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Intro to Management > Midterm-Final Study Deck > Flashcards

Midterm-Final Study Deck Flashcards

1
Q

Define Performance Management

A

The ongoing assessment and improvement of key business processes in order to drive superior results

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2
Q

What are the Performance Management goal

A

Improve faster and better than competition

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3
Q

How does performance management work?

A

Focuses on capabilities and processes

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4
Q

3 types of performance management

A

Process management, Business assessment/measurement, Business improvement

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5
Q

What are the key elements of process management?

A

DMA(I^2)C:
Define: Identify customers, suppliers, etc
Measure:Create outcome measures and predictive measures
Analyze: Use measure to compare performance w/ goals/benchmarks
Improve/Innovate: make improvements routinely
Control: Ensure consistent performances

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6
Q

Define Process Mapping

A

Describe and clarify the process of workflow visually

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7
Q

Define Business Assessment

A

Comprehensive evaluation of business performance and
business process management against a core set of
fundamental business excellence criteria

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8
Q

What are the key roles of leadership?

A

Create and communicate a clear vision and direction for
the business and fully align the organization in support.
Build capabilities for future success while delivering
current results by effectively balancing long term and
short term priorities

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9
Q

What is Customer Focus

A

Design, develop and deliver products and services
based on an accurate understanding of, and a
commitment to, creating true value for the customer
that is superior to competitive options

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10
Q

What is Process Management/

High Performance Environment

A

Use a process-based view of work that integrates
multiple functions working in collaboration to create a
high performance environment

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11
Q

Why use a Fact-Based Management & Evaluation

A

Use a system of balanced measures that are aligned
with the business goals and strategy. Include outcome
and driver metrics that are both leading and lagging
indicators of performance. Benchmark against
standards of excellence as well as competitors.

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12
Q

Why use Continuous Assessment & Renewal

A

Use comprehensive criteria to routinely assess the
business and validate findings through
an independent review.
Develop clear strategies to sustain and
enhance business results in the future. Align plans,
policies and practices to support these strategies.

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13
Q

Characteristics of a Well-Dressed Measure

A 
Clear description
Provides comparisons
Identitifies the owner
Improvement initiatives
Performance status
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14
Q

Why do organizations implement a formal, ongoing Business Improvement process?

A

When improvement experts are fully
supported by senior management and trained
in the use of proven improvement processes,
methodologies/tools, they routinely achieve
higher project success rates and
deliver better overall performance results

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15
Q

3 core elements of Business Improvement

A

Role of Leadership
Experts & Training
Methods/Tools

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16
Q

Roles of Experts in ranking order and what they can do

A
  1. Business improvement leader: Work w/ business leaders
  2. Master Black Belt: Expert in improvement projects and training black/green belts
  3. Black Belt: Manage improvement projects
  4. Green Belt: Trained in project completion
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17
Q

Methods for Business Improvement

A 
PDCA (Plan, Do, Check, Act)
Six Sigma
Lean
Design for Six Sigma (DFSS)
Business Process Reengineering (BPR)
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18
Q

What is PDCA?

A 
Plan, Do, Check, Act: An iteractive four-step management
method used for the control and
continuous improvement of processes
and products
(Deming Circle)
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19
Q

What is Six Sigma?

A

Six Sigma programs utilize advanced statistical methods to improve quality by reducing defects and variability in the performance of business processes by using the DMAI2C methodology

(Six sigma = 3.4 defects/million opportunities)

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20
Q

What is Lean?

A

Business Improvement to eliminate all Waste (anything that does not create value for customer) in value creation process

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21
Q

What are the processes of Lean?

A
  1. Define Value
  2. Map Value Stream
  3. Create Flow
  4. Establish Pull
  5. Pursuit Perfection
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22
Q

What is Design for Six Sigma (DFSS)?

A

DFSS is used to design new processes
(new products/services) and seeks to avoid manufacturing/service process problems by using advanced Voice of the Customer (VOC) techniques and proper systems engineering techniques to avoid process problems at the outset. It utilizes the DMADV methodology
(Define, Measure, Analyze, Design, Verify)

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23
Q

What is Business Process Reengineering (BPR)?

A

BPR involves radically redesigning and streamlining how an activity is performed, with the intent of achieving quantum improvements in performance

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24
Q

Types of Risk

A
  1. Strategic Risks (general, supply chain, projects)
  2. Market Risks (macroeconomic, market development)
  3. Operational Risks (technology, process, org.)
  4. Financial Risks (profitability, funding, liquidity)
  5. Geopolitical Risks (sociopolitical, legal, infrastructure)
  6. Catastrophic Risks (environmental, manmade, violence)
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25
Q

Define Stakeholders

A

The people and groups that supply a company with its productive resources and so have a claim on and stake in the company.

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26
Q

Name the types of Company Stakeholders

A 
Stockholders
Managers
Customers
Community/Society/Nation-State
Supplies and Distributors
Employees
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27
Q

Who are the most important stakeholders?

A

Customers. Company must work to increase efficiency and effectiveness in order to create loyal customers and attract new ones

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28
Q

What is Corporate Social Responsibility (CSR)?

A

The way a company’s managers and employees
view their duty or obligation to make decisions that protect,
enhance, and promote the welfare and well-being of
stakeholders and society as a whole

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29
Q

Name the Approaches to Corporate Social Responsibilty

A
  1. Obstructionist: Don’t behave in a socially responsible way
  2. Defensive: Stay within the law but nothing more
  3. Accommodate approach: Balance stockholders goals
  4. Proactive: Actively promote interest of stakeholders
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30
Q

Name the components of the CSR strategy

A 
Actions to protect environment
Protect well-being of employees
Promote workforce diversity
Ensure company operates honorably
Actions to better the world (ex. community service)
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31
Q

What are the parts of the Triple Bottom Line?

A
  1. Economic (profit)
  2. Social (people)
  3. Environmental (planet)
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32
Q

Name the possible outcomes of pursuing a CSR strategy?

A 
Moral case (stakeholders benefit)
Business case (competitive advantage)
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33
Q

Define Innovation

A

The act of introducing novel and useful ideas
into value-creating
new products, new services, or new processes

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34
Q

Difference between Innovation and Invention/Creativity

A

Invention/creativity: the generation of a novel and useful idea
Innovation: the act of implementing novel and useful ideas into value creating new products/services

35
Q

Define Creativity

A

The ability to produce work that is useful and novel

36
Q

What are the Development Strategies?

A
  1. Maximize Fit with Customer Requirements
  2. Minimize Cycle Time
  3. Control Development Costs
37
Q

What are the Stages and Gates of Stage-Gate Process for Product Development?

A

Each Stage includes: Deliverable, Criteria, and Outputs

Each Date decision is to: Go, Kill, Hold, or Recycle

38
Q

What are the NPD Timing Strategies?

A
  1. First to Market
  2. Fast follower
  3. Niche
  4. Reactive
39
Q

What is the First Mover Strategy for NPD?

A

Innovation culture, able to create and then dominate the market against fast followers

40
Q

What is the Fast Follower Strategy for NPD?

A

Firm must be very good with innovation and have strong R&D, and be good at figuring out why the first mover failed to exploit the market so they can leapfrog fast and grab the market

41
Q

What is Niche Strategy for NPD?

A

Focus on specific niche market, requires a close connection to customers on what they want as far as product differentiation

42
Q

What is Reactive Strategy for NPD?

A

Firms that are followers and have a focus on operations, have a wait and see approach and look for low risk opportunities, will copy proven innovation

43
Q

Name the types of Level of Focus Strategies

A

Advanced R&D Projects: New technologies and new uses
Breakthrough Projects: Combo of new technologies and uses
Platform Projects: Next generation/new system
Derivative Projects: Rework existing platforms to fit a particular need/niche

44
Q

Types of Development Strategies

A

Fit to Market
Cycle Time
Cost Reduction

45
Q

Timing Strategies

A

First to Market
Fast Follower
Niche
Reactive

46
Q

Level of Focus Strategies

A

Advanced R&D
Breakthrough
Platform
Derivative

47
Q

What are the organization design principles?

A

Designing motivating jobs
Structure
Integrating
Rewards and on-going measuring/monitoring

48
Q

Define Corporate Entrepreneurship

A

The intention to engage in the creation of new products or processes and/or enter into new markets

49
Q

Define Entrepreneurial Intentions

A

Motivational factors that influence individuals to pursue entrepreneurial outcomes

50
Q

Define Entrepreneurial Self-efficacy

A

Conviction that one can successfully pursue entrepreneurial outcomes

51
Q

Define Perceived Desirability

A

Degree to which a potential entrepreneurial outcome is evaluated as favorable or unfavorable

52
Q

Steps of establishing Corporate Entrepreneurship

A
  1. Commitment/Culture
  2. Plan & Organize
  3. Technology
  4. Training
  5. Customer Focus
  6. Resource Management
  7. Support Structure
  8. Rewards
  9. Evaluation System
53
Q

List and define the Growth Strategies

A
  1. Penetration Strategies: Existing customers to buy more of current products
  2. Product Development Strategies: Existing customers to buy new products
  3. Market Development Strategies: New customers to buy existing products
  4. Diversification Strategies: New customers to buy new products
54
Q

Name and describe the types of Integration Strategies for growth

A

Backwards integration: A step back (up) in value-added chain towards raw materials
Forward integration: A step forward (down) in the value-added chain toward the customers
Horizontal integration: Buying a competitor

55
Q

Define Opportunity Overload

A

Rather than lacking enough sales or new market opportunities, many firms face an abundance of opportunities

56
Q

Define Abundance of Capital

A

While most stable/established firms often have difficulties obtaining equity, most of the rapidly growing firms were not constrained by this

57
Q

Define Globalization

A

The shift towards a more integrated and interdependent world economy

58
Q

What factors drive Globalization?

A
  1. Recognition of mutual benefit
  2. Diminishing distance and Technology advancements
  3. Evolving Political Economies
  4. Declining barriers to trade
  5. Development of Multi-National Enterprise (MNE)
  6. Development and support of global instituions
59
Q

Define Political Economy

A

The interdependent nature of economic, political, and legal systems in a county

60
Q

Define Free-Trade Doctrine

A

The idea that if each country specializes in the production that it produces most efficiently, global resources will be used well with low prices

61
Q

Define Multinational enterprise (MNE)

A

Any business that exists in two or more countries

62
Q

Define Globalization Process

A

The process to integrate political, social, and economic aspects across countries and cultures

63
Q

What are some examples of Barriers to Entry

A

Economies of scale
Brand loyalty
Government regulations

64
Q

Define Global Outsourcing

A

Buying products/inputs abroad to lower costs or increase quality

65
Q

Global Enviornment

A

Conditions outside the organization that affect the company’s production. Made up of Task and General Environment

66
Q

Define Task Environment

A

How suppliers, distributors, customers, and competitors decisions affect the company

67
Q

Define Values

A

Idea about what a society believes to be valuable

68
Q

Define Norms

A

Unwritten rules about how to act in a culture

69
Q

Name Hofstede’s Dimensions of of National Culture

A
  1. Indiviualism vs. Collectivism
  2. High vs. Low Power Distance
  3. Short Term vs. Long Term Orientation
  4. High vs. Low Uncertainty Avoidance
  5. Achievement vs. Nurturing Orientation
70
Q

Why enter foreign markets?

A 
New customers
Spread risk
Lower costs
Access resources/capabilities
Exploit what other counties are good at
71
Q

What are the Strategies for Competing Internationally?

A
  1. Multidomestic strategy (think local, act local)
  2. Global strategy (think global, act global)
  3. Transnational strategy (think global, act local)
72
Q

What are the Strategies for entering international markets?

A
  1. Export goods domestically
  2. License to foreign firms
  3. Franchise to foreign firms
  4. Establish a Wholly-Owned Subsidiary(Acquisition or Greenfield)
  5. Strategic Alliances with foreign firms
73
Q

Define Dumping

A

Selling goods in foreign market below home country prices

74
Q

Define Distributive Justice

A

Fair distribution of pay and treatment no matter a person’s characteristics/background

75
Q

Define Procedural Justice

A

Fair process to determine how people receive benefits

76
Q

What are the Managerial Intervention options for culture difference issues?

A
  1. Adaptation
  2. Structural Intervention
  3. Managerial Intervention
  4. Exit
77
Q

Define the Glass Ceiling in diversity situations

A

The barrier preventing women and minorities from being promoted to top corporate positions

78
Q

Define Schema

A

Predetermined opinion created from memory

79
Q

Define Salience-effect

A

Focus on people who are different

80
Q

Define Quid pro quo

A

Asking for/forcing an employee to perform sexual favors in exchange for a reward

81
Q

Define Ethics

A

Morals to decide if something is right or wrong

82
Q

Name the Ethical Decision Making Rules?

A
  1. Moral Rights Rule: Protect fundamental rights
  2. Utilitarian: Greatest good for most possible people
  3. Justice: Be fair
  4. Practical: People outside and inside the company agree with the decision
83
Q

Define Self-Dealing

A

When managers use their high position for their own self interest

84
Q

Define Short-Termism

A

Tendency for managers to focus on short term goals, which makes it easier to be immoral

Intro to Management (1 decks)

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