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9 Cards in this Set
- Front
- Back
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3 factors contributing to increase in small business
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1-Technology 2-Growth of minority(18%) and woman(39%) owned businesses 3-Big companies are downsizing(Layoff)
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3 small business ownership options with advantages and disadvantages
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1-Start from scratch Adv- Disadv- :its all you, be creative and feel a sense of accomplishment No starting customers, bad debt and bad reputation
2- Buy an existing Business Adv- Disadv- :experience/guidelines :reputation :easier to finance :debt :old equipment/ Inventory 3- Buy a franchise Adv- Disadv- :brand name :No say/Independence :reputation :Cost- Fixed rent, %sales,Original cost :customers :No guarantee of a profit :financial help
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Describe the 4 key elements of TQM
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1-Employee involvement-(ford) -stop line 2-Customer focus- “customer is king” 3-Benchmarking-Compare to the best 4-Continuous improvement (Communication,Making decisions)
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Is all conflict bad? Explain List and describe the 5 steps of team success.
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NO!!! Not all conflict if bad. New Ideas are created through constructive conflict Team success 1:Forming-(Intro, rules, objectives) 2:Storming-(Conflict) 3:Norming-(The conflict has been resolved) 4:Performing-(Doing the task at hand) 5:Adjourning-(Finish task, Recognition)
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Mass production vs. Mass customization describe with example What determines capacity?
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What determines capacity??(THE MOST LIMITING OPERATION WE HAVE) (BOTTLENECK) :Mass production-Large # of the same product :Mass customization-Allows me to make large # of different products
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Describe Just in Time give examples of why you would want inventory(describe cycle sock and safety stock)
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(Just in time means ZERO INVENTORY) May want a little extra if something happens :Cycle stock- Economies of scale -Helps avoid setup time/ cost :Safety stock- Surge in demand (disruption)
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List and describe the 3 costs of Quality |
1-Prevention(SPC- Statistical process control) May cost a lot upfront but in long run it is the cheapest and in some cases the only thing saving you. 2-Appraisal-%100 Inspection 3-Failure- Scrap parts, Return from customer
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Describe Maslow”s Hierarchy of Needs Describe Herzberg’s Two-Factor theory
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MASLOW- 1-Physiological needs (food, shelter, clothing) These needs must be met to move on. 2-Safety needs, Social needs, Esteemed needs, Self actualization “be all I can be”(full) HERZBERG- 1-Hygiene factors can be denominators if we don't have them (given) NOT MOTIVATOR 2-Motivators- Responsibility, Recognition, Decision making, Job title.
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Describe Theory X,Y,and Z
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MCGREGOR THEORY
X- PEOPLE ARE LAZY AND DON'T WANT TO WORK “MY WAY OR THE HIGHWAY” Y- PEOPLE WANT TO WORK (GIVE THEM RESPONSIBILITIES AND THE TOOLS) Z- TREAT EMPLOYEES LIKE FAMILY, INCLUDE THEM IN DECISION MAKING.
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