Phr Module 1 - Strategic Management

Front 1

Outsourcing

Back 1

process or function (not core) transferred to a separate business entity

Front 2

Offshoring

Back 2

part of a business is moved to another country

Front 3

Four phases of M&A process?

Back 3

Preparation
Due Diligence
Integration of the business entities
Implementation, monitoring and measuring

Front 4

Four key management functions?

Back 4

Planning
Organizing
Directing
Controlling
Est Recruiting Program:
P - forecast future staff needs
O - design interview process
D - schedule/conduct interviews
C - measure efforts and effectiveness

Front 5

Sarbanes-Oxley Act (SOX)
2002

Back 5

Publicly held companies must demonstrate that they have processes in place to ensure accuracy and compliance of financial statements

Front 6

Three Main Project Management Roles

Back 6

Interpersonal (proj mgr = leader and liason - foster harmony)
Informational (proj mgr = spokesperson - gather & disseminate info)
Decisional (proj mgr = allocate $, negotiate diffs & encourage progress)

Front 7

Gannt Chart

Back 7

horizontal bar chart - displays activities of project in sequential order & plots against time

Front 8

PERT Chart

Back 8

graphic illustration of a project - events and sequence

Front 9

Nine steps of Outsourcing

Back 9

1 - analayze needs
2 - define budget
3 - create RFP
4 - send RFP to chosen contractors
5 - evaluate proposals
6 - choose contractor
7 - negotiate contract
8 - implement & monitor
9 - evaluate project

Front 10

Four Phases of Strategic Planning Process

Back 10

1 - Formulation
2 - Development
3 - Implementation
4 - Evaluation

Front 11

Vision Statement

Back 11

Guiding image of the organizations desired future

Front 12

Mission Statement

Back 12

Specifies what activities the organization intends to pursue and what management has charted for the future

Front 13

SWOT Analysis

Back 13

S - internal strengths
W - internal weaknesses
O - external opportunities - move org forward
T - external threats - move org back

Front 14

Environmental Scanning

Back 14

process of gathering and analyzing all relevant data about external opportunities

Front 15

Strategy Formulation

Back 15

develop vision & mission statements
define organizational values

Front 16

Strategy Development

Back 16

conduct SWOT analysis, including environmental scan
est long-term objectives
identify strategies

Front 17

Strategy Implementation

Back 17

est short-term objectivew
develop action plans
allocate resources
motivate EE's

Front 18

Strategy Evaluation

Back 18

review strategies
measure performance
take corrective action

Front 19

Income Statements

Back 19

Revenue - Expenses = Net Income

some expenses are never cash outflows
owner w/drawls = distribution
profit is how cash is internally generated

Front 20

Gross Profit Margin

Back 20

Sales - Cost of Goods = Gross Profit
Gross Profit / Gross Sales = Gross Profit Margin

diff between cost to produce and the sell price

Front 21

Four P's of Marketing

Back 21

product
place (how its sold)
price
promotion

Front 22

Marketing Mix

Back 22

distinctive blend of marketing decisions

Front 23

Operations Functions

Back 23

Capacity - (description of systems limitations)
Standards
Scheduling
Inventory
Control

Front 24

Strategies to Increase EE Engagement?

Back 24

Explain value of org's work
Seek EE input & explain how it will be used
Give EE choice or control over their work
Encourage EE's to develop solutions, not just rpt problems
Delegate decision making as possible
Provide updates and news of successes

Front 25

Human Capital

Back 25

Combined knowledge, skills and experience of company's EE's

Front 26

Four Phases of the Evolution of Organizations

Back 26

Introduction - high energy & creativity
Growth - change & expansion
Maturity - stabilize / formalize policies, training emphasized
Decline - entrenched in rules & policies / resistant to change

Front 27

Corporate Strategy

Back 27

Work toward achieving obj related to mission and vision

Front 28

Unit Strategy

Back 28

Specific part of org - best way for org to compete in its specific market

Front 29

Functional Strategy

Back 29

Focus on how the functional area can design its processes to achieve unit and corporate goals

Front 30

Functional Structure (TO)

Back 30

defined by what services they contribute to overall mission

Front 31

Divisional Structure (TO)

Back 31

divisions are separated on basis of product, customer or market, or region

all resources necessary to make and sell product under the control of a particular division

Front 32

Matrix Structure (TO)

Back 32

combines departmentalization by division and function - dual rather than single chain of command

Front 33

Sandwich Generation

Back 33

caring for both children and elderly family members

Front 34

Generation X

Back 34

born 1965 - 1980
flexible / good @ collaboration / mature beyond yrs

Front 35

Generation Y or Millennium

Back 35

born after 1980
team-oriented / creative / tech savvy

Front 36

Gross Domestic Product (GDP)

Back 36

estimate of the total value of goods and services produced in a country in a given year

Front 37

Consumer Price Index (CPI)

Back 37

measure of the average change over time in the prices paid by consumers for goods and services

Front 38

EU

Back 38

European Union
regulations on matters of joint interest
coordination

Front 39

Which of the following has the GREATEST effect on wages and pension?
a. Consumer price index
b. Amount of disposable income
c. Trade agreements
d. Inflation

Back 39

d. Inflation