part two

Question 1

what is a committee?

Answer 1

A team that may become a permanent part of the organization and is designed to deal with regularly recurring tasks

Question 2

What is a virtual team?

Answer 2

A team that uses communication technology to bring together geographically distant employees to achieve goals

Question 3

What are some advantages of working in teams?

Answer 3

Higher quality decisions, increased diversity of views, increased commitment to solutions and changes, lower level of stress, and improved flexibility and responsiveness

Question 4

What are some disadvantages of working in teams?

Answer 4

Inefficiency, groupthink, diminished individual motivations, structural disruption, excessive workloads

Question 5

What are the main differences between a group and a team?

Answer 5

A group is primarily there to share information and make decisions; no real joint effort is required. A team works in a more coordinated effort to achieve a goal.

Question 6

What is a sales forecast?

Answer 6

a prediction of the number of units you believe you can sell in the year ahead

Question 7

What is the purpose of sales forecasting?

Answer 7

To ensure that you produce enough product to meet the demand and avoid wasting money and factory resources in overproducing products

Question 8

How is sales forecasting used by operations?

Answer 8

capacity planning, production quantity, inventory planning

Question 9

How is sales forecasting used by accounting?

Answer 9

cost and profit projections, cash management

Question 10

How is sales forecasting used by finance?

Answer 10

timing and amount of funding as well as borrowing needs

Question 11

How is sales forecasting used by marketing?

Answer 11

setting prices, promotion budgets, target market selection

Question 12

How is sales forecasting used by management?

Answer 12

predicting labor availability and other analytics related to human relations in the workplace

Question 13

What is the market potential?

Answer 13

Maximum total sales of a product by all firms to a segment during a specific time period under specific marketing efforts by those firms

Question 14

What is the formula for a sales forecast?

Answer 14

sales forecast = estimated market size of next year x last years market share

Question 15

What is the judgment technique for sales forecasting?

Answer 15

direct decision, last sales+influences

Question 16

What is the survey technique for sales forecasting?

Answer 16

buyers, salesforce

Question 17

What is the statistical methods technique for sales forecasting?

Answer 17

trend(extend a pattern), linear trend(linear pattern)

Question 18

What is the trend technique for sales forecasting?

Answer 18

(forecast market demand for next year) x (last years market share)

Question 19

What is the lost horse technique for sales forecasting?

Answer 19

Find the value for total market sales, then list the factors that could affect the forecast(indicate if they are -/+), make a forecast

Question 20

what is the formula for planned production?

Answer 20

planned production = sales forecast-current stock on hand

Question 21

What is the balance sheet?

Answer 21

it is a statement of position, contains all the assets, liabilities, and owners equity

Question 22

what are assets?

Answer 22

they are something that a firm owns that will provide some future benefit

Question 23

what are some examples of assets?

Answer 23

Property, equipment, inventory, cash, intangible assets(brand, intellectual property), accounts receivable(money owed to you)

Question 24

What are liabilities?

Answer 24

they are something that the firm owes

Question 25

what are some examples of liabilities?

Answer 25

Unpaid legal liabilities, loans, accounts payable(you owe someone), debt

Question 26

what is the formula for owner’s equity?

Answer 26

owner’s equity=assets-liabilities