Management MMGT 3302 Exam 6 Study Guide
Management MMGT 3302 Exam 6 Study Guide MGMT 3302
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This 5 page Study Guide was uploaded by Blake Lanier on Sunday April 24, 2016. The Study Guide belongs to MGMT 3302 at East Carolina University taught by Joanne Hartsell in Spring 2016. Since its upload, it has received 28 views. For similar materials see Management of Organizations in Business, management at East Carolina University.
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Date Created: 04/24/16
Exam 6 Study Guide (Chapters 1618) Blake Lanier 1. What are standards and how are they determined? Basic control process begins with the establishment of clear standards of performance, determined by listening to customers, and Benchmarking: identifying outstanding practices, processes, and standards in other companies and adapting them 2. Understand the difference between feedback, concurrent and feedforward controls. Feedback Control gathers information about performance deficiencies after they occur Concurrent Control gathers information as they occur Feedforward control gathers information before they occur 3. Define control loss and regulation costs. Control Loss occurs when behavior and work procedures do not conform to standards Regulation Costs determine whether control is worthwhile 4. Describe the five different control methods. Bureaucratic Control, Objective Control, Normative Control, Concertive Control and Self Control 5. What are the four questions that the Balanced Scorecard focuses on? Measurement of organizational performance in finances, customers, internal operations, innovation, and learning; forces managers to set specific goals and measures performance, minimizes the chances of sub optimization 6. What is meant by economic value added? Amount by which company profits exceed the cost of capital in a given year 7. Why is closely monitoring customer defections a better way to answer the question “How do customers see us?” Performance in which companies identify which customers are likely to leave and measure the rate at which they are leaving 8. What are the three ways to define and measure quality? Excellence, Value and Conformance 9. What is question is addressed from the innovation and learning perspective? Involves controlling waste and pollution 10. What are the four stages of waste minimization? Waste prevention and reduction, recycle and reuse, waste treatment, and waste disposal 11. What are the strategies used for waste prevention and reduction? Good Housekeeping, Material/Product Substitution, and Process Modification 12. What is the difference between raw data and information? Raw data is facts & figures; information is useful data that can influence people’s choices and behavior 13. What are the three critical issues needed to address in order to sustain a competitive advantage through information technology? Does the information technology create value? Is the information technology different across competing firms/ Is it difficult for another firm to create or buy the information technology? 14. What is optical character recognition software? Scan and convert original or digitized documents into ASC11 test or Adobe PDF documents 15. What is meant by the term “data warehouse?” Stores huge amounts of data prepared for data mining analysis by being cleaned of errors and redundancy 16. Understand how data mining is used Process of discovering unknown patterns and relationships in large amounts of data 17. Understand the four types of patterns identified by unsupervised data mining. Association or Affinity Patterns – when two or more database elements tend to occur together in a significant way Sequence Patterns – when two or more database elements occur together in a significant pattern in which one of the elements precedes the other Predictive Patterns patterns in the data that can lead to reasonable predictions about the future Data Clusters – when three or more database elements occur together in a significant way 18. What are the steps that can be taken to secure data and data networks. Authentication & Authorization 19. What are the three kinds of information technology used by executives, managers, and workers inside the company to access and share information? Executive Information System (EIS) uses internal and external sources; monitor and analyze organizational performance Intranets – private company network that allows employees to easily access, share, and publish information using internet software; distribute and publish information and forms within the company Corporate Portals – hybrid of EIS and intranet which allows access to customized information and complete specialized transactions using a web browser 20. What is EDI and how is it used? Electronic Data Interchange allows two companies to convert their purchase and ordering information to a standardized format 21. What is the primary difference between EDI and web services? EDI enables direct electronic transmission of information between company systems Web services uses standardized protocols to describe data that can be processed by different computer systems in companies 22. What is an extranet? Networks that allow companies to exchange information and conduct transactions with outsiders 23. What are the two information technologies used by companies to capture and share knowledge of consultants, specialists, and experts with other managers and workers? Decision support system (DSS) – helps managers understand problems and potential solutions by using sophisticated models and tools Expert Systems specialized knowledge and decision rules used by experts so that non experts can draw on this knowledge base to make decisions, ifthen rules 24. Understand the difference between partial productivity and multifactor productivity. Partial measure of performance that indicates how much of a particular kind of input it takes to produce an output Multifactor indicates how much labor, capital, materials, and energy it takes to produce an output 25.What are the three qualityrelated characteristics for products? Reliability average time between breakdowns Serviceability – how easy or difficult it is to fix Durability mean time to failure, cannot be repaired 26. Understand the difference between ISO 9000 and ISO 14000. ISO 9000 for achieving consistency in quality management and quality assurance in companies throughout the world ISO 14000 series of international standards for managing, monitoring, and minimizing an organization’s harmful effects on the environment 27. What is the purpose of the Baldridge Award? Given to recognize U.S. companies for their achievements in quality and business performance and to raise awareness about the importance of quality and performance excellence as a competitive edge; cost a lot to apply but you get a great deal of useful information about your business even if you don’t win 28. What are the three principles that characterize TQM? Customer focus and satisfaction Continuous Improvement Teamwork 29. What is the key concept behind the serviceprofit chain? Success depends on how well management treats service employees 30. What are the three ways to categorize manufacturing operations according to the amount of processing that occurs after a customer order is received? Madetoorder Assembletoorder Madetostock 31. What are the four ways to categorize manufacturing operations based upon the flexibility of the manufacturing operations? Continuous flow – produced continuously rather than at a discrete rate; standardized and least flexible Line flow – occur in a serial or linear manner and in a particular order; inflexible because typically dedicated to manufacturing one kind of product Batch – manufacturing of large batches of different product in standardized lot sizes Job shops – very small manufacturing operations that handle special processes or jobs; each job in a job shop is differen 32. What are the different types of inventory? Raw Material Inventories Component Parts Inventories Workinprocess Inventories Finished goods inventories 33. Define stockout. The point when a company runs out of finished product 34. What are the four kinds of costs associated with inventory? Ordering cost – ordering inventory, including the cost of data entry, phone calls, obtaining bids, correcting mistakes, and determining when and how much to order Setup cost – the costs of downtime and lost efficiency that occur when a machine is changed or adjusted to produce a different kind of inventory Holding cost – the cost of keeping inventory until it is used or sold Stockout cost – when a company runs out of product, including transaction costs to replace inventory and the loss of customers’ goodwill 35. What are the two kinds of setup costs? Downtime & LostEfficiency. 36. What is meant by JIT? Justintime (JIT) Inventory component parts arrive from suppliers just as they are needed at each stage of production 37. What is EOQ? Economic Order Quantity system of formulas that minimizes ordering and holding costs, helps determine how much and how often inventory should be ordered 38. What are the three key parts of material requirement planning (MRP)?? Materials Requirement Planning determines the production schedule, production batch sizes, and inventory needed to complete final products
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