part two Flashcards
(26 cards)
what is a committee?
A team that may become a permanent part of the organization and is designed to deal with regularly recurring tasks
What is a virtual team?
A team that uses communication technology to bring together geographically distant employees to achieve goals
What are some advantages of working in teams?
Higher quality decisions, increased diversity of views, increased commitment to solutions and changes, lower level of stress, and improved flexibility and responsiveness
What are some disadvantages of working in teams?
Inefficiency, groupthink, diminished individual motivations, structural disruption, excessive workloads
What are the main differences between a group and a team?
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.
What is a sales forecast?
a prediction of the number of units you believe you can sell in the year ahead
What is the purpose of sales forecasting?
To ensure that you produce enough product to meet the demand and avoid wasting money and factory resources in overproducing products
How is sales forecasting used by operations?
capacity planning, production quantity, inventory planning
How is sales forecasting used by accounting?
cost and profit projections, cash management
How is sales forecasting used by finance?
timing and amount of funding as well as borrowing needs
How is sales forecasting used by marketing?
setting prices, promotion budgets, target market selection
How is sales forecasting used by management?
predicting labor availability and other analytics related to human relations in the workplace
What is the market potential?
Maximum total sales of a product by all firms to a segment during a specific time period under specific marketing efforts by those firms
What is the formula for a sales forecast?
sales forecast = estimated market size of next year x last years market share
What is the judgment technique for sales forecasting?
direct decision, last sales+influences
What is the survey technique for sales forecasting?
buyers, salesforce
What is the statistical methods technique for sales forecasting?
trend(extend a pattern), linear trend(linear pattern)
What is the trend technique for sales forecasting?
(forecast market demand for next year) x (last years market share)
What is the lost horse technique for sales forecasting?
Find the value for total market sales, then list the factors that could affect the forecast(indicate if they are -/+), make a forecast
what is the formula for planned production?
planned production = sales forecast-current stock on hand
What is the balance sheet?
it is a statement of position, contains all the assets, liabilities, and owners equity
what are assets?
they are something that a firm owns that will provide some future benefit
what are some examples of assets?
Property, equipment, inventory, cash, intangible assets(brand, intellectual property), accounts receivable(money owed to you)
What are liabilities?
they are something that the firm owes
