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212 Cards in this Set
- Front
- Back
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Divestiture |
Sale by a company of an asset that is not performing well, that is not core to the company's business, or that is worth more as a separate entity.
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Human resource information system (HRIS)
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Systematic tool for gathering, storing, maintaining, retrieving, and revising HR data.
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Incremental budgeting
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Form of budgeting in which the prior budget is the basis for allocation of funds.
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Promotion
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Techniques for communicating information about products to consumers.
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Primary research
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Involves data that is gathered firsthand for a specific evaluation.
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Standard deviation
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Measure that indicates how much scores in a set of data are spread out around a mean or average.
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Scientific method
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Research method in which certain factors (variables) are manipulated and the results are examined.
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Qualitative analysis
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Based on research that uses open-ended interviewing to explore and understand attitudes, opinions, feelings, and behavior.
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Due diligence
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Process of conducting an intensive investigation of a corporation as one of the first steps in a pending merger or acquisition.
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Human capital
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Combined knowledge, skills, and experience of a company's employees.
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Functional structure
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Organizational structure that defines departments by what services they contribute to the organization's overall mission.
organization is usually more centralized, and its departments are specialized |
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Secondary research
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Uses data already gathered by others and reported in various sources.
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Ethics
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System of moral principles and values that establish appropriate conduct.
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Marketing
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Long term process of planning, pricing, promoting, and distributing goods and services to satisfy organizational objectives.
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Span of control
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Refers to the number of individuals who report to a supervisor.
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Median
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Point below which 50% of scores in a set of data lie.
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Environmental scanning
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Process that surveys and interprets relevant data to identify external opportunities and threats.
Its the frame work for collecting information to create a successful plan for future growth |
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Product
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What an organization sells to make a profit.
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Line units
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Work groups that conduct the major business of an organization.
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Matrix structure
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Organizational structure that combines departmentalization by division and function to gain the benefits of both.
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Bill
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Proposal presented to a legislative body for possible enactment as a law.
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Resolution
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Legislative measure limited in effect to either the Congress or one of its chambers.
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Public comment period
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Time allowed for the public to express its views and concerns regarding an action of a regulatory agency.
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Quantitative analysis
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Seeks to obtain easily quantifiable data on a limited number of measurement points.
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Code of ethics
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Principles of conduct within an organization that guide decision making and behavior.
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Break-even analysis
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Analysis that shows point in time at which total revenue associated with a program is equal to the total cost of the program.
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Decentralization
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Degree to which decision-making authority is given to lower levels in an organization's hierarchy.
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Balanced scorecard
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Measurement approach that provides an overall picture of an organization's performance as measured against goals in finance, customers, internal business processes, and learning and growth.
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Operations/Production
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the terms production and operations are, in some cases, used interchangeably. When used separately:
Production: refers to the process by which the business creates the product Operations: the function that encompasses all the activities necessary to produce the goods and services. |
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Scheduling
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To an operations department, the act of detailed planning; based upon incoming orders, order history, and forecasts of future demand.
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Sample
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Portion of a population used to draw conclusions regarding an entire population.
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Population
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Group of persons or objects or a complete set of observations or measurements about which one wishes to draw conclusions.
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Foreign Corrupt Practices Act (FCPA)
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Prohibits American companies from making corrupt payments to foreign officials for the purpose of obtaining or keeping business.
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Research in which the researcher controls and manipulates elements of the research environment to measure the impact of each variable.
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Experiment
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Ability of an instrument to measure what it is intended to measure.
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Validity
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Vehicle for collecting information on an organization's current strengths, weaknesses, opportunities, and threats.
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SWOT analysis
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Equity
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Amount of owners' or shareholders' portion of a business.
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Percentile
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Specific point in a distribution of data that has a given percentage of cases below it.
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Accounts payable .
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Money an organization owes its vendors and suppliers
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Mid-term objectives
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Serve a purpose similar to short-term objectives but are completed in one to three years.
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Calculation that measures the economic return on a project or investment.
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Return on investment (ROI)
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Liabilities
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Organization's debts and other financial obligations.
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Capacity
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To an operations department, the ability to yield output.
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Series of tasks and activities that has a stated goal and objectives, a schedule with defined start and end dates, and a budget that sets limits on the use of monetary and human resources.
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Project
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Generation Y
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Group of people born after 1980.
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Strategies
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Provide the direction that enables an organization to achieve its long-term objectives.
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Human resource management (HRM)
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Design of formal systems in an organization that ensure the effective and efficient use of human talent to accomplish organizational goals
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Strategic Management
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Processes and activities used to formulate HR objectives, practices, and policies.
This is ongoing process of innovation, advantage, value creation and reassessment. |
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Work groups that assist line units by performing specialized services, such as HR.
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Staff units
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Accounts receivable
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Money an organization's customers owe the organization.
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Correlation
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Measure that indicates the relationship between two variables.
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Ability of an instrument to measure consistently.
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Reliability
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Value that occurs most frequently in a set of data.
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Mode
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Mission statement
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Specifies what the company does, who its customers are, and the priorities it has set in pursuing its work.
How the org will accomplish its vision. in the mid to long term rage. |
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Long-term objectives
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Specific results, accomplished in three to five years, that an organization seeks to achieve in pursuing its mission.
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Action of canceling or postponing a decision or bill.
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Veto
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Gross domestic product (GDP)
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Estimate of the total value of goods and services produced in a country in a given year.
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Normal distribution
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Expected distribution given a random sampling of people across a large population.
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Generation X
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Group of people born roughly between the years of 1965 and 1980
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Formula budgeting
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Form of budgeting in which an average cost is applied to comparable expenses and general funding is changed by a specific amount.
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Number of members of an organization that have to be present before official business may be conducted.
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Quorum
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Measure that refers to the causal effect of one variable upon another.
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Regression
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Specific, testable prediction that is derived from a theory and describes a relationship between two variables.
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Hypothesis
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Control
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To an operations department, an after-the-fact evaluation of a company's ability to meet its own specifications and its customers' needs.
three steps are observe, compare, and decide. |
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Corporate Values Statement
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A way for executives to communicate their standard for how the organization will conduct business.
Value: Describe what is important to an organization, dictate employee behavior, and create the organization's culture. |
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Involves looking at a set of observations and designing a rule that characterizes or explains a pattern underlying the observations.
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Inductive reasoning
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Income statement
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Statement explaining revenues, expenses, and profits over a specified period of time, usually a year or a quarter.
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Short-term alliance between independent organizations in a potentially long-term relationship to design, produce, and distribute a product.
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Virtual organization
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Sales
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Business function responsible for selling an organization's product to the marketplace.
Transfer of business service/product to the client. |
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Measure that indicates the relationship between data items using x and y axes.
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Scatter diagram
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Distance between highest and lowest scores in a set of data.
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Range
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Rule or order issued by a government agency; often has the force of law.
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Regulation
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Cost-benefit analysis
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Ratio that allows management to determine the financial impact particular activities and programs will have on a company's profitability.
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Portion of silent and baby boom generations that is simultaneously caring for their own children and one or more elderly family members.
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Sandwich generation
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Form of budgeting that requires that expenditures be justified for each new period and in which budgets start at zero.
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Zero-based budgeting
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Project management tool used to schedule, organize, and coordinate tasks within a project.
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Program evaluation review technique (PERT) chart
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For an operations department, provide the yardstick by which the amount and quality of output are measured.
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Standards
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Vision statement
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Vivid, guiding image of an organization's desired future.
Statement should inspire org. |
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Offshoring
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Relocation of processes or functions from a "home" country to another country.
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Amendment
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Modification of the Constitution or a law; may be either formal (written) or informal (unwritten).
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4 phases of a strategic plan
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1) formulation
2) development 3) implementation 4) evaluation |
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Environmental scanning
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Systematic process of gathering and analyzing all relevant data about external opportunities.
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3 commonly used budgeting methods
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1) incremental
2) formula 3) Zero based |
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Balance sheet
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Statement of a firm's financial position at a particular time.
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Centralization
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Degree to which decision-making authority is restricted to higher levels of management in an organization.
Top Heavy |
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Global network that delivers products and services from raw materials to end customers through an engineered flow of information, physical distribution, and cash.
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Supply chain
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Inventory
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To an operations department, an organization's major asset after physical buildings and equipment.
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Evolution of a company. 4 phases.
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1) introduction
2) Growth 3) maturity 4) decline |
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Low cost producer with low cost advantage. Find & exploit all sources of cost advantage. Depend on volume to provide profit.
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low-producer (strategy)
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Set products and services apart for competitors. Consumers will pay a premium price for product. |
Differentiation Strategy
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Focus on particular buyer group, or geographical market. built around serving a particular target well. Small segment, more effective.
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Focus Strategy
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Key concepts in research & analysis of performance audits. (5)
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1) inductive & deductive reasoning
2) Primary & secondary research 3) experimental research 4) quantitative & qualitative analysis 5) Reliability & valitdity |
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5 steps in the scientific method
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1) Problem analysis
2) Hypothesis formulation 3) Experimental design 4) Data collection 5) Data analysis |
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External Business Environment
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Organizational changes that occur because of forces outside of the org control.
Examples: *Technological Development: Has held to both growth and decline of organizations. *Industry Change: technology developments usually leads to industry change. *Economic Environment: Impacts all organizations, When the economy is growing there is more demand for business goods. *Labour Pool *Legal ad Regulatory Activity |
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All Business in the USA is organized in 4 basic structures. What are they? |
*Sole Proprietorship
* Partnership *Corporation * Limited Liability Company |
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Sole Proprietorship
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Basic and Easy.
Unlimited personal liability for all business decisions. final authority |
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Partnership
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Owned by 2 or more people who share final authority for all business decisions and are jointly liable.
Share liability for all partners. *General Partnership: *Limited Partnership/ Limited Liability Partnership: *Joint Venture: |
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General Partnership
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Share responsibility for managing based on the agreement
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Limited Partnership/ Limited Liability Partnership:
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partners as investors and not involved in the day to day (firms, medical, accounting)
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Joint Venture
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like GP but formed to manage a project.
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Corporation four characteristics
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* Liability is limited to assets owned by the corp
*The life of the corporation can be extended beyond the life of its original owner/founder * there is a central management system Ownership may be transferred freely by selling stocks. |
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Limited Liability Company
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Cross between general liability and a corporation. Can only have 2 of the 4 characteristics of a corporation, or it would have to be a corp.
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Production Layout
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This is the way the in which goods or services will be produced.
Ex. the design of the assembly line. |
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QA
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Quality Assurance: make sure that the product meeds acceptable standards
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Inventory Management
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Operations manager must balance two conflicting needs related to inventory. Keeping the cost of a large inventory low, but being able to fill the
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Just in Time
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JIT: inventory management system attempts to keep inventory on hand low but quickly filling customers orders by buying smaller amounts more frequently.
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Cost Controls
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meet quality standard set by the org at the lowest cost possible.
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Facility locations
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Evaluating the best place to locate production facilities involves many considerations:
cost of labor, distribution systems, gov't regulations |
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4 P's of marketing
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* Product:
* Price * Placement (distribution): where the customers will find the service/product *Promotion |
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R&D
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Research Development Makes sure the product works like designed. Also develops new items and redesigns old ones.
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Cost Accounting
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transaction related to the product sales and the cost related to creating the product are know as cost accounting
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3 Themes to build Employee Engagement
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*Leadership: The most important connection is the connection that an employee has with their manager/supervisor, which will impact their engagement.
*Professional Development: actively groom subordinates fir higher level responsibilities and improve/enlarge their capabilities in their current role. *Employee Recognition: Monetary and non-monetary recognition for achievement . Must be genuine and gratefully expressed. |
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Organization Life Cycle (4 stages)
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*Start Up
*Growth (danger zone. sometimes they dont have the infrastructure to support the growth and they collapse or acquired. *Maturity *Decline |
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HR Role: Strategically
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contribute to the decisions that build on employees strengths to meet corporate goals. Establishing recruiting and retention plans. Develop performance management systems to motivate employees. Manage change and leading or participating in reengineering or restructuring programs.
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HR Role: Adminsirtaively
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manage compliance issues related to government regs, maintain employee and benefit records. confientiality
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HR Role: Operationally
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manage employee relations and recruiting functions that require daily attention to maintain a productive work environment
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Short-range plans
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will be achieved with 6-12 months
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Elements to Strategic Planning Process
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*Pre-Planning Stage: Decide on process, participants, time frame, planning tools.
*Environmental Scanning: SWOT, Porter 5, PEST *Formulate Strategy: Develop vision, mission, corporate values and goals *Implement Strategy: Develop tactical goals, budget, actions plans, execute plans. * Evaluate Strategy and Make Adjustment |
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Environmental Scans and corresponding activities are methods used to identify the following:
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*General Business Environment: who is hiring, what price point is selling, trends and culture
*Industry practices: changes in the industry and evaluating the competition *Technical Advances: Streamlining practices and automation *Economic Environment: Product positioning, economic indicators. *Changes in the labour force population: unemployment rates *Legal and Regulatory Environment: Compliance with new regulations triggered by employment numbers |
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Core Competencies
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What they do best and what set them apart for the competition.
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SMART Model
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Once the mission and vision statements have been defined why the organization exist, corporate goals are needed to describe how the organization will get here in the mid to long tern. Effective Corporations follow the SMART model:
Specific Measurable Action Oriented Realistic Time-Based. These are all added together form a business plan. |
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Strategy Implementation
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Further defines corporate goals for implementation at the business and functional levels of the organization. its at this that most of the short range goals are developed.
Develop tactical goals: what will be accomplished to achieve the strategy Develop Action Plans: the action plan breaks down the tactical goal info steps by an individual, a team or an group to accomplish the tactical goal. |
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Tactical Golas
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Describes what will be accomplished
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Action Plans
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Break down the tactical goals into steps to be taken by individual, teams etc....
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Human Capital Management Plan (HCMP)
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AKA as Strategic HR Plan Answer 4 questions:
Where are we now? Where do we want to be? How will we get there? How will we know when we arrived? |
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Some Componets of HCMP
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Human Capital Management Plan (HCMP) |
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HR Function Budget |
Information developed during the Human Capital Management Plan (HCMP) is necessary for creating the HR function budget. Some standard expenses are: |
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Human Capital Projecting
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Is a budgetary activity in which HR attempts to measure the value of the human resource. |
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Strategic Management: 4 Basic management functions to meet changing customer needs
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planning, organizing, directing and controlling (implementing)
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line function
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makes decisions about operations (like operations and sales.)
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staff functions
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functions related to the human resources
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Strategic Relationship
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Those that are advanced the contribution of the HR function towards achieving organizational goal.
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Corporate responsibility
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a business behavior that is focused on building external strategic relationship.
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Change Management
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2 processes: structural change and individual behavior
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Structural Change: 4 that affect work forces today
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*Reengineering
*Corporate restructuring *Workforce Expansion *Workforce reduction |
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Business Case
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Description of an organizational challenge and possible alternative solution arguing for specific solution.
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Cash Flow
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Record of how much cash is flowing into and out of an organization, including its sources or destination.
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Consumer Price Index CPI
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Measure of the average change over time in the price paid by customers for goods and services
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Departmentalizeation
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Way an organization groups jobs to coordinate work
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Divisional Structure
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Organizational structure in which divisions are separated by product, customer or market, or region.
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ECPA
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Electronic Communications Privacy Act
At that makes it unlawful to intercept messages in transmission, access stored information on electronic communications service or disclose this information |
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Environmental Scanning
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Process that involves a systematic survey ad interpretations of relevant data to identify external opportunities and threats
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Enterprise management
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Integral process and tools to allow information sharing ad process management across functions, sometimes even with external partners such as suppliers.
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Extended Organization |
Alliance between organizations to create process and information channels that allow communication and collaboration
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Financial rations
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Calculations designed to describe an organizations financial health and performance from various perspectives
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HR Audit
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Process to measure the effectiveness and efficiently of HR programs and positions
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Gross Profit Margin
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Ratio of gross profits to net sales
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Gantt Chart
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project planning tool that graphically displays activities of a project in sequential order and plots them against time
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Key Performance indicators
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KPI: Quantifiable measure of performance used to gauge progress towards strategies objectives or agreed standard of performance
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Net Profit Margin |
Ratio of net income (gross sales minus expenses and taxes) to net sales,
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advisory role |
exits when the relationship between the hr department and the line managers is one of providing advice and counsel when the authority for deciding what to do is shared |
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autonomy |
the degree to which workers are free of the direct influence of a supervisor and can exercise discretion in scheduling their work and in deciding how it will be done |
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baby boom |
the period of time following WW II when there was a significant increase in the birth rate in the US |
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birth dearth |
the decline in the birthrate that ocurred during the Great Depression |
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birthrate |
the number of live births per 1,000 population or the number of live births per 1000 adult females |
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BLS |
Bureau of Labor Statistics
an agency in the Department of Labor that collects and publishes information about the labor market |
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centralized authority |
a characteristic of organizations in which the authority to make organizational decisions is retained by top managers within the central office |
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change agent role |
the role of hr managers when they supervisor or guide an organizational development intervention |
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civilian labor force |
all employed or unemployed persons 16 years of age and older who are not military personnel nor inmates of penal or mental institutions, or homes for the aged, infirm, or needy |
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competitive advantage |
a position of relative advantage over ones competition |
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competitor analysis |
an analysis of each organization with which a company directly competes |
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conflict of interest |
a situation where a person who has a responsibility to act in the best interests of a company may received direct personal benefit from his or her actions at the expense of or to the detriment of the company |
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control role |
exits when the hr department has the authority to make decisions regarding personnel policies and procedures that line managers are required to follow |
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cooptation |
a strategy of bringing outside people into the organization and making them feel obligated to contribute because of their organizational involvement |
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CPS |
Current Population Survey.
a survey of about 60,000 households that is conducted b the Bureau of Labor Statistics. personal interviews are conducted monthly to determine participation in the work force, unemployment, and reasons for not working or for only working part-time |
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field experiment |
a research study that occurs in a natural setting of an organization and where an independent variable is manipulated to determine its effects on dependent variables |
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fertility rate |
the average number of children born to a woman during her lifetime. the fertility rate of 2.1 represents zero population growth |
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expatriate manager |
a manager who is assigned to work in a foreign country |
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environmental uncertainty |
the degree of predictability in an organizations environment as determined by the complexity of the environment and how rapidly it changes |
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empowerment |
providing the conditions that stimulate followers to act in a committed, concerned, and involved way in doing their work |
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employment exchange |
an agreement in which an individual agress to provide labor in exchange for rewards offered by an organization |
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effectiveness vs efficiency |
efficiency refers to how well an organization creates products from the materials and energy used to produce them--it is a ratio of inputs to outputs
effectiveness refers to the entire cycle of obtaining inputs, transforming them into useful products, selling them, and obtaining more inputs |
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division of labor |
the process of dividing work into specialized jobs that are performed by separate individuals |
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field survey |
a research study in which variables in an actual organization are measured and correlated; sometimes called a correlational study |
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functional departmentalization |
an organizational structure where jobs are assigned to units or departments by function |
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global firm |
an organization which has strategic corporate units in multiple countries that interact both with the headquarters and with each other |
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HR competencies |
skills and abilities that all hr managers ought to possess, including strategic contribution, personal credibility, hr delivery, business knowledge, and mastery of hr technology |
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HR metrics |
specific indicators that are used to measure progress or achievement |
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HR scorecard (dashboard) |
the process of collecting HR metrics and presenting them to managers in a useful format. sometimes referred to as an HR dashboard |
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Human Capital ROI |
[revenue - (operating expense - (compensation cost + benefit cost)] / (compensation cost + benefit cost) |
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virtual expatriate |
an expatriate manager who lives and home and works long distance instead of relocating |
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human capital value added |
[revenue - (operating expense - (compensation cost + benefit cost)] / total number of FTEs |
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HR generalist |
a hr manager who is required to understand all the major personnel functions and how they interact with other business functions |
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HR specialist |
members of a department who specialize in a particular human resource function, such as staffing, compensation, or employee relations |
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HR value |
the expected financial contribution to a firms net income for individuals at various levels in the firm. a measure proposed in hr accounting to assess the value of a firms hr |
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inducements-contributions balance |
the balance achieved in an employment exchange where the rewards offered by an organization are roughly equivalent to the contributions that an employee is required to make |
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laboratory experiment |
a research study that is conducted in a controlled environment where outside influences can be eliminated or controlled |
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lagging indicator |
measures the results of a process or a change, such as sales, profits, and customer service levels |
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leading indicator |
a measure that precedes, anticipates, or predicts future performance |
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line authority |
the authority to make decisions and to direct the performance of subordinates in production, sales, or finance-related activities |
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local national |
workers who are hired by a multinational company to work in their own country. also called host country nationals |
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MNE |
Multinational Enterprise. a global firm that has corporate units located in foreign countries |
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organizational capabilities |
refers to what the organization is able to do with the collection of skills, talents, technology, training, and experience possessed by the members of a firm |
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outlay cost |
a HR accounting measure that represents the cost of recruiting, selecting, and training the present employees |
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outsourcing |
the practice of contracting with outside specialists to perform selected human resource functions |
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participation rates |
the percentage of a particular group, such as males or females, who are participating as employees in the labor force |
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product departmentalization |
an organizational structure where jobs are assigned to units or departments by product |
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productivity |
an index that is calculated by dividing the total output of goods and services produced in society by the total number of employee hours required to produce them |
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replacement cost |
a HR accounting measure that estimates how much it would cost to replace a firms existing employees in current dollars |
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service role |
exists when the human resource deparment provides assistance to line managers according to their requests |
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simple random sample |
a method involving placing all employees in the sample population and drawing the sample at random. the probability of any one person being selected is exactly the same as for every other employee |
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staff authority |
the right and responsibility to advise and assist those who possess line authority |
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stratified random sample |
method involving categorizing employees into specified groups according to relevant characteristics, such as job classification or organizational level. individuals are then selected randomly within each group according to the group size |
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time to fill |
total days elapsed to fill requisitions
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number hired = time to fill |
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transactional leadership |
a style of leadership that focuses on accomplishing work by relying on contingent rewards, task instructions, and corrective actions |
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transformational leadership |
a style of leadership that focuses on communicating an organizational vision, building commitment, stimulating acceptance, and empowering followers |
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turnover rate |
[Number of separations during the month / average number of employees during the month] x 100 = turnover rate |
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unemployed |
persons who are not employed but who are available for work and are seeking employment |
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unobtrusive measures |
data that are collected in such a way that it does not influence how an employee behaves. for example, data obtained from files or archives |
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value chain |
a strategic concept showing the relationships between organizations, where each firm represents a link in a chain of value that receives inputs from suppliers, adds value to them, and passes them on to buyers |
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third county national |
employees who are citizens of neither the home nor the host country |
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PEO |
Professional Employer Organization. companies that contract with employers to manage human resource functions and employer liability by contractually assuming employer rights and responsibilities |
