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Final Management Exam Chapter 16-18

by: Carly Della Sala

Final Management Exam Chapter 16-18 BCOR 370

Marketplace > West Virginia University > Business > BCOR 370 > Final Management Exam Chapter 16 18
Carly Della Sala
GPA 3.05

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Cover the notes from chapters 16-18
Class Notes
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This 9 page Class Notes was uploaded by Carly Della Sala on Tuesday April 26, 2016. The Class Notes belongs to BCOR 370 at West Virginia University taught by DeMarco in Winter 2016. Since its upload, it has received 14 views. For similar materials see Management in Business at West Virginia University.


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Date Created: 04/26/16
BCOR 370 Exam 5 Chapter 16: Information and Operations Explain Control - Tool that helps managers use information to influence behavior and affect operational  performance through greater efficiencies and effective decision making - Permits managers to oversee and direct employees toward achieving organizational goals - Regulates behavior and results around specific areas within the organization - Should not be too rigid - Lack of control can lead to demise of the organization Types of Control - Standards o Models and examples of how items or tasks are expected to be executed - Preliminary control (planning control) o Control used as a preventative measure to clarify potential deficiencies before  they occur  Corrective action taken before problems arise - Screening control (real­time control) o Control used to take corrective measures based on feedback during a process  should barriers arise - Post­action control o Control used to assess results after a process is complete in order to provide  information for future planning Types of Controls - Controller o Chief accounting officer within an organization that helps control finances - Financial Statement o Summary that lists the revenue and liabilities for a company during a particular  time frame - Balance Sheet o Financial statement that lists revenue, assets, and liabilities for a company during  a particular time frame - Income Statement o Summary of income gained during a specific time period, usually listed by month - Ratio Analysis o Quantitative study of a company’s financial statements within a particular  collection of data - Audit o Formal examination of a company, department, or individual’s accounts or  financial standing - Budget o Document used to predict revenues and expenditures during a certain period for  financial forecasting Information, Technology, and Systems Information technology - Development, maintenance, and use of computer systems, software, and networks for the  processing and distribution of data Types of Information - Knowledge o Information gained by an individual or team that is internalized - Knowledge worker o Employees who are known for the specific skills they possess, such as technology Technology - Firewall o Software program designed to protect against unauthorized entry into a particular  information system or personal computer - Extranet o System that is similar to the internet but used primarily within a company for its  employees or vendors Explain Management Information System - Tool that aids organizations to run more efficiently by incorporating people, technology,  and information systematically Types of MIS - Enterprise Resource Planning o System that provides a flow of information to include accounting, manufacturing,  customer relationship management, sales, and service o Everyone able to see how one action carried out in one area can affect another  part of the organization - Executive Support System (ESS) o Management information system that uses internal and external data to aid the  executive staff with their decision­making process with regard to organizational  performance o Executives can view data instantly rather than waiting for monthly reports - Decision Support System (DSS) o Computer­based information system that helps organizations with their decision­ making process - Artificial Intelligence o Software system that gives computers the ability to seemingly possess human  intelligence and act accordingly to process information Chapter 17: Performance Development What is Performance Development? - Performance development spans a whole range of business activities - Managers examine the interconnected parts of the organization to understand the  important of each and the contribution it makes What do you need to consider when setting up your facilities? - Connecting Space, Processes, and People o Facility: building designed and built to support a particular service or function Why is Physical Space and Facilities Management Important? - Layout o Design of space in an organization that specifies the workflow Facilities layout - Location o Characteristic of an organization that provides strategic access to all segments,  vendors, and vitality - Operational capacity o Ability of an operation to work at its maximum of potential and successful  execution Technologies & Automation - Operations management o Processes and systems built to assist in the daily activities of production - Automation o Implementation of manufacturing through an electronic device that does not need  continual operations support - Product­service mix o Combination of the number of products provided versus the services delivered Manufacturing - Process where large goods are made, typically by manual labor or large machinery Lean Manufacturing - Implementation of best practices to eliminate inefficiencies and waste while increasing  profits - Main principles: o Include using flexible and up­to­date technology o Educating employees on the lean methodology and philosophy o Training employees in all areas o Instilling a sense of commitment o Shifting cultural values to embrace the lean model Purchasing & Inventory Management - Inventory o Items and quantity in stock typically held in a warehouse or one designated area - Purchasing o Process of buying goods or services to accomplish a goal - Just­in­time (JIT) method o Production method that provides an item as needed versus keeping inventory in  stock  Commonly used to reduce cycle times, meet customer orders, increase  quality, and add value What is Supply Chain Management? - Network of interconnected businesses strategically aligned to provide product and service packages - Suppliers and buyers must work together - Points in the supply chain often linked electronically What is Dynamic Steering? - Process where an organization engages in incremental adaptation based on real­time  feedback to push toward better engagement and overall productivity - Creation of an idea leads to a deal that initiates team collaboration under the guidance of  leadership to generate successful results Achieving results through Talent Management - Selection & Recruitment - Onboarding - Building an emotional connection - Goal alignment - Candid Conversations - Honest appraisals (formal and informal) - BARS­ accurately rate employee performance based on specific behaviors relating to  particular role Talent through Management - Career development o Provide additional training for employees who express an interest in moving into  different roles - Leadership and innovation - Compassion for all o Most important point o Employees must care for one another in order to bring goals to fruition What is Quality? - Measure of product or service minus the amount of defects What is TQM? - Total Quality Management o Long­range, big­picture process to assist companies in better overall total  management for an entire organization o Strive for long­term solutions rather than short­term gains o Rectify errors and delays as quickly as possible o Focusing on customer is the main priority o Continually improve processes and people o Build teams that are motivated to be innovative o All employees involved in providing ideas and feedback o Improves service, quality, and productivity List 4 TQM tools - Value­added analysis o Element that provides a core study of an item or process down to its raw costs  versus measurement to provide the most effective product or service  Helps to identify and eliminate waste - Benchmarking o Information provided to mark a norm on the measurement scale of a product or  service in the same vertical market  Learn from competitors - Outsourcing o Occurs when the delivery or a product or service becomes valued as more  profitable by using outside resources or systems versus internal resources - Cycle time o Length of time it takes to perform a function or task from beginning to end Six Sigma ­ Business management strategy designed to analyze the causes of defects using statistical  methods Quality Certification Standards ISO 9000:2000 - Standard from the International Organization for Standardization (ISO) which provides  an exact measure of quality globally over a platform of systems ISO 1 4000 - ISO standard focuses totally on the organization’s environmental impact and quality Quality Award - Malcolm Baldrige award o Annual prize that recognizes performance excellence in U.S. companies and  nonprofit organizations  Based on the ability to show continuous improvement  Process to strive for enhanced production on an ongoing basis by  reevaluating processes on a frequent basis CHAPTER 18:Entrepreneurship and Innovation Entrepreneur - Individual that plans, organizes, and leads high­risk business opportunities with new  market value Innovation - Process that results in new market value through the creation of a product or service  Innovation adoption curve - Staged model that describes the evolution of an innovation’s acceptance with three types  of customers - Types of Customers o Innovators­ 2% o Early Adopters­ 14% o Early majority­ 34% o Late majority­ 34% o Laggards­ 16% Terms - Start­up company o Newly formed organization with limited or no operational history - Entrepreneurship o Activities associated with seeking new opportunities that generate new value,  with an array of unknown forces - Business model o Proposed method for creating and sustaining market value - Venture capital o Funding that supports the starting and growing of high­risk business ventures Entrepreneurial ecosystem - Set of stakeholders that are necessary to support the innovation and creation of new  market value Growth accelerants - Marketing opportunity/ customers/competitors o Identify gap in the market o Attract diverse customers o Become a serious competitor to other businesses - Human resources/people/organizational culture o Attract and nurture the best talent - Product/service/after­sales o Innovative product o Unparalleled sales and after­sales service Challenges to growth - Human resources/people/organization culture o Struggle to attract and retain new talent o People must fit in to the organization culture - Market opportunity/ customers/competitors o Another company may identify and capture the market sooner - Company financing and liquidity o Liquidity: measurement of available financial resources or the ability to convert  an organization’s assets into cash o Start­ups will not survive without appropriate financing Opportunities and risks for new ventures - Market size o Larger markets have greater growth potential - Market value creation and customer adoption o Value creation  Activities and processes that increase the worth of a product or service - Market value capture and business model o Business model should address how much value of the market can be captured - Management team/people/resources o Evolution of abilities necessary to produce success - Discovery or technical ability o Scaling: degree to which a company or business model can grow, given the  necessary resources - Financial and liquidity o Initial public offering  First time a company sells its equity shares on the stock market - Government/Political/ Regulatory o Effect of regulatory environment on potential for growth - Execution and scaling o In order execute the system as soon as possible, secure clients, choose a location  for the company, and get finances Strategies - Aggregation venture o Business strategy defined by acquiring, merging, and coordinating existing  market products, services, and companies - Discovery venture o Business strategy that seeks to invent a brand­new product or service or find a  new resource - New­ existing venture o Business strategy defined by offering a new product or service to an existing  category or consumers - New­new venture o Business strategy defined by offering a new category of consumers a new product or service  Typically distinguished by higher risk and higher returns compared to  new­existing ventures - System change venture o Business model responding to a significant change in political environments,  governmental legislation, and regulation - Transplant venture o Business strategy where an idea that achieves market success in one market  region is transferred to other geographic markets - Value chain venture o Business model that seeks to redesign or augment an offering in an existing  business or management process  E.g., outsourcing of information technology and research - Wave venture o Business model defined by a systemic change in business and market  environments The discipline of creativity - Creativity o Is a science filled with thought processes that we are all capable of when working  with the right people - Meta­ideas o Concepts that create, nurture, and support other concepts  Sharing idea inspires new ideas  Criticism backed up by supporting or new ideas sparks new creative  processes Creativity - Flow o Experience of immersion and loss of time when an individual achieves an  optimum balance of challenge, interest, and achievement - Team creativity o Q­level  Measurement that determines the optimum level of group size and  interaction to achieve successful creative output Eight conditions of Flow in the workplace - Clear goals - Immediate feedback - Balance between opportunity and capacity - Deepened sense of concentration - Living in the present - Personal control - Altered sense of time - Loss of ego


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