Shared Flashcard Set

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Management Midterm New material
Ken Brown\
41
Management
Undergraduate 3
10/22/2012

Additional Management Flashcards


 

 


 

Cards

Term
Types of Organizations
Definition
- Business
- Non profit
- Mutual-Benefit
- Common weal
Term
Getting into Business
Definition
- Family owned
- Starting own
- Buy Existing
- Buy Franchise
Term
Planning for Buisness
Definition
-Purpose (vision, mission)
-Stratigic objectives (Goals)
-Tactical Plans (How to of strategy)
-Operational Plans (Day-to-Day)
Term
Effective mission statement
Definition
Breifly describes the organizations purpose for stakeholders in a way that is enduring inspirational, clear and consistent with company values
Term
Getting Funding
Definition
-Equity
-Debt
-Awards from competitions (Iowa offers)
Term
"Burn the Business Plan" By David Gumpert
Definition
- Great Presentation
- Compelling Story
- Effective Website
- Hard Hitting financial projections
Term
How to make a plan that works (5 steps)
Definition
1. Set Goals
2. Develop Commitment
3. Develop effective action plans
4. Track progress toward goal achievment
5. Maintain Flexibility

(At end: Revise existing Plan OR Begin Planning Process anew)
Term
Types of Plans by Top Level Managers
Definition
Top is Vision

-Mission
-Purpose Statement (Purpose for existing)

-Strategic Objective (Specific Goals that challenge company to finish in time)
Term
Types of plans by Middle Managers
Definition
- Tactical Plans
- Management by objective
Term
Tactical Plans
Definition
How company will reach missions using resources

(6 months - 2 years)
Term
Management by objective

(4 Step Plan)
Definition
1. Discuss Possible Goals
2. Collectively select Goals
3. Develop Tactical Plans
4. Meet Regularly and Review progress
Term
First Line Manager Planning
Definition
-Operational Plans (Day-to-Day, 30 days-6 months)

-Single use plans (unique 1 time plans)
-Standing Plans (Plans used repeatedly to fix reoccurring problems)
Term
6 Steps in Rational Decision Making
Definition
1. Define The Problem
2. Identify Decision Criteria
3. Weight the Criteria
4. Generate Alternative Course of action
5. Evaluate Each Alternative
6. Compute the optimal decision
Term
Nominal Group Technique
Definition
Decision making method where group members have QUIET time and write down problems that should be shared with group
Term
Delphi Technique
Definition
Decision making method in which members of a PANEL OF EXPERTS respond to questions and each other until make agreement
Term
SWOT analysis
Definition
Strength (Internal)
Weakness (Internal)
Opportunity (External)
Threats (External)
(Environmental scanning, Strategic Groups, Shadow Strategy Task Force)
Term
3 Steps of Strategic Making Process (SWOT)
Definition
1. Asses need for Strategic Change
2. Conduct situational Analysis
3. Choose Strategic Alternatives
Term
Sustainable competitive Advantage
(Definition)
Definition
A competitive advantage that other companies have tried unsucessfully to duplicate and have, for the moment, stopped trying

(Competitors say: "We give up, You Win. We cant do what you do and were going to stop trying)
Term
4 Conditions to Sustainable Competitive Advantage
Definition
1. Valuable Resources (improves efficiency)
2. Rare Resources (Not many ppl have)
3. Imperfectly imitable resources (costly for other firms to get)
4. Non substituteable resources
Term
Portfolio Strategy
Definition
A corporate level strategy that minimizes risk by diversifying investment along various businesses or product lines
Term
BCG Matrix
Definition

- Portfolio Strategy

- Developed by Boston Consulting Group

- categorizes business by GROWTH RATE and RELATIVE MARKET SHARE

- Helps managers how to invest corporate funds

Term
4 Groups in BCG Matrix
Definition
1. Star (Large share, fast growing mrkt)
2. ? (Small share, fast growing mrkt
3. Cash Cow (Large share, small growing mrkt)
4. Dog (Small share, small growing mrkt)
Term
Drawbacks of BCG Matrix
Definition
Claims that acquiring info on unrelated businesses in irreverent

Hard for managers to pick
(Biggest mistake: Categorizing a star as a dog)
Term
Grand Strategy Definition
Definition
A Broad Corprate-Level Strategic plan used to acheive strategic goals and guide the strategic alternatives that managers of individual businesses may use
Term
3 types of Grand Strategies
Definition
1. Growth Strategy (increase profit, revenue, and # of places they do business)
2. Stability Strategy( Improving way company sells SAME product to SAME customers)
3. Retrenchment Strategy (Turning around poor company by SHRINKING SCOPE)
Term
4 Positioning Strategies
Definition
1. Cost Leadership (Broad Target, Low Cost)
2. Differentiation (Different than competitor, High Price, Broad Target)
3. Cost Focus (Narrow Target, Low Cost)
4. Focused Differentiation (Different than competitor, High Price, Narrow Target)
Term
Firm Level Strategies

(Direct Competition)

(Entrepreneurship)
Definition
Direct Competition
"Red Ocean"

Attack- Competitive move to reduce rivals market share or profit

Response- Countermove after attack, to defend or improve companies market share or product

Entrepreneurship- Movement to "Blue Ocean"
Term
Value Curve
Definition
"Blue Ocean"

Compares to competitors
Term
Purpose of Control
Definition
Ensure that activities are providing desired goals
Term
Control Process
Definition
1. Set Standards
2. Measure Performance
3. Compare with Standards
4. Identify Deviations
5. Analyze Deviations
6. Take Corrective Action
Term
3 TYPES of Control
Definition
1. Feed forward Control
2. Co-current Control
3. Feedback Control
Term
Feed Forward Control
Definition

*Most Powerful type

(Hiring, Training, Verifying)

-Monitoring INPUTS

-Anticipating and Preventing Problems

Term
Co-Current Control
Definition
(Problem Happening, Fixing action)
-Monitoring Process
-Adjusting ongoing Activities
Term
Feed Back Control
Definition
(Already Happened, fix from past)
-Monitoring Products (OUTPUTS)
-Learning from past mistakes
Term
You Should not try to control everything. Use missions and strategy as
Definition
Guides, but consider cost and feasibility
Term
5 Control Methods
Definition
1. Bureaucratic (Rules, Punish or reward if followed/not followed)
2. Objective (MEASURES workers)
3. Normative (Values and Beliefs)
4. Concertive (Shaped by groups)
5. Self (Monitoring self, progress, reward)
Term
Types of Budgets
Definition

1. Sales Budget (Revenue)

2. Operating Budget (Expense)

3. Income statement (Revenue, Expense, Net Income)

4. Balance Sheet (Assets, Liability, Net worth)

Term
Variance Report
Definition
Variance Report (Variance = Actual-Standard)

Mark F or U (Favorable or Unfavorable)
Term
PERT
Definition
-Prior Data- USE IT!

Te= To + 4Tm + Tp / 6

*weighted average

e= Estimate
o= optimistic
m= Most likely
p= Pesomistic
Term
Balanced Scorecard
Definition

Measurment of organizational performance in these 4 areas:

1. Finances

2. Customers

3. Internal Operations

4. Innovation and Learning

 

(Compares Goals to Standards, then measure, what initiative need to take place?)

Term
GANTT Chart
Definition
Start to finish date with bar graph showing progress of company
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