footprint
Nod
Smile
Make indirect eye contact
Speak in higher tones
Fidget

103
Q

How do you move with purpose

A

Walk on transitions
make eye contact - one person, one thought
Break the bubble - big gestures

104
Q

What is the GROW Model for Coaching

A

Goal - What is your goal
Reality - What is the reality of the ‘gap’
Options - What options do you have
Will - What will you do

105
Q

What makes a good supply chain

A

Communication, Planning, Efficiency

106
Q

What makes a bad supply chain

A

Bad Communication

107
Q

What is a SWOT analysis

A

Strengths
Weaknesses
Opportunities
Threats

108
Q

What things give you a competitive advantage?

A

Better
Cheaper
Faster (premium)
Niche

109
Q

What is the basis of strategy

A

Present Decisions, Based on the Past, to frame the future

110
Q

What things should you learn about someone?

A

Who they are (without asking) - how they identify (work, family, etc),

What are some of their key relationships?

What are their goals and accomplishments?

111
Q

Define Asset

A

Something you’ve paid for, but not consumed

112
Q

What is “cheap money”

A

When you can pay to get money that has a lower interest rate then the ROI you can get with it

113
Q

What is shareholders equity?

A

Common stock
Retained earnings
treasury stock
accumulated other comprehensive income

114
Q

What is Cost of Sales (Goods/Services)

A

The cost to the company for the Item or Service

115
Q
A

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