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17 Cards in this Set
- Front
- Back
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Priorities of creating a new business |
Legal status Name of business Locatin Capital and break-even Analysis Business plan |
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Vertical model "military model" (3) |
Hierarchial Top down More than 5 levels
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Strengths of Vertical Model (4) |
Easy to manage Distinct function per level Easy promotion path Minimize confusion |
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Weaknesses of Vertical Model (4) |
Slow decision making Less flexibility Mistake at higher level impacts all below it Employees not very involved in decisions |
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Horizontal model (3) |
Tall/Flat model Less than four hierarchy levels Employees at all levels contribute
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Horizontal Model Strengths (6) |
Team work/spirit Flexibility & Incentives High level mistakes not catastrophic Perfect for training Easier decision process Lower cost |
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Horizontal Model Weaknesses (6) |
Hard to implement Difficult to manage Requires lots of training Confuses employees at different levels Fits only small businesses Tasks overlap between levels |
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Matrix Model (3) |
Combination of Horizontal and Verticle Reflects both ways communication Employee reports to two supervisors -Functional -Project |
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Matrix model strengths (6) |
Supervisors can focus on their areas of expertise Employees develop wide set of skills Information travels more fluidly No inter-department meetings (lowers cost) Optimizes product quality Over come traditional barriers |
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Matrix model weaknesses (5) |
Employee dual loyalty Confusing responsiblity Shared resources creates conflict Difficult project monitoring High cost |
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Business Cycle Control and Correction (4) |
Warning system Feedback system Intelligence and counter intelligence Correction policy |
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Business plan (3) |
Business description Financial Data Supporting documents |
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Operating Equipment (7) |
Office equipment Information system equipment Production/Packaging equipment Training equipment Storage equipment Power equipment Transportation equipment |
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Transaction Processing System (TPS) (6) |
Business lifeline Collects raw data into two categories - Internal & external transactions Edits data looking for errors Corrects mistakes GIGO (garbage in/out) Produces final data to covey it to the MIS
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Management Information System (MIS) (4) |
Consists of a collection of applications Produce/interpret information Produce reports covering all business activities Convey all decision tools to the DSS
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Business Classification Standard Industrial Classification (SIC) (2) |
Classify business by their activity/expertise Use 4 digit code -first 2 digits=major industry -last 2 digits=specific activity Worldwide |
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NAICS (North American Industry Classification) (2) |
More specific than SIC because it uses a 6 digit code
Used by North American countries sometime along with the SIC |
