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4th Quarter > OM > Flashcards

OM Flashcards

1
Q

Is an organization or economic system where goods and services are exchanged for one another or for money.

A

Business

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2
Q

Four (4) Major Types of Businesses:

A

Service Business
Merchandising Business
Manufacturing Business
Hybrid Business

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3
Q

A type of business which provides intangible products. These type firms offer professional skills, expertise, advice, and other similar products.

A

Service Business

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4
Q

e.g., schools, repair shops, hair salons, banks, accounting firms and law firms.

A

Service Business

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5
Q

refers to businesses which buy product at wholesale price and sell the same at retail price.

A

Merchandising Business

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6
Q

e.g., grocery stores, convenient stores, distributors and other resellers.

A

Merchandising Business

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7
Q

refers to businesses which buy productions with the intention of using them as materials in making a new product.

A

Manufacturing Business

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8
Q

Examples are baked good, shoe manufacturing, grape wine production, cosmetic manufacturing, processed food, canned goods, and others.

A

Manufacturing Business

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9
Q

refers to companies that may be classified with more than one type of business.

A

Hybrid Business

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10
Q

A restaurant, for example combines ingredients in making a fine meal (manufacturing), sells a cold bottle of wine (merchandising), and fills customer orders (service).

A

Hybrid Business

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11
Q

a business is owned and managed by only one person.

A

Sole Proprietorship

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12
Q

a business owned by two or more persons who contribute resources into the entity.

A

Partnership

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13
Q

is a business organization that has a separate legal personality from its owners.

A

Corporation

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14
Q

is a business organization owned and managed by a group of individuals for their mutual benefits.

A

Cooperative

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15
Q

is an increase in living conditions, improvement of the citizens’ self-esteem needs and presence of a free and just society.

A

Economic Development

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16
Q

refers to a change in the composition of the Gross Domestic Product.

A

Structural Formation

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17
Q

are administrative decisions that are directly related to all issues and activity within a nation’s borders.

A

Migration of people

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18
Q

is the incidence of disease, rate of illness.

A

Morbidity

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19
Q

Indicators of Economic Development: (4)

A

Declining Poverty Rates
Increasing Literacy Rate
Declining Infant Morbidity
Increasing Life Expectancy

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20
Q

Stages of Economic Development According to Gunter: (3)

A

The Structural Transformation
The Demographic Transition
Migration of people

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21
Q

refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. In other words, at the final stage of development, we typically have an economy in which people earn their livelihood predominantly from the service sector and still important but diminished industry sector

A

The Structural Transformation

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22
Q

determined by changes in the fertlity rates (example the number of children per women) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates especially

A

The Demographic Transition

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23
Q

The main factors leading to the process of urbanization is the _________ __ ___ from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi- urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

A

Migration of people

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24
Q

It evolves from the goals & strategies created by organization’s top management & they are usually long term in nature.

A

Corporate Planning

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25
Q

Is concerned in the process of determining the scope of division’s action that will satisfy the consumer’s needs.

A

Divisional Planning

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26
Q

It is the lowest level of planning which concerns the individual departments of its set of feasible action plans to implement the division plan.

A

Functional/Unit Planning

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27
Q

Refer to the written description of a set of events suitable to occur in the future that bears on organizations effectiveness

A

Scenarios

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28
Q

Is a technique usually applied to a group of knowledgeable people with different backgrounds & experiences whose pooled skills & judgment are needed to identify desirable goals & strategies

A

Nominal Group Technique

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29
Q

Is a computer simulation modeling which is used to assist in the development of long & medium & short range plans.

A

Simulation Planning Models

30
Q

Is somehow the blueprint or map to reach certain destination of our wants.

A

Planning

31
Q

Is the process of defining an organization’s objectives & how it will achieve them like “what is to be done & when it is to be done”. In an organization, it is not solely done by the top management but by other levels in the organization as well to be prepared of what might arise in the future (David Halt).

A

Planning

32
Q

Planning can be done in 2 ways:

A

Formal Planning
Informal Planning

33
Q

DIFFERENT TYPES OF PLAN ACCORDING TO ITS DIMENSION: (3)

A

CORPORATE / STRATEGIC PLANNING
DIVISIONAL / BUSINESS PLANNING
FUNCTIONAL / UNIT PLANNING

34
Q

It evolves from the goals & strategies created by organization’s top management and they are usually long term in nature. It covers the entire organizational activities. Thus, it sets the foundation of the organization in terms of all plans, policies & strategies.

A

CORPORATE / STRATEGIC PLANNING

35
Q

Also referred to as Tactical planning concerns the process of determining the divisional actions that will satisfy the consumer’s need, decide on specific sub-goal within its defined area or responsibility & establish policies & budget to attain these goals.

A

DIVISIONAL / BUSINESS PLANNING

36
Q

Commonly called as Operational planning.

A

FUNCTIONAL / UNIT PLANNING

37
Q

It is the lowest level of planning. At this level, department managers or first-line supervisors develop a set of feasible action plan & focus on planning for a day-to-day activity to implement the division plans. This uses short-range actions & adheres to planned schedules & budgets.

A

FUNCTIONAL / UNIT PLANNING

38
Q

TIME FRAME OR LENGTH OF THE PLANNING HORIZON (3)

A

Long Range
Medium / Intermediate Range
Short Range

39
Q

Deals with decisions for broad technological & competitive aspects of the organization which might extend up to fifteen years.

A

Long Range

40
Q

Deals with plans that are more detailed compare to long range since the time span shorter & concerns the specific & basic functions of the organization. – This is between two to five (2-5) years.

A

Medium/Intermediate Range

41
Q

Is an extension of long range planning & usually extends to about one (1) year & includes more specific plans with respect to plant location, work methods, inventory & controls employee training & the like.

A

Short Range

42
Q

There are different planning elements that are involved in the planning process, which depends upon the activity involved. (4)

A

Strategies
Policies
Procedures
Rules

43
Q

Involve choices of particular actions by the organization to achieve stated goals.

A

Strategies

44
Q

Limit the behavior or organizational members towards achieving the goals.

A

Policies

45
Q

They are guidelines of the organization that are useful in decision making.

A

Policies

46
Q

Are narrower in terms of application in the organization. It only tends to involve departmental activities such as hiring procedures & payment procedures.

A

Procedures

47
Q

Are the thinnest element; these are usually orders with what is appropriate or not in terms of behavior of members in organizations.

A

Rules

48
Q

These are strict advices for employees with specific functions like rules on wearing uniform in the workplace, rules on deadline, etc.

A

Rules

49
Q

REPETITIVE PLANS
can be characterized by the degrees of sameness with which they are used by the organization: (2)

A

Standing Plans
Single-use Plans

50
Q

Are those developed by the organization to direct activities that will occur frequently overtime.

A

Standing Plans

51
Q

Deal with ill-structured or non-repetitive problems to fit a specific situation & may not be used any more when goal has been achieved.

A

Single-use Plans

52
Q

refers to the concentration of a given plan in an organization. It clarifies the function of a particular area where there is more attention needed.

A

Focus

53
Q

PLANNING TOOLS & TECHNIQUES (3)

A

SCENARIOS
NOMINAL GROUP TECHNIQUE
SIMULATION PLANNING MODELS

54
Q

Are intended to raise awareness in managers & to prevent surprises.

A

Scenarios

55
Q

Alternate _________ serve to broaden the outlook of managers to the external forces that shape the future of the organization & sensitize them their vulnerabilities & the opportunities that lie within other possible futures.

A

Scenarios

56
Q

It is a technique that is particularly useful for planning task or elements that require a high degree of innovation, idea generation, & creativity.

A

Nominal Group Technique

57
Q

The technique is usually applied to a group of knowledgeable people with different backgrounds & experiences whose pooled skills & judgment are needed to identify desirable goals & strategies.

A

Nominal Group Technique

58
Q

Refer to computer simulation modeling by which planners construct sophisticated models of an organization showing desired, reality based characteristics. With the aid of computer, managers can test certain hypothesis on a wide range of decision at a much lower cost & with greater speed.

A

Simulation Planning Models

59
Q

Computer simulation in planning is a quantitative modeling techniques developed to test alternatives courses of action based on historical facts & managerial assumptions. With the continuing knowledge & sophistication of computer usage, simulation models in planning activities will become one of the dominant techniques in the future

A

Simulation Planning Models

60
Q

It is a group of people who work together for a common good.

A

Organization

61
Q

It is a collection of people who work together and coordinate their actions to achieve a wide variety of goals.

A

Organization

62
Q

It is born when people begin to cooperate and combine together to fulfil their requirements.

A

Organization

63
Q

It fulfills a greater variety of our social and personal needs and affects our lives.

A

Organization

64
Q

TYPES OF ORGANIZATIONAL STRUCTURES (4)

A
  1. Flat Organizational Structure
  2. Functional Organizational Structure
  3. Divisional Organizational Structure
  4. Matrix Organizational Structure
65
Q

has an organizational structure with few or no levels of middle management between staff and executives.

A

Flat Organizational Structure

66
Q

is a type of organizational structure that uses the principle of specialization based on function or role.

A

Functional Organizational Structure

67
Q

The structure of these groups each organizational function into a division. Each division contains all the necessary resources and functions within it.

A

Divisional Organizational Structure

68
Q

It is the unwillingness to share information or knowledge between employees or across different departments within a company. It usually begins with competition among senior managers. Successful firms encourage and facilitate a free flow of information.

A

Silo mentality

69
Q

is an organizational structure in which each individual reports to more than one supervisor.

A

Matrix Organizational Structure

70
Q

Advantages of Line Organization Structure:

A
  • Simple to work
  • Economical and effective. It also allows quick decisions and efficient coordination.
  • Conforms to the scalar principle of organization. Further, it promotes the unity of command.
  • In a line organization, the responsibility for the performance of tasks is fixed upon definite individuals. Therefore, there is accountability of delegated tasks.
  • There is excellent discipline in a line organization due to unified control and undivided loyalties.
  • The overall cost of running the organization is low due to the non-involvement of staff personnel.
  • It is a stable form of organization.

4th Quarter (2 decks)

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