Term
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Definition
| using past experiences to predict future events & conditions |
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Term
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Definition
| preparing a course of action for the future |
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Term
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Definition
1. Scan Environment
2. Forecast Future Events
3. Make a Decision
4. Write the Plan
5. Set Goals/Standards |
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Term
| Kinds of Economic Indicators used in Forecasting (3) |
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Definition
1. Leading: precede economic changes/trends
2. Coincident: measure current conditions
3. Lagging: confirm economic changes/trends |
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Term
| Effects of Economic Conditions (stage in the econ. cycle) |
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Definition
Inventory
Production Schedules
Raw Material Orders
Salesforce Activities
Company Lending/Borrowing
New Product Introductions |
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Term
| Variables of Time Series Forecasting |
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Definition
| Trends+Cycles+Seasons+Irregularities |
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Term
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Definition
designed to predict what kinds of technological breakthroughs will occur & when.
panel of experts partake in iterative discussions |
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Term
| Normative Technological Forecasting |
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Definition
| predicts when something should happen |
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Term
| Steps of the Decision Making Process (6) |
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Definition
1. State the problem
2. Name your limitations
3. Generate Alternatives
4. Evaluate Alternatives
5. Choose Solution
6. State Plan of Implementation |
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Term
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Definition
1. Assemble Diverse Group
2. Appoint Recorder
3. Discussion Session
4. Evaluate Ideas |
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Term
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Definition
1. The more ideas the better
2. The wilder the ideas the better
3. Combine Ideas
4. Don't pass judgements |
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Term
| Problems with Brainstorming (2) |
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Definition
1. Role Playing
2. Single Person Domination |
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Term
| Nominal Technique vs. Brainstorming |
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Definition
| no verbal interpretation prior to presentation of ideas |
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Term
| Methods of Evaluating Decision Alternatives (4) |
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Definition
1. Linear Programming: used when you have one key scarce resource.
2. Probability Diversification: used to establish odds of success
3. Queuing Theory: approach to order
4. Simulation: helps practice decision making
5. Pros/Cons |
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Term
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Definition
| 1. Program 2. Project 3. Budget |
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Term
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Definition
| creating long-term general plans for a time horizon 3+ years that integrate or bring together all company activities |
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Term
| Rapid Growth Strategies (5) |
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Definition
1. Product Diversification
2. Merger/Takeover/Acquisition
3. Vertical Integration
4. Joint Venture
5. Efficiency/Profitability |
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Term
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Definition
| sell off part of company in tact |
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Term
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Definition
| sell off component parts of company |
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Term
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Definition
eliminate markets
close locations
eliminate products
eliminate employees |
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Term
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Definition
| sweeping general guideline |
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Term
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Definition
| policy translated to functional areas |
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Term
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Definition
| mission statement: stated formally in documents |
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Term
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Definition
| goals which managers pursue |
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Term
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Definition
| specific targets in specific time period. (Planning Goals) |
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Term
| Functional Area Goals: Production (4) |
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Definition
1.Quantity
2. Quality
3. Cost
4. Time |
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Term
| Functional Area Goals: Marketing & Sales (4) |
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Definition
1. Market Share
2. Sales Quotas
3. Consumer Awareness
4. Cost |
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Term
| Functional Area Goals: Personnel/HRM (5) |
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Definition
1. Rates of Absenteeism
2. Rates of Turnover
3. Rates of Grievances
4. Rates of Rates of Accidents
5. Cost |
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Term
| Functional Area Goals: Finance & Accounting (3) |
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Definition
1. Profitability
2. Cost of Capital: Balance Risk & Cost
3. Efficiencies of Operations |
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