principles tools and techniques

Question 1

is the capacity of a system, network or process to handle a growing amount of work, or its potential to be enlarged in order to accommodate that growth.

Answer 1

scalability

Question 2

Seven Steps in Effective Decision-Making

Answer 2

Identify the Decision to be Made

Gather Relevant Information

Identify Alternatives

Weigh Evidence

Choose among Alternatives

Take Action

Review Decision and Consequences

Question 3

Used to evaluate all the options of a decision

Answer 3

decision matrix

Question 4

Used when weighing the plusses and minuses of the options.

Answer 4

t-chart

Question 5

What is decision tree?

Answer 5

A graph or model that involves contemplating each option and the outcomes of each.

Question 6

Used when multiple people are involved in making a decision.

Answer 6

multivoting

Question 7

What is pareto analysis?

Answer 7

A technique used when a large number of decisions need to be made.

Question 8

Used when weighing the financial ramifications of each possible alternative as a way to come to a final decision that makes the most sense from an economic perspective.

Answer 8

cost benefit

Question 9

Used by business leaders to determine consumer preferences when
making decisions.

Answer 9

conjoint analysis

Question 10

When a business is able to offer the same quality product as its competitors but at a lower price.

Answer 10

cost leadership

Question 11

Low cost is only one of many possible factors that
may set aside a business from others.

Answer 11

differentiation

Question 12

It allows the business to further distance itself from its competition by, in some sense maintaining a competitive
advantage it has gained.

Answer 12

defensive strategies

Question 13

Seek strategic alliances with other businesses in related
industries or within the same industry.

Answer 13

alliances

Question 14

Types of Business Competition

Answer 14

Performance Competition

Head to Head Competition

Controlling Supplies

Advertising

Distribution

Predatory Competition

Question 15

Are individuals or businesses that provide goods and
services to vendors in return for the agreed upon
compensation.

Answer 15

supplier

Question 16

Business creates its own plan to expand its economic growth.

Answer 16

big ideas

Question 17

all parts contribute to the success or failure of the whole.

Answer 17

system

Question 18

must be dynamic able to thrive
through all economic conditions, in all markets, providing meaningful highly differentiated results to all of its customers.

Answer 18

sustainability

Question 19

• is essential in business. Without continued growth, operations will stagnate.

Answer 19

growth

Question 20

A business must manifest the
higher purpose upon which it
was seeded

Answer 20

vision

Question 21

A business is the fruit of a
Higher Aim in the mind of the
person who conceived it.

Answer 21

purpose

Question 22

What is autonomy?

Answer 22

A business is not part of the owner’s life, but is, in fact, its
own entity.

Question 23

A small business creates a standard against which all
small businesses are measured as either successful, or not. All small businesses should aim to thrive beyond the standards that formerly existed.

Answer 23

standards

Question 24

A business is an economic
entity, driving an economic
reality, creating an economic
certainty for the communities
in which it thrives.

Answer 24

profitability

Question 25

what are the key principles?

Answer 25

Scalability
purpose
big ideas
growth
autonomy
vision
purpose
sustainability
profitability
system

Question 26

what are the methods of competitive advantage?

Answer 26

Cost leadership
differentiation
defensive strategies
alliances

Question 27

Individuals or companies who desires to possess or make use of products and services.

Answer 27

customers

Question 28

Goods/services that can be used in place for another.

Answer 28

substitutes