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ENGINEERING MANAGEMENT > MANAGEMENT > Flashcards

MANAGEMENT Flashcards

1
Q

– act of giving employees reasons and incentives to work to achieve organizational objectives.

A

MOTIVATING

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2
Q

process of activating behavior, sustaining it, and directing it toward a particular goal.

A

MOTIVATION

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3
Q

FACTORS CONTRIBUTING TO MOTIVATION

A
  1. Willingness to do a job.
  2. Self-confidence in carrying out a task.
  3. Needs Satisfaction
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4
Q

THEORIES OF MOTIVATION

A
  1. Maslow’s Needs Hierarchy Theory
  2. Herzberg’s Two-Factor Theory
  3. Expectancy theory
  4. Goal Setting Theory
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5
Q

theorized that human beings have 5 basic needs: (Psychologist)

A

ABRAHAM MASLOW

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6
Q
  • a satisfied employee is motivated from within to work harder and that a dissatisfied employee is not self-motivated
A

FREDERICK HERZBERG

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7
Q

2 CLASSES OF FACTORS ASSOCIATED WITH EMPLOYEE SATISFACTION AND DISSATISFACTION

A
  1. SATISFIERS OR MOTIVATION FACTORS
  2. DISSATISFIERS OR HYGIENE FACTORS
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8
Q

2 CLASSES OF FACTORS ASSOCIATED WITH EMPLOYEE SATISFACTION AND DISSATISFACTION

A
  1. SATISFIERS OR MOTIVATION FACTORS
  2. DISSATISFIERS OR HYGIENE FACTORS
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9
Q

factors responsible for job satisfaction

A
  • Achievement
  • Recognition
  • Work Itself
  • Responsibility
  • Advancement
  • Growth
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10
Q

factors as responsible for job dissatisfaction:

A
  • Company Policy or Administration
  • Relationship with Supervisor
  • Relationship with Peers
  • Relationship with Subordinates
  • Supervision
  • Work Conditions
  • Salary
  • Personal Life
  • Status
  • Security
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11
Q
  • model based on the assumption that an individual will work depending on his perception of the probability of his expectations to happen.
  • motivation is determined by expectancies and valences
A

 EXPECTANCY THEORY

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12
Q
  • belief about the likelihood or probability that a particular behavioral act will lead to a particular outcome.
A

EXPECTANCY

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13
Q
  • value an individual places on the expected outcomes or rewards.
A

VALENCE

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14
Q

EXPECTANCY THEORY IS BASED ON THE FOLLOWING ASSUMPTIONS:

A
  1. A combination of forces within the individual and in the environment determines behavior.
  2. People make decisions about their own behavior and that of organizations.
  3. People have different types of needs, goals, and desires.
  4. People make choices among alternative behaviors based on the extent to which they think a certain behavior will lead to a desired outcome.
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15
Q
  • refers to the process of “improving performance with objectives, deadlines, or quality standard.”
A

GOAL SETTING

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16
Q

drawn goal setting model

A

EDWIN A. LOCKE

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17
Q

GOAL SETTING MODEL/THEORY associates consists of the following components

A
  1. GOAL CONTENT
  2. GOAL COMMITMENT
  3. WORK BEHAVIOR
  4. FEEDBACK ASPECTS
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18
Q
  • To be sufficient in content, goals must be challenging, attainable, specific, and measurable, time-limited, and relevant.
  • When goals are challenging, higher performance may be expected.
A

 GOAL CONTENT

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19
Q

USE OF CHALLENGING GOALS

A
  • Goals must be attainable if they are to be set.
  • Goals must be stated in quantitative terms whenever possible.
  • There must be a time-limit set for goals to be accomplished.
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20
Q
  • individuals or groups are committed to the goals they are supposed to achieve, there is a chance that they will be able to achieve them.
A

 GOAL COMMITMENT

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21
Q

Goals influence behavior in terms of direction, effort, persistence, and planning.

A

 WORK BEHAVIOR

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22
Q
  • provide the individuals with a way of knowing how far they have gone in achieving objectives
  • also facilitate the introduction of corrective measures whenever they are found to be necessary.
A

 FEEDBACK ASPECTS

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23
Q

TECHNIQUES OF MOTIVATION

A
  1. Motivation through job design
  2. Motivation through rewards
  3. Motivation through employee participation
  4. Other motivation techniques for the diverse work force
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24
Q

A person will be highly motivated to perform if he is assigned a job he likes.

A

 MOTIVATION THROUGH JOB DESIGN

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25
Q

specifying the tasks that constitute a job for an individual or a group.

A

JOB DESIGN

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26
Q

2 APPROACHES IN MOTIVATING THROUGH USE OF JOB DESIGN

A
  • FITTING PEOPLE TO JOBS
  • FITTING JOBS TO PEOPLE
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27
Q

chronic dissatisfaction.

To avoid this, the following remedies may be adapted:

A
  1. REALISTIC JOB PREVIEWS
  2. JOB ROTATION
  3. LIMITED EXPOSURE
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28
Q

consider changing the job.

This may be achieved with the use of the following:

A
  1. JOB ENLARGEMENT
  2. JOB ENRICHMENT
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29
Q

where management provides honest explanations of what a job entails.

A

REALISTIC JOB PREVIEWS

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30
Q
  • where people are moved periodically from one specialized job to another.
A
  1. JOB ROTATION
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31
Q

-where a worker’s exposure to a highly fragmented and tedious job is limited.

A
  1. LIMITED EXPOSURE
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32
Q

-where two or more specialized tasks in a workflow sequence are combined into a single job.

A
  1. JOB ENLARGEMENT
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33
Q

-where efforts are made to make jobs more interesting, challenging, and rewarding.

A
  1. JOB ENRICHMENT
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34
Q

Rewards consist of material and psychological benefits to employees for performing tasks in the workplace.

A

 MOTIVATING THROUGH REWARDS

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35
Q

REWARDS MAY BE CLASSIFIED INTO TWO CATEGORIES:

A

EXTRINSIC
INTRINSIC REWARDS

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36
Q

-those which refer to payoffs granted to the individual by another party. (Ex. money, promotions, praise, etc.)

A

EXTRINSIC REWARDS

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37
Q

those which are internally experienced payoffs which are self-granted.
(Ex. are a sense of accomplishment, self-esteem etc.)

A

INTRINSIC REWARDS

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38
Q

MANAGEMENT OF EXTRINSIC REWARDS.

A
  1. It must satisfy individual needs.
  2. The employees must believe effort will lead to reward.
  3. Rewards must be equitable.
  4. Rewards must be linked to performance.
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39
Q

When employees participate in deciding various aspects of their jobs, the personal involvement, oftentimes, is carried up to the point where the task is completed.

A

 MOTIVATION THROUGH EMPLOYEE PARTICIPATION

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40
Q

THE SPECIFIC ACTIVITIES IDENTIFIED WHERE EMPLOYEES MAY PARTICIPATE ARE AS FOLLOWS:

A
  1. Setting Goals
  2. Making Decisions
  3. Solving Problems, And
  4. Designing and Implementing Organizational
    Changes.
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41
Q

THE MORE POPULAR APPROACHES TO PARTICIPATION INCLUDES THE FOLLOWING:

A
  1. QUALITY CONTROL CIRCLES (QCC)
  2. SELF-MANAGED TEAMS
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42
Q

method of direct employee participation
- objective of the QCC is to increase productivity and quality of output.

A
  1. QUALITY CONTROL CIRCLES (QCC)
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43
Q
  • also known as autonomous work groups or high-performance reams
  • take on traditional managerial tasks as a part of their normal work routine
A
  1. SELF-MANAGED TEAMS
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44
Q
  • consists of “a group of three to ten employees.”
A

CIRCLE

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45
Q

REQUISITES TO SUCCESSFUL EMPLOYEE PARTICIPATION PROGRAM

A
  1. A profit-sharing or gainsharing plan.
  2. A long-term employment relationship with good job security.
  3. A concerted effort to build and maintain group cohesiveness.
  4. Protection of the individual employee’s rights.
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46
Q

OTHER MOTIVATION TECHNIQUES

A
  1. FLEXIBLE WORK SCHEDULES (Flextime)
  2. FAMILY SUPPORT SERVICES
  3. SABBATICALS
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47
Q
  • allows employees to determine their own arrival and departure times within specified limits.
A
  1. FLEXIBLE WORK SCHEDULES (Flextime)
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48
Q
  • progressive companies provide day care facilities for children of employees
A
  1. FAMILY SUPPORT SERVICES
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49
Q
  • is a leave given to an employee after a certain number of years of service
  • for 2 months to 1 year with pay
A
  1. SABBATICALS
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50
Q
  • management function which involves influencing others to engage in the work behaviors necessary to reach organizational goals
A

LEADING (function)

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51
Q
  • able to influence others because of the power they possess
    POWER
  • ability of a leader to exert force on another
A

LEADERS

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52
Q

BASE OF POWER

A
  1. LEGITIMATE POWER
  2. REWARD POWER
  3. COERCIVE POWER
  4. REFERENT POWER
  5. EXPERT POWER
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53
Q
  • occupies a higher position has legitimate power over persons in lower positions within the organization
A
  1. LEGITIMATE POWER
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54
Q
  • ability to give rewards to anybody who follows orders or requests
A
  1. REWARD POWER
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55
Q

2 FORMS OF REWARDS

A

MATERIAL
PSYCHIC

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56
Q

tangible benefits or money

A
  • MATERIAL
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57
Q

recognition or praises

A
  • PSYCHIC
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58
Q
  • through threats or punishment
    (Demotion, dismissal, withholding of promotion, etc.)
A
  1. COERCIVE POWER
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59
Q
  • get compliance from another because the latter would want to be identified with the former
A
  1. REFERENT POWER
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60
Q
  • specialized information regarding their specific line of expertise
  • possessed by people with great skills in technology
A
  1. EXPERT POWER
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61
Q
  • the process of influencing and supporting others to work enthusiastically toward achieving objectives
A

LEADERSHIP

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62
Q

TRAITS OF EFFECTIVE LEADERS

A
  1. A high level of personal drive
  2. The desire to lead.
  3. Personal integrity
  4. Self-Confidence
  5. Analytical Ability or Judgment
  6. Knowledge of the company, industry, or technology
  7. Charisma
  8. Creativity
  9. Flexibility
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63
Q
  • willing to accept responsibility, possess vigor, initiative, persistence, and heath.
A

 PESONAL DRIVE

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64
Q

with high level of personal drive
-plant director of the Polo Plant of San Miguel Corporation between 1992 & 1994

A

PAUL MEDIARITO

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65
Q
  • always have a reservoir of extra efforts
A

 THE DESIRE TO LEAD

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66
Q

“Exercising his authority ang getting things done entirely by the use or threat of use of the coercive powers vested in him by virtue of the rank and position he occupies in the hierarchy.”

A

 PERSONAL INTEGRITY

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67
Q

honesty, honor, incorruptibility, rectitude, righteousness, uprightness, and similar virtues.”

A

INTEGRITY BY V.K. SARAF

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68
Q

-found in a study the conducted that leaders of mid-sized, high growth companies were “almost inevitably consummate salesmen who radiate enormous contagious self-confidence.”

A

 SELF-CONFIDENCE
MCKINSEY AND COMPANY

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69
Q

“A chieftain cannot win if he loses his nerve. He should be self-confident and self-reliant and even if he does not win, he will know he has done his best.”

A

WESS ROBERTS

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70
Q

desirable trait that a leader can use to tide him over many challenging aspects of leadership

A

 ANALYTICAL ABILITY

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71
Q

has sufficient personal magnetism that leads people to follow his directives

A

 CHARISMA

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72
Q

POSSESS CHARISMA

A
  • Napoleon Bonaparte
  • Julius Caesar
  • Adolf Hitler
  • George Washington
  • Elvis Presly
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73
Q

the ability to combine existing data, experience, and preconditions from various sources in such a way that results will be subjectively regarded as new, valuable, and innovative, and as a direct solution to an identified problem situation.”

A

 CREATIVITY
RONNIE MILLEVO

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74
Q
  • adapt a different method from another person’s method
A

 FLEXIBILITY

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75
Q

LEADERSHIP SKILLS

A
  1. TECHNICAL SKILLS
  2. HUMAN SKILLS
  3. CONCEPTUAL SKILLS
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76
Q

– work processes, activities & technology

A
  1. TECHNICAL SKILLS
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77
Q

– ability to deal with people.

A
  1. HUMAN SKILLS
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78
Q

ability to think in abstract terms.

A
  1. CONCEPTUAL SKILLS
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79
Q

BEHAVIORAL APPROACHES TO LEADERSHIP STYLES

A
  1. According to the ways leaders approach people to motivate them.
  2. According to the way the leader uses power.
  3. According to the leader’s orientation towards task and people
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80
Q

 WAYS LEADERS APPROACH PEOPLE TO MOTIVATE

A
  1. POSITIVE LEADERSHIP
  2. NEGATIVE LEADERSHIP
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81
Q

– leader’s approach emphasizes rewards.

A
  1. POSITIVE LEADERSHIP
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82
Q

– punishment is emphasized by the leader

A
  1. NEGATIVE LEADERSHIP
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83
Q

 WAYS LEADERS USES POWER

A

AUTOCRATIC
PARTICIPATIVE
FREE-REIN

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84
Q

– make decision themselves without consulting subordinates.

A
  1. AUTOCRATIC
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85
Q

invites subordinates to participate or share in decisions.

A
  1. PARTICIPATIVE
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86
Q

set objectives and allow employees or subordinates relative freedom to do whatever it takes to accomplish objectives.

A
  1. FREE-REIN
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87
Q

 LEADER ORIENTATION TOWARD TASKS AND PEOPLE

A
  1. EMPLOYEE ORIENTED
  2. TASK ORIENTED
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88
Q
  • considers employees as human beings of “intrinsic importance and with individual and personal need” to satisfy
A

EMPLOYEE ORIENTATION

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89
Q
  • places stress on production and technical aspects pf the job and the employees
A

TASK ORIENTATION

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90
Q
  • an effort determines through research which managerial practices and techniques are appropriate in specific situations
A

CONTINGENCY APPROACH

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91
Q

VARIOUS CONTINGENCY APPROACHES

A
  1. Fiedler’s Contingency Model
  2. Hersey and Blanchard’s Situational Leadership Model
  3. Path-Goal Model of Leadership
  4. Vroom’s Decision-Making Model
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92
Q

“leadership is effective when the leader’s style is appropriate to the situation.”

A

FRED FIEDLER

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93
Q

SITUATIONAL CHARACTERISTICS BY 3 PRINCIPAL FACTORS

A
  1. The relations between leaders and followers
  2. The structure of the task
  3. The power inherent in the leader’s position
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94
Q

THE SITUATIONAL CHARACTERISTICS VARY FROM ORGANIZATION TO ORGANIZATION. TO BE EFFECTIVE, THE SITUATION MUST FIT THE LEADER. IF THIS IS NOT SO, THE FOLLOWING MAY BE TRIED.

A
  1. Change the leader’s trait or behaviors.
  2. Select leaders who have traits or behaviors fitting the situation.
  3. Move leaders around in the organization until they are in positions that fit them.
  4. Change the situation.
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95
Q
  • most important factor affecting the selection of a leader’s style is the development (or maturity) level of subordinate
A

LEADERSHIP MODEL

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96
Q

TWO COMPONENTS OF MATURITY

A
  1. Job Skills and Knowledge
  2. Psychological Maturity
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97
Q

-elaborated on the leadership styles appropriate for the various maturity level of subordinates

A

BLANCHARD AND OTHERS

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98
Q

leadership styles various maturity level

A

STYLE 1 : DIRECTING
STYLE 2: COACHING
STYLE 3: SUPPORTING
STYLE 4: DELEGATING

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99
Q

lack competence but are enthusiastic and committed.

A

DIRECTING

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100
Q

have some competence but lack commitment.

A

: COACHING

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101
Q

have competence but lack of confidence or motivation.

A

SUPPORTING

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102
Q

have both competence and commitment.

A

DELEGATING

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103
Q
  • stipulates that leadership can be made effective because the leaders can influence subordinate’s perceptions of their work goals, personal goals, and paths to goal attainment.
A

ROBERT J. HOUSE AND TERRENCE R. MITCHELL

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104
Q

USING PATH GOAL MODEL, ASSUMED THAT EFFECTIVE LEADERS CAN ENHANCE SUBORDINATE MOTIVATION BY:

A
  1. Clarifying the subordinate’s perception of work goal
  2. Linking meaningful rewards with goal attainment
  3. Explaining how goals and desired rewards can be achieved.
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105
Q

leadership styles which may be used by path-goal proponents:

A
  1. DIRECTIVVE LEADERSHIP
  2. SUPPORTIVE LEADERSHIP
  3. PARTICIPATIVE LEADERSHIP
  4. ACHIEVEMENT-ORIENTED LEADERSHIP
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106
Q

LEADERSHIP STYLES

A
  1. DIRECTIVE LEADERSHIP
  2. SUPPORTIVE LEADERSHIP
  3. PARTICIPATIVE LEADERSHIP
  4. ACHIVEMENT-ORIENTED LEADERSHIP
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107
Q

leader focuses on the clear task assignments , standards of successful performance, and work schedules.

A
  1. DIRECTIVE LEADERSHIP
108
Q

subordinates are treated as equals in a friendly manner while striving to improve their well-being

A
  1. SUPPORTIVE LEADERSHIP
109
Q

leader consults with subordinates to seek their suggestions and then seriously considers those suggestions when making decisions.

A
  1. PARTICIPATIVE LEADERSHIP
110
Q

leader set challenging goals, emphasize excellence, and seek continuous improvement while maintaining a high degree of confidence that subordinates will meet difficult challenges in a responsible manner.

A
  1. ACHIVEMENT-ORIENTED LEADERSHIP
111
Q
  • one that prescribes the proper leadership style for various situations, focusing on the appropriate degrees of delegation of decision-making authority.
A

VROOM’S DECISION-MAKING MODEL (VROOM’S MODEL OF LEADERSHIP)

112
Q

process of ascertaining whether organizational objectives have been achieved.
- one of main functions of management.

A

CONTROLLING

113
Q

STEPS IN THE CONTROL PROCESS

A
  1. Establishing performance objectives and standards
  2. Measuring Actual Performance
  3. Comparing Actual performance to Objectives and standards
  4. Taking necessary action based on the results of the comparisons.
114
Q

ESTABLISHING PERFORMANCE OBJECTIVES AND STANDARDS

A
  1. SALES TARGETS
  2. PRODUCTION TARGETS
  3. WORKER ATTENDANCE
  4. SAFETY RECORD
  5. SUPPLIES USED
115
Q

quantity or monetary items

A
  1. SALES TARGETS
116
Q

– quantity or quality

A
  1. PRODUCTION TARGETS
117
Q

– terms of rate of absences

A
  1. WORKER ATTENDANCE
118
Q

– number of accidents for given periods.

A
  1. SAFETY RECORD
119
Q
  • quantity or monetary terms for given periods.
A
  1. SUPPLIES USED
120
Q
  • when shortcomings occur, adjustments could be made.
A

MEASURING ACTUAL PERFORMANCE

121
Q
  • will be compared with what the organization seeks to achieve
A

COMPARING ACTUAL PERFORMANCE TO OBJECTIVES ANND STANDARDS

122
Q

-purpose of comparing actual performance with the desired result is to provide management with the opportunity to take corrective action when necessary

A

TAKING NECESSARY ACTION

123
Q

ACTIONS MAY BE UNDERTAKEN

A
  1. HIRE ADDITIONAL PERSONNEL.
  2. USE MORE EQUIPMENT.
  3. REQUIRE OVERTIME
124
Q

TYPES OF CONTROL

A
  1. FEEDFORWARD CONTROL
  2. CONCURRENT CONTROL
  3. FEEDBACK CONTROL
125
Q

– anticipates problems and prevents their occurrence.
- provides assurance that the required human and nonhuman resources are in place before operations

A

FEEDFORWARD CONTROL

126
Q

– when operations are already ongoing and activities to detect variances are made.

A

CONCURRENT CONTROL

127
Q

– when information is gathered about a completed activity and in order that evaluation and steps for improvement are derived.
- validates objectives and standards

A

FEEDBACK CONTROL

128
Q

COMPONENTS OF ORGANIZATINAL CONTROL SYSTEMS

A
  1. STRATEGIC PLAN
  2. THE LONG-RANGE FINANCIAL PLAN
  3. THE OPERATING BUDGET
  4. PERFORMANCE APPRAISALS
  5. STATISTICAL REPORTS
  6. POLICIES AND PROCEDURES
129
Q

– provides basic control mechanism for the organization

A

STRATEGIC PLAN

130
Q

– longer team financial plans
- long lead times needed for capital projects

A

THE LONG-RANGE FINANCIAL PLAN

131
Q

-expenditures, revenues, or profits
-standard measurements for performance

A

THE OPERATING BUDGET

132
Q

-measures employee performance
-guide on how to do their jobs better in the future

A

PERFORMANCE APPRAISALS

133
Q

-measures employee performance
-guide on how to do their jobs better in the future

A

PERFORMANCE APPRAISALS

134
Q

contain data on various developments within the firm

A

STATISTICAL REPORTS

135
Q

INFORMATION MAY BE FOUND IN STATISTICAL REPORT

A
  • Labor Efficiency Rates
  • Quality Control Rejects
  • Accounts Receivable
  • Accounts Payable
  • Sales Reports
  • Accident Reports
  • Power Consumption Report
136
Q

the framework within which the objectives must be pursued.

A

POLICIES

137
Q

– plan that describes the exact series of actions to be taken in a given situation.

A

PROCEDURE

138
Q
  • to be able to assure the accomplishment of the strategic objectives of the company
A

STRATEGIC CONTROL SYSTEMS

139
Q

STRATEGIC CONTROL SYSTEMS

A
  1. FINANCIAL ANALYSIS -
  2. FINANCIAL RATIO ANALYSIS
140
Q
  1. FINANCIAL RATIO ANALYSIS / FINANCIAL HEALTH CLASSIFIED INTO:
A
  • Liquidity
  • Efficiency
  • Financial leverage
  • Profitability
141
Q

assess the ability of a company to meet its current obligations.

A

LIQUIDITY RATIOS

142
Q

LIQUIDITY RATIOS

A

CURRENT RATIOS
ACID-TEST RATIO

143
Q

current assets of the company can cover its current liabilities.

A

CURRENT RATIOS

144
Q

ability to pay off short-term obligations.

A

ACID-TEST RATIO

145
Q

how effectively assets or liabilities are being used in the production of goods & services.

A

EFFICIENCY RATIOS

146
Q

EFFICIENCY RATIOS

A

INVENTORY TURNOVER RATIO
FIXED ASSET TURNOVER

147
Q

– the number of times an inventory is turned over each year.

A

INVENTORY TURNOVER RATIO

148
Q

– measure utilization of the company’s investment in its fixed assets

A

FIXED ASSET TURNOVER

149
Q

assess the balance of financing obtained through debt and equity sources.

A

FINANCIAL LEVERAGE RATIOS

150
Q

FINANCIAL LEVERAGE RATIOS

A

DEBT TO TOTAL ASSETS RATIO
TIMES INTEREST EARNED RATIO

151
Q

measures number of times that earnings before interest and taxes cover or exceed the company’s interest expense.

A

TIMES INTEREST EARNED RATIO

152
Q

how much of the firm’s assets are financed by debt

A

DEBT TO TOTAL ASSETS RATIO

153
Q

measures how much operating income or net income a company is able to generate in relation to its assets, owner’s equity, and sales.

A

PROFITABILITY RATIOS

154
Q

PROFITABILITY RATIOS

A

PROFIT MARGIN RATIO
RETURN ON ASSETS RATIO
RETURN TO EQUITY RATIO

155
Q

compares the net profit to the level of sales.

A

PROFIT MARGIN RATIO

156
Q

how much income the company produces for every peso invested in assets.

A

RETURN ON ASSETS RATIO

157
Q

measures the returns on the owner’s investment

A

RETURN TO EQUITY RATIO

158
Q

recognizing the need for control is one thing, implementing it is another.

A

IDENTIFYING CONTROL PROBLEMS

159
Q

ENGINEER MANAGER MUST CONSIDER USEFUL STEPS IN CONTROLLING (KREITNER)

A
  1. EXECUTIVE REALITY CHECK
  2. COMPREHENSIVE INTERNAL ADULT
  3. GENERAL CHECKLIST OF SYMPTOMS OF INADEQUATE CONTROL
160
Q

management imposes certain requirements that are not realistic.

A

EXECUTIVE REALITY CHEC

161
Q

– to determine efficiency and effectively of the activities of organization.

A

COMPREHENSIVE INTERNAL ADULT

162
Q

SYMPTOMS OF INADEQUATE CONTROL (KREITNER)

A
  1. An unexplained decline in revenues and profits
  2. A degradation of service (customer complaints)
  3. Employee dissatisfaction (complaints, grievances, turnover)
  4. Cash shortages caused by bloated inventories or delinquent accounts receivable.
  5. Idle facilities or personnel
  6. Disorganized operations (workflow bottlenecks, excessive paperwork)
  7. Excessive costs
  8. Evidence of waste and inefficiency (scrap, rework)
163
Q

designed mainly to produce products or services.

A

ORGANIZATIONS

164
Q

– any process that accepts inputs and uses resources to change those inputs in useful ways
- activity that needs to be managed by competent persons
-changing of inputs into useful outputs

A

OPERATIONS

165
Q

– must be performed in coordination with the other functions like those for marketing and finance.

A

OPERATIONS MANAGEMENT

166
Q

define operation management “the process of planning, organizing, and controlling operations to reach objectives efficiently and effectively.”

A

ALDAG AND STEARNS

167
Q

the cost of doing something or the utilization involved.

A

EFFICIENCY

168
Q

– goal accomplishment

A

EFFECTIVENESS

169
Q
  • Land
  • Labor
  • Capital
  • Entrepreneurship
A

INPUTS

170
Q

TRANSFORMATION PROCESS CONVERTS THE INPUTS INTO FINAL GOOD OR SERVICES

A
  1. Industrial Chemicals
  2. Services like those for the construction ports
  3. Electrical products
  4. Electronic Products
  5. Mechanical Devices
  6. Engineering Consultancy Services
171
Q

– produce some output at whatever management level he is

A

ENGINEER MANAGER

172
Q

determine and define the equipment, tools, and processes required to convert the design of the desired product into reality in an efficient manner.

A

MANUFACTURING ENGINEER

173
Q

– contribute to the production of quality goods or services and the reduction of costs in his department.
-plan, organize, and control operations to achieve objectives efficiently and effectively

A

OPERATION MANAGER

174
Q

TYPES OF TRANSFORMATION PROCESS

A

MANUFACTURING PROCESSES
SERVICE PROCESSES

175
Q

making of products by hand or with machinery.

A

MANUFACTURING PROCESSES

176
Q

TYPES OF MANUFACTURING PROCESSES

A

*JOB SHOP
*BATCH FLOW
*WORKER-PACED LINE FLOW
*MACHINE-PACED LINE FLOW
*BATCH/CONTINUOUS FLOW HYBRID
*CONTINUOUS FLOW

177
Q

TYPES OF SERVICE PROCESSES

A
  • SERVICE FACTORY
  • SERVICE SHOP
  • MASS SERVICE
  • PROFESSIONAL SERVICE
178
Q

limited mix of services

A

SERVICE FACTORY

179
Q

– diverse mix of services
- job shops or fixed position

A

SERVICE SHOP

180
Q

– services to a large number of people simultaneously

A

MASS SERVICE

181
Q

– specialized services to other firms or individuals

A

PROFESSIONAL SERVICE

182
Q

EXAMPLE OF FIRMS

A
  1. Engineering or management consulting services which help in improving the plant layout or the efficiency of a company
  2. Design Services which supply designs for a physical plant, products, and promotion materials
  3. Advertising agencies which help promote a firm’s products
  4. Accounting Services
  5. Legal Services
  6. Data processing services
  7. Health Services
183
Q

-diverse mix of services
-lower utilization of capital equipment compare to service factory and service shop
-process pattern used is very loose
-process layout is identical to the job shop

A

PROFESSIONAL SERVICE FIRMS

184
Q

STRATEGIES MAY BE USED DEPENDING ON SITUATION (delivery problems brought about by nonuniform demend)

A
  1. The use of staggered work-shift schedules
  2. The hiring of part-time staff
  3. Providing the customer with the opportunity to select the level of service
  4. Installing auxiliary capacity or hiring subcontractors
  5. Using multiskilled floating staff
  6. Installing customer self-service
185
Q

IMPORTANT PARTS OF PRODUCTIVE SYSTEMS

A
  1. PRODUCT DESIGN
  2. PRODUCTION PLANNING AND SCHEDULING
  3. PURCHASING AND MATERIALS MANAGEMENT
  4. INVENTORY CONTROL
  5. WORKFLOW LAYOUT
    QUALITY CONTROL
186
Q

– the process of creating a set of product specifications appropriate to the demands of the situation

A

PRODUCT DESIGN

187
Q

– forecasting the future sales of a given product, translating this forecast into the demand it generates for various production facilities, and arranging for the procurement of these facilities
-helps managements to make decisions regarding capacity

A

PRODUCTION PLANNING

188
Q

phase of production control involved in developing timetables that specify how long each operation in the production process takes

A

SCHEDULING

189
Q

assures the optimization of the use of human and nonhumans resources.

A

EFFICIENT SCHEDULING

190
Q

– must be undertaken with a high degree of efficiency and effectiveness especially in firms engaged in high volume production

A

PURCHASING AND MATERIALS MANAGEMENT

191
Q

approach that seeks efficiency of operation through integration of all material acquisition, movement, and storage activities in the firm

A

MATERIALS MANAGEMENT

192
Q

process of establishing and maintaining appropriate levels of reserve stocks of goods

A

INVENTORY CONTROL

193
Q

ACHIEVING PROPER INVENTORY CONTROL:

A

o DETERMINING REORDER POINT AND REORDER quantity
o Determining economic order quantity
o The use of just-in-time (JIT) method of inventory control
o The use of the material requirement planning (MRP) method of planning and controlling inventories

194
Q

process of determining the physical arrangement of the production system

A
  1. WORKFLOW LAYOUT
195
Q

GOOD WORKFLOW LAYOUT WILL HAVE THE FF. BENEFITS

A

o Minimize investment in equipment
o Minimize overall production time
o Use existing space most effectively
o Provide for employee convenience, safety and comfort
o Maintain flexibility of arrangement and operation
o Minimize material handling cost
o Minimize variation in types of material-handling equipment
o Facilitate the manufacturing (or services) process
o Facilitate the organizational structure

196
Q

IN TRANSFORMATION PROCESS, FLOW WORK MAY BE FONE:

A

haphazardly or orderly

197
Q

measurement of products or services against standards set by the company.

A

QUALITY CONTROL

198
Q

– designed to facilitate and expedite the selling of goods and services

A

MARKETING

199
Q

– engineer must try to satisfy the needs of his clients by means of a set of coordinated activities

A

MARKETING CONCEPT

200
Q

THE ENGINEER AND THE FOUR P’S OF MARKETING

A

THE PRODUCT OR SERVICE
THE PRICE
THE PLCAE
THE PROMOTION

201
Q

MEANS TO ELIMINATE EFFECTS OF THE PROBLEM

A

o Hiring sales agents to cover specific areas
o Selling to dealers in particular areas
o Establishing branches where customers are located
o Establishing franchises in selected areas

202
Q

tangible or intangible item and its capacity to satisfy a specific need
-services provided will be evaluated whether or not exact needs are met

A

THE PRODUCT OR SERVICES

203
Q

– money or other considerations exchanged for the purchase or use of the product, idea or service.
-competitive tool, to convince customer to buy

A

THE PRICE

204
Q

– informed, persuaded and influenced

A

THE PROMOTION

205
Q

define promotion “communicating information between seller and potential buyer to influence attitudes and behavior

A

MCCARTHY AND PERREAULT

206
Q

PROMOTIONAL TOOLS

A

ADVERTISING
PUBLICITY
PERSONAL SELLING
SALES PROMOTION

207
Q

make sure that the marketing objectives of the firm are achieved.

A

STRATEGIC MARKETING

208
Q

TYPES OF STRATEGIC MARKETING

A
  1. SELECTING A TARGET MARKET
  2. DEVELOPING A MARKETING MIX
    MARKETING MIX
209
Q

– has option of serving entirely or just a portion of its chosen market

A

SELECTING A TARGET MARKET

210
Q

STEPS IN SELECTING TARGET MARKET

A

o Divide the total market intro groups of people who have relatively similar product or service needs
o Determine the profit potentials of each segment
o Make a decision on which segment or segments will be served by the company

211
Q

– must have the ability to satisfy the profit objectives of the company

A

TARGET MARKET

212
Q

FACTORS TO CONSIDER IN SELECTING A TARGET MARKET

A

o the size of the market
o the number of competitors serving the market

213
Q

must be created and maintained

A

DEVELOPING A MARKETING MIX
MARKETING MIX

214
Q

FOUR VARIABLES OF MARKETING MIX

A
  1. The product
  2. The price
  3. The promotion
  4. The place (or distribution)
215
Q

– important management responsibility that deals with the “procurement and administration of funds with the view of achieving the objectives of business

A

FINANCE FUNCTION

216
Q

3 BASIC MANAGEMENT FUNCTIONS

A
  1. Finance Function
  2. Production
  3. Marketing
217
Q

THE DETERMINATION OF FUND REQUIREMENTS

A
  1. To finance daily operations
  2. To finance the firm’s credit services
  3. To finance the purchase of inventory
  4. To finance the purchase of major assets
218
Q

– day-to-day operations of the engineering firm will require funds to take cake of the expenses

A

FINANCING DAILY OPERATIONS

219
Q

Money must be available for the payment of the ff:

A
  1. Wages and salaries
  2. Rent
  3. Taxes
  4. Power and light
  5. Marketing expenses
  6. Administrative expenses
220
Q

– unavoidable for firms to extend credit to customers

A

FINANCING THE FIRM’S CREDIT SERVICES

221
Q

– maintenance of adequate inventory is crucial to many firms
-require sufficient funding and this must be secured

A

FINANCING THE PURCHASE OF INVENTORY

222
Q

-long-term sources

A

FINANCING THE PURCHASE OF MAJOR ASSET

223
Q

SOURCES OF FUNDS

A
  1. Cash Sales
  2. Collection Of Accounts Receivables
  3. Loans And Credits
  4. Sales Of Assets
  5. Ownership Contribution
  6. Advances From Customers
224
Q

Loans and Credits may be classified as:

A

short-term
medium-term
Long-term.

225
Q

-with repayment schedules of less than one year

A

SHORT-TERM SOURCES OF FUNDS

226
Q

ADVANTAGES OF SHORT-TERM CREDITS

A
  1. They are easier to obtain
  2. Short-term financing is often less costly
  3. Short-term financing offers flexibility to the borrower
227
Q

DISADVANTAGES OF SHORT-TERM CREDITS

A
  1. Short-term credits mature more frequently
  2. Short-term debts may, at times, be more costly than long-term debts.
228
Q

SUPPLIES OF SHORT-TERM FUNDS

A
  1. TRADE CREDITORS
  2. COMMERCIAL BANKS
  3. COMMERCIAL PAPER HOUSES
  4. FINANCE COMPANIES
  5. FACTORS
  6. INSURANCE COMPANIES
229
Q

-suppliers extending credit to a buyer for use In manufacturing, processing or reselling good for profit

A

TRADE CREDITORS

230
Q

INSTRUMENTS USED IN TAKE CREDIT

A

o Open-book credit
o Trade acceptance
o Promissory notes

231
Q

source of short-term financing

A

COMMERCIAL BANKS

232
Q

TWO TYPES OF SHORT-TERM LOANS

A

o Those which require collateral
o Those which do not require collateral

233
Q

sold to investors

A

COMMERCIAL PAPER HOUSES

234
Q

– financial institutions

A

FINANCE COMPANIES

235
Q

– buy the accounts receivable of firms

A

FACTORS

236
Q

possible sources of short-term funds

A

INSURANCE COMPANIES

237
Q

LONG-TERM SOURCES OF FUNDS

A
  1. LONG-TERM DEBTS
  2. COMMON STOCKS
  3. RETAINED EARNINGS
238
Q

– sub-classified into term loans and bonds

A

LONG-TERM DEBTS

239
Q

– commercial or industrial loan from a commercial bank, commonly used for plant and equipment, working capital or debt repayment” -maturities of 2 – 30 years

A

TERM LOANS

240
Q

certificate of indebtedness issued by a corporation to a lender

A

BONDS

241
Q

third source of long-term funds consists of the issuance of common stocks -can be cheaper and more stable sources of long term fund

A

COMMON STOCKS

242
Q

CORPORATE EARNINGS NOT paid out as dividends

A

RETAINED EARNINGS

243
Q

ADVANTAGES OF TERM LOANS AS A LONG-TERM SOURCE OF FUNDS

A
  1. Funds can be generated more quickly than other long-term sources
  2. They are flexible, i.e., they can be easily tailored to the needs of the borrower
  3. The cost of issuance is low compared to other long-term sources
244
Q

THE BEST SOURCE OF FINANCING (SCHALL AND HALEY)

A
  1. FLEXIBILITY -
  2. RISK
    NCOME
  3. CONTROL
  4. TIMING
  5. OTHER FACTORS LIKE COLLATERAL VALUES, FLOTATION COSTS, SPEED AND EXPOSURE
245
Q

– subjects the borrowing firm to more risk than does financing with long-term debt

A

SHORT-TERM DEBT

246
Q

-foregoing objectives have better chances of achievement if the engineering firm is financially healthy and has a capacity to be so on a long-term basis

A

THE FIRM’S FINANCIAL HEALTH

247
Q

OBJECTIVES OF ENGINEERING FIRMS

A
  1. To make profits for the owners
  2. To satisfy creditors with the repayment of loans plus interest
  3. To maintain viability of the firm so that the customers will be assured of a continuous supply of products or services, employees will be assured of employment, suppliers will be assured of a market, etc.
248
Q

3 BASIC FINANCIAL STATEMENTS

A
  1. Balance Sheet (statement of financial position)
  2. Income statement (statement of operations)
  3. Statement of changes in financial position
249
Q

– very important concept that the engineer manager must be familiar with
-uncertainty concerning loss or injury
-confront people everyday

A

RISK

250
Q

SOME LIST OF EXPORSURE TO RISKS

A
  1. Fire
  2. Theft
  3. Floods
  4. Accidents
  5. Nonpayment of bills by customers (bad debts)
  6. Disability and death
  7. Damage claim from other parties
251
Q

TYPES OF RISKS

A
  1. PURE RISK
  2. SPECULATIVE RISK
252
Q

– there is only a chance of loss

A

PURE RISK

253
Q

chance of either loss or gain

A

SPECULATIVE RISK

254
Q

– organized strategy for protecting and conserving assets and people
-important aspect of managing the finance function
-deal with pure risks

A

RISK MANAGEMENT

255
Q

– choose intelligently from among all the available methods of dealing with risk in order to secure the economic survival of the firm

A

PURPOSE OF RISK MANAGEMENT

256
Q

METHODS OF DEALING WITH RISK

A
  1. The risk may be avoided
  2. The risk may be retained
  3. The hazard may be reduced
  4. The losses may be reduced
  5. The risk may be shifted
257
Q

VARIOUS METHODS/WAYS OF HANDLING RISK

A
  1. Risk Avoidance
  2. Risk retention
  3. Hazard Reduction
  4. Loss reduction
  5. Risk Shifting
258
Q

– method of handling risk wherein the management assumes the risk

A

RISK RETENTION

259
Q

– shifting it to another party (Ex. Hedging, subcontracting, incorporation and insurance)

A

RISK SHIFTING

260
Q

– making commitments on both sides of a transaction so the risks offset each other

A

HEDGING

261
Q

– conscious and deliberate assumption of a recognized risk

A

PLANNED RISK RETENTION (SELF-INSURANCE)

262
Q

– management does not recognize that a risk exists and unwisely believe that no loss could occur

A

UNPLANNED RISK RETENTION

263
Q

2 TYPES OF RISK RETENTION

A

PLANNED RISK RETENTION
UNPLANNED RISK RETENTION

264
Q

REDUCING THE CONCENTRATION OF EXPOSURES (EFFORTS ON LOSS REDUCTION)

A
  1. Physically separating building to minimize losses in case of fire
  2. Using fireproof materials on interior building construction
  3. Storing inventory in several locations to minimize losses in cases of fire and theft
  4. Maintaining duplicate records to reduce accounts receivable losses
  5. transporting goods in separate vehicles instead of concentrating high values in single shipments
  6. Prohibiting key employees from traveling together
  7. Limiting legal liability by forming several separate corporations
265
Q

CERTAIN INDICATORS OF FINANCIAL HEALTH CLASSIFIED INTO:

A
  1. Liquidity
  2. Efficiency
  3. Financial leverage
  4. Profitability

ENGINEERING MANAGEMENT (1 decks)

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