Mgmt 339 Exam 1

Front 1

Four elements for managing in the new competitive landscape

Back 1

1) Globalization
2) Technological change
3) Knowledge management
4) Collaboration across boundaries

Front 2

Five drivers for competitive advantage

Back 2

1) Innovation
2) Quality
3) Service
4) Speed
5) Cost competitiveness

Front 3

Definition of management

Back 3

The process of working with people and resources to accomplish organizational goals effectively and efficiently using FOUR functions: Planning, Organizing, Leading, Controlling (POLC)

Front 4

Planning

Back 4

Delivering strategic value (setting goals)

Front 5

Organizing

Back 5

Building a dynamic organization (allocating resources)

Front 6

Leading

Back 6

Mobilizing people (motivate/empowering employees)

Front 7

Controlling

Back 7

Learning and changing (monitoring and correcting)

Front 8

Management levels and skills

Back 8

1) Top-level managers
2) Middle-level managers
3) Frontline managers

Front 9

Top-level managers

Back 9

Senior executive responsible for the overall management of the organization

Front 10

Middle-level managers

Back 10

Located in the middle layers of the organizational hierarchy reporting to top-level managers

Front 11

Frontline managers

Back 11

Supervise the operational activities of the organization; also called operational managers

Front 12

Globalization

Back 12

- Strong demand for products/services from all over the world
- strong demand for talent
- internet access across the globe - world has shrunk
- global marketplace (efficient/advanced logistics)

Front 13

Technological change

Back 13

- The internet's impact on globalization: increased speed of communication, the internet as a marketplace
- Problems: stress when employees/supervisors do not set limits on being connected, lengthening of the workday due to constant access

Front 14

Knowledge management

Back 14

- growing need for good, new ideas generates demand for knowledge workers
- challenges: managers cannot simply measure output of knowledge workers, managers should provide knowledge workers with interesting work to increase motivation

Front 15

Collaboration across boundaries

Back 15

- People in different parts of the organization must collaborate with one another; often times, across the globe
- collaboration also entails moving beyond the boundaries of the organization itself

Front 16

Ten manager roles

Back 16

1) Monitor
2) Disseminator
3) Spokesperson
4) Figurehead
5) Leader
6) Liaison
7) Entrepreneur
8) Disturbance handler
9) Resource allocator
10) Negotiator

Front 17

Managing your career

Back 17

- be both specialist and a generalist
- be self-reliant: to take full responsibility for yourself, your actions, and your career
- be connected: to have many good working relationships with your team
- actively manage your relationship with your organization
- survive and thrive

Front 18

History of management

Back 18

Classical Approaches
- Systematic management
- Scientific management
- Bureaucracy
- Administrative management

Contemporary Approaches
- Quantitative management
- Organizational behavior
- Systems theory
- Contingency theory


Current and future revolutions

Front 19

Levels of goals and plans

Back 19

1) MIssion Statement
2) Strategic Goals/Plans; Senior management (organization as a whole)
3) Tactical goals/plans; Middle management (major divisions, functions)
4) Operational goals/plans; Lower management (departments, individuals)

Front 20

SMART goals

Back 20

- The situational analysis generates alternative goals -- targets or ends the manager wants to reach and should be SMART

Specific, Measurable, Attainable (but challenging), Relevant, Time-bound

Plans are the actions or means managers intend to use to achieve organizational goals

Front 21

Strategic management process

Back 21

1) Establishment of mission, vision, and goals
2) Analysis of external opportunities and threats
3) Analysis of internal strengths and weaknesses including resources and core competencies
4) SWOT analysis and strategy formulation including corporate strategy, the BCG matrix, and business strategy
5) Strategy implementation
6) Strategic control

Front 22

SWOT Analysis

Back 22

Strengths
Weaknesses
Opportunities
Threats

Front 23

Core competency

Back 23

- Resources are rare
- Resources are organized
- Resources are valuable
- Resources are inimitable

Front 24

Corporate Strategies

Back 24

Identifies a set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities

- Concentration
- Vertical Integration
- Concentric diversification
- Conglomerate diversification

Front 25

Concentration

Back 25

Strategy employed for an organization that operates a single business and competes in a single industry

Front 26

Vertical Integration

Back 26

Acquisition or development of new businesses that produce parts or components of the organization's product

Front 27

Concentric diversification

Back 27

Strategy used to add new businesses that produce related products or are involved in related markets and activities

Front 28

Conglomerate diversification

Back 28

Strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities

Front 29

Business Strategies

Back 29

Describes the major actions by which a business competes in a particular market

- Low-cost strategies
- Differentiation strategies
- Functional strategies

Front 30

Low-cost strategies

Back 30

A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product

Front 31

Differentiation strategy

Back 31

A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one more more dimensions

Front 32

Functional strategies

Back 32

Strategies implemented by each functional area of the organization to support the organization's business strategy

Front 33

Types of plans

Back 33

- SIngle-use plans
- Standing plans
- Contingency plans

Front 34

SIngle-use plans

Back 34

Designed to achieve a set of goals that are not likely to be repeated in the future, e.g., programs and projects

Front 35

Standing plans

Back 35

Focus on ongoing activities designed to achieve an enduring set of goals, e.g., policies, rules, and procedures

Front 36

Contingency plans

Back 36

Actions to be taken when a company's initial plans have no worked or require sudden change, i.e., Plan B

Front 37

Types of control systems

Back 37

Any process that directs the activities of individuals toward the achievement of organizational goals

- Bureaucratic
- Market
- Clan

Front 38

Bureaucratic control

Back 38

Uses formal rules, standards, hierarchy, and legitimate authority. Works best where tasks are certain and workers are independent.

Front 39

Market control

Back 39

Uses prices, competition, profit centers, and exchange relationships. Works best where tangible output can be identified and market can be established between parties.

Front 40

Clan control

Back 40

Involves culture, shared values, beliefs, expectations, and trust. Works best where there is "no one best way" to do a job and employees are empowered to make decisions

Front 41

The Control Cycle

Back 41

1) Setting performance standards
2) Measuring performance
3) Comparing performance with the standard
4) Taking corrective action to correct problems and reinforce success

Front 42

Approaches to Bureaucratic Control

Back 42

- Feedforward control
- Concurrent control
- Feedback control

Front 43

Feedforward control

Back 43

The control process used before operations begin including policies, procedures, and rules designed to ensure that planned activities are carried out properly

Front 44

Concurrent control

Back 44

The control process used while plans are being carries out including directing, monitoring, and fine-tuning activities as they are performed

Front 45

Feedback control

Back 45

Control that focuses on the use of information about previous results to correct deviations from acceptable standard

Front 46

Six sigma

Back 46

At this level, a process is producing fewer than 3.4 defects per million units, meaning the process is operating at a 99.99966% level of accuracy

Front 47

Operations Management

Back 47

The management of systems or processes that create goods and/or provide services

Affects:
- companies' ability to compete
- nation's ability to compete internationally

Front 48

Key differences between manufacturing goods vs. services operations

Back 48

1) customer contact
2) uniformity of input
3) labor content of jobs
4) uniformity of output
5) measurement of productivity
6) production and delivery
7) quality assurance
8) amount of inventory
9) evaluation
10) ability to patent

Front 49

Why manufacturing matters

Back 49

- over 18 million workers in manufacturing jobs
- accounts for over 70% of value in US exports
- average full-time mfg compensation pkg is about 20% higher than average of all workers
- manufacturing workers more likely to have benefits, e.g., health and life ins, disability, retirement plans, and vacation and sick leave
- productivity growth in mfg in the last 5 years is more than double US economy
- more than half of the total R&D performed is in the mfg industries
- mfg workers in CA earn an avg of about $25,000 more a year than service workers
- when a CA mfg job is lost, an avg of 2.5 service jobs are lost
- an OM from mfg applies to service industry as well

Front 50

Operation management evolution

Back 50

- Industrial evolution (1770s)
- Scientific management (1911)
Mass production
Interchangeable parts
Division of labor
- Human relations movement (1920-60)
- Decision models (1915, 1960-70s)
- Influence of Japanese manufacturers (80s)

Front 51

Competitiveness

Back 51

How effectively an organization meets the wants and needs of customers relative to others (other competitors) that offer similar goods or services

Front 52

Distinctive competencies

Back 52

- The special attributes or abilities that give an organization a competitive edge
- If you are not careful in combining two or more approaches, you may lose focus and do not achieve advantage in any category because strategy formulation takes into account the way organizations compete and a particular organization's assessment of its own strengths and weaknesses.

Front 53

Operations strategy

Back 53

The approach, consistent with organization strategy, that is used to guide the operations function

Front 54

Value Analysis

Back 54

An examination of the function of parts and materials in an effort to reduce cost or improve the performance of a product

Front 55

Design for Operations (DFO)

Back 55

Taking into account the operational capabilities of the organization in designing goods and services.

Failure to take this into account can:
- reduce productivity
- reduce quality
- increase costs

Front 56

Standardization

Back 56

Extent to which there is an absence of variety in a product, service or process, e.g. calculators, automatic car-wash

These products are:
- immediately available to customers
- interchangeable parts
- e.g. GM's standardization on key components (brakes, electrical systems)

Front 57

Mass Customization

Back 57

A strategy or producing basically standardized goods of services, but incorporating some degree of customization

1) delayed differentiation
2) modular design

Front 58

Delayed differentiation

Back 58

"postponement" - not quite completing production until customer preferences are known, e.g. HP printers-A/C, manuals

Front 59

Modular design

Back 59

a form of standardization in which component parts are subdivided into modules that are easily replaced or interchanged.

It allows:
- easier diagnosis and remedy of failures
- easier repair and replacement
- simplification of manufacturing and assembly

Front 60

Reverse engineering

Back 60

Dismantling and inspecting a competitor's product to discover product improvements

Front 61

Concurrent engineering

Back 61

Bringing together product design and manufacturing engineering people early in the design phase to simultaneously develop the product/processes

- "over-the-wall" approach
- breaking the traditional "us vs. them" mentality

Front 62

Remanufacturing

Back 62

Refurbished used products by replacing worn-out or defective components

- these products can be sold for 50% of the cost of a new product
- can use unskilled/semiskilled labor
- some gov'ts require manufacturers to take back used products

Front 63

Quality function deployment

Back 63

An approach that integrates the "voice of the customer" into the product and service development process