10/13/15-10/15/15 BUSN 1301 - 006
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This 4 page Class Notes was uploaded by Stephanie Romero on Monday October 19, 2015. The Class Notes belongs to BUSN 1301 - 006 at University of Texas at El Paso taught by John Hadjimarcou in Summer 2015. Since its upload, it has received 21 views. For similar materials see Intro to Global Business in Finance at University of Texas at El Paso.
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Date Created: 10/19/15
101315 Chapter 89 4 aspects of operational control Purchasing Inventory control Scheduling and Quality control Purchasing All the activities involved in obtaining required materials components supplies and parts from other firms Objective to ensure that the required materials are available when needed in the proper amountsquantities and at a minimum cost Factors affecting the choice of suppliers price quality reliability credit terms and shipping costs Inventory control The process of managing inventories in such a way as to minimize inventory costs including both holding and potential stockout costs Types of inventory 1 Raw materials 2 Workinprogress 3 Finishedgoods Costs of inventory 1 Holding costs 2 Stockout costs Inventory control methods Using computerized systems and software to plan and control inventory Schedang Ensuring that materials and other resources are at the right place and time Different methods are used for complex products Quality control the process of ensuring that goods and services are produced in accordance to specifications meeting the standards that have been set QC methods Based on statistics statistica control process and statistical quality control inspection Improving quality Through employees Tota quality management Quality circles Six sigma relying on statistical data to identify problems and eliminate defects Benchmarking World quality standards SO international standards organization CHAPTER 9 Human Resources Management Acquiring Maintaining Development Planning 9 Job analysis 9 Recruiting 9 Selection 9 Orientation Planning Matching Supply and Demand Layoffs Attrition Early retirement Firing Cultural Diversity Based on ethnicity gender and race Job analysis A systematic procedure for studying jobs to determine their various elements and requirements 1 Job description list of elements that make up a particular job 2 Job specification list of the qualifications required to perform a particular job Recruiting Selection and Orientation Recruiting the process of attracting qualified job applicants internal vs external Selection gathering info about applicants and choosing the most appropriate applicant Orientation acquainting new employees with the organization formal or informal Maintaining Activities 1 Employee relations increasing employee satisfaction through satisfaction surveys communication fair treatment and exit interviews 2 Compensation rewarding employee effort through monetary payments 3 Benefits providing rewards to ensure employee wellbeing Types of compensation Hourly wage Weekly or monthly salary Commissions ncentive payments Lumpsum salary increases Profit sharing Employee Benefits Rewards above compensation that are provided indirectly pay for time no worked child care health life and dental insurance company cafeterias pension and retirement programs Development activities training and development teaching employees new skills and new jobs and more effective ways of performing their current jobs performance appraisal assessing employees current and potential performance levels Training and development one of the first tasks is to conduct an analysis of training needs it is needed and why what and when training teaching employees how to do their jobs more efficiently types of training on the job simulations classroom and role playing management development preparing employees to assume more responsibility presently and in the future Performance Appraisal distributing wealth lets workers know how they are doing and how they can do better provides the basis for distributing rewards heps the organization monitor employee selection training and development HRM and the law Legislation mainly protects the rights of the employees promotes job safety and attempts to eliminate discrimination Nationa labor relations act and labor management relations act deals with company union relations Fair labor standards act applies primarily to wages Equal pay act men and women who are doing the same job must be paid equal wages Civil rights act employers make personnel decision based on qualifications only Age discrimination in Employment act occupational health and safety act employee retirement income security act
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