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90 Cards in this Set
- Front
- Back
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Control |
tool that helps managers use information to influence behavior and affect operational performance through greater efficiencies and effective decision making |
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Lack of control |
can lead to demise of the organization |
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Standards |
models and examples of how items or tasks are expected to be executed |
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Preliminary control (planning control) |
control used as a preventative measure to clarify potential deficiencies before they occur |
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Screening control |
control used to take corrective measures based on feedback during a process, should barriers arise |
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Post-action control |
control used to assess results after a process is complete in order to provide information for future planning |
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Controller |
Chief accounting officer within an organization that helps control finances |
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Financial statement |
summary that lists the revenue and liabilities for a company during a particular time frame |
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Balance sheet |
lists revenues, assets, and liabilities for a company during a particular time frame |
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Income statement |
summary of income gained during a specific time period, usually listed by month |
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Ratio analysis |
quantitative study of a company's financial statements within a particular collection of data |
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Audit |
formal examination of a company, department, or individual's accounts or financial standing |
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Budget |
document used to predict revenues and expenditures during a certain period for financial forecasting |
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Information Technology |
Development, maintenance, and use of computer systems, software, and networks for the processing and distribution of data |
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Knowledge |
information gained by an individual or team that is internalized |
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Knowledge worker |
employees who are known for the specific skills they possess, such as technology |
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Firewall |
software program designed to protect against unauthorized entry into a particular information system or personal computer |
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Extranet |
system that is similar to the internet but used primarily within a company for its employees or vendors |
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Management information system |
tool that aids organizations to run more efficiently by incorporating people, technology, and information systematically |
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ERP |
Accounting Manufacturing CRM Sales Service |
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ERP helps |
show how one action carried out by one area can affect another part of the organization |
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Executive support system (ESS) |
MIS that uses internal and external data to aid executive staff with their decision-making process Executives can view data instantly |
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Decision support system (DSS) |
Computer based IS that helps organizations with decision making process |
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Artificial intelligence |
software system that gives computers the ability to seemingly possess human intelligence and act accordingly to process information |
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Performance development |
managers examine the interconnected parts of the organization to understand the importance of each and the contribution it makes |
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Facility |
building designed and built to support a particular service or function |
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Layout |
design of space in an organization that specifies workflow |
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Facilities layout |
location and operational capacity |
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Operations management |
processes and systems built to assist in the daily activities of production |
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Automation |
implementation of manufacturing through an electronic device that does not need continual operations support |
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Product-service mix |
combination of the number of products provided versus the services delivered |
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Manufacturing |
process where large goods are made, typically by manual labor or large machinery |
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Lean manufacturing |
implementation of best practices to eliminate inefficiencies and waste while increasing profits |
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Main principles of lean manufacturing |
flexible and up-to-date technology educating employees training employees instilling a sense of commitment shifting cultural values and embracing the model |
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Inventory |
items and quantity in stock typically held in a warehouse or one designated area |
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Just-in-time method (JIT) |
production method that provides an item as needed vs. keeping inventory in stock |
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Supply chain management |
network of interconnected businesses strategically aligned to provide product and service packages |
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Dynamic Steering |
process where an organization engages in incremental adaptation based on real-time feedback to push toward better engagement and overall productivity |
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Dynamic Steering Cycle |
The idea The deal The collaboration The leadership The results |
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Achieving results through talent management |
selection and recruitment onboarding building an emotional connection Goal allignment Candid conversations Honest appraisals BARS |
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BARS |
accurately rate employee performance based on specific behaviors relating to particular role |
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Career development |
provide additional training for employees who express an interest in oving into different roles |
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Compassion for all |
Employees must care for one another in order to bring goals to fruition Most important point |
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Quality |
measure of product or service minus the amounts of defects |
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Total quality management |
strive for long term solutions big picture customer is the main priority improves service, quality, and productivity |
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4 TQM tools |
Value added analysis Benchmarking Outsourcing Cycle Time |
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Value-added analysis |
element that provides a core study of an item or process down to its raw costs vs. measurement to provide the most effective product or service -Helps to identify and eliminate waste |
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Benchmarking |
information provided to mark a norm on the measurement scale of a product or service in the same vertical market -Learn from competitors |
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Outsourcing |
occurs when the delivery or a product or service becomes valued as more profitable by using outside resources |
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Cycle Time |
length of time it takes to perform a function or task from beginning to end |
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Six Sigma |
business management strategy designed to analyze the causes of defects using statistical methods |
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ISO 9000:2000 |
standard from ISO which provides an exact measure of quality globally over a platform of systems |
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ISO 1 4000 |
ISO standard focuses totally on the organization's environmental impact and quality |
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Malcolm Baldrige award |
annual prize that recognizes performance excellence in U.S. companies and nonprofit organizations based on continuous improvement |
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Entrepreneur |
individual that plans, organizes, and leads high-risk business opportunities with new market value |
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Innovation |
process that results in new market value through the creation of a product or service |
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Innovation adoption curve |
staged model that describes the evolution of an innovation's acceptance with three types of customers |
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Types of customers, innovation adoption curve |
Innovators 2% Early adopters 14% Early majority 34% Late majority 34% Laggards 16% |
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start up company |
newly formed organization with limited or no operational history |
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Entrepreneurship |
activities associated with seeking new opportunities that generate new value, with an array of unknown forces |
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Business model |
proposed method for creating and sustaining market value |
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Venture Capital |
Funding that supports the starting and growing of high-risk business ventures |
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Entrepreneurial ecosystem |
set of stakeholders that are necessary to support the innovation and creation of new market value |
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Growth accelerants |
market opportunity/customers/competitors Human resources/people/organizational culture Product/service/after-sales |
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Market opportunity/customers/competitors |
identify gap in the market Attract diverse customers Become a serious competitor to other businesses |
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Human resources/people/organizational culture |
attract and nurture the best talent |
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Product/service/after-sales |
innovative product unparalleled sales and after-sales service |
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Challenges to growth |
struggle to attract and retain new talent People must fit into the organization culture Another company may identify and capture the market sooner Liquidity and financing |
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Liquidity |
measurement of available financial resources or the ability to convert an organization's assets into cash |
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Market size |
large markets have greater growth potential |
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Value creation |
activities and processes that increase the worth of a product or service |
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Market value capture and business model |
business model should address how much value of the market can be captured |
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Management team/people/resources |
evaluation of abilities necessary to produce success |
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Scaling |
degree to which a company or business model can grow, given the necessary resources |
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Initial public offering |
first time a company sells its equity shares on the stock market |
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Government/political/regulatory opportunities and risks for new ventures |
effect of regulatory environment on potential for growth |
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Execution and scaling opportunities and risks for new ventures |
in order to execute the system ASAP, secure clients, choose a location, and get finances |
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Aggregation venture strategy |
business strategy defined by acquiring, merging, and coordinating existing market products, services, and companies |
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Discovery venture |
business strategy that seeks to invent a brand new product or service or find a new resource |
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New-existing venture |
business strategy defined by offering a new product or service to an existing category or consumers |
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New-new venture |
business strategy defined by offering a new category of consumers a new product or service higher risk, higher return |
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System change venture |
business model responding to a significant change in political environments, governmental legislation, and regulation |
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Transplant venture |
business strategy where an idea that achieves market success in one market region is transferred to other geographic markets |
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Value chain venture |
business model that seeks to redesign or augment an offering in an existing business or management process |
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Wave venture |
business model defined by a systematic change in business and market environments |
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Creativity |
science filled with thought processes that we are all capable of when working with the right people |
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Meta-ideas |
concepts that create, nurture, and support other concepts |
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Creativity Flow |
experience of immersion and loss of time when an individual achieves an optimum balance of challenge, interest, and achievement |
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Eight condition of flow in the workplace |
clear goals immediate feedback balance between opportunity and capacity concentration living in the present personal control altered sense of time loss of ego |
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Q-level |
measurement that determines the optimum level of group size and interaction to achieve successful creative output |
