Mgmt 3302 - Final Exam

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Control

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A regulatory process of establishing standards to achieve organizational goals, comparing actual performance against the standards, and taking corrective action when necessary

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Three Components of Control

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Establishment of clear standards of performance, Comparing performance to those standards, Corrective action to repair performancedeficiencies

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Standards

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A basis of comparison for measuring the extent to which various kinds of organizational performance are satisfactory or unsatisfactory

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Benchmarking

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The process of identifying outstanding practices, processes, and standards in other companies and adapting them to your company

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Three Basic Control Methods

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Feedback, Concurrent, and Feedforward

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BureaucraticControl

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Managers try to influence employee behavior by rewarding or punishing employees for compliance or non-compliance.

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Objective Control

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The use of observable measures of employee behavior or output to assess performance and influence behavior

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Normative Controls

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A company’s widely shared values and beliefs guide workers’ behavior and decisions

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Concertive Controls

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Based on beliefs that are shaped and negotiated by work groups, arise when companies give work groups complete autonomy and responsibility for task completion

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Self-Control

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Control system in which managers and workers control their own behavior

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Balanced Scorecard

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Encourages managers to look at four different perspectives on company performance: Financial perspective, Customer perspective, Internal perspective, Innovation/Learning perspective

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Suboptimization

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Performance improvement in one part of an organization but only at the expense of decreased performance in another part

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Economic Value Added (EVA)

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The amount by which company profits (revenues minus expenses minus taxes) exceed the cost of capital in a given year

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Moore's Law

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Predicts that about every two years, computer processing power would double and its cost would drop by 50 percent

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RawData vs. Information

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The difference between data and information is that information has context

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First-Mover Advantage

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The strategic advantage that companies earn by being first to use information technology to substantially lower costs or differentiate a product. Two key factors: Pace at which product technology is changing, How fast the market is growing

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Characteristics of Useful Information

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Accurate, Complete, Relevant, and Timely

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Costs of Useful Information

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Acquisition costs, Processing costs, Storage costs, Retrieva lcosts, Communication costs

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Data Mining

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The process of discovering patterns and relationships in large amounts of data

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Four Types of Data Patterns

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Association (affinity), Sequence, Predictive, Data Clusters

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Authentication

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Making sure users are who they claim to be

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Authorization

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Granting authenticated users approved access to data, software, and systems

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Executive Information System (EIS)

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Uses internal and external sources of data to provide managers and executives the information they need to monitor and analyze organizational performance

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Intranets

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Private company networks that allow employees to easily access, share, and publish information using Internet software

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Corporateportals

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Hybrid of executive information systems and intranets

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ElectronicData Interchange (EDI)

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Two companies convert purchase and ordering information to a standardized format to enable direct electronic transmission of that information from one company’s computer system to the other company’s system

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Web Services

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Use standardized protocols to describe and transfer data from one company in such away that those data can automatically be read, understood, transcribed, and processed by different computer systems in another company

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Extranet

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Allows companies to exchange information and conduct transactions by purposely providing outsiders with direct, password-protected, web browser–based access to authorized parts of a company’s intranet or information system

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Decision Support System (DSS)

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Helps managers understand problems and potential solutions by acquiring and analyzing information with sophisticated models and tools

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Expert Systems

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Created by capturing the specialized knowledge and decision rules used by experts andexperienced decision makers

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Productivity

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A measure of performance that indicateshow many inputs it takes to produce or create an output

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PartialProductivity

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Indicates how much of a particular kind of input it takes to produce an output; partial productivity assesses how efficiently companies use only one input, such as labor, when creating outputs

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MultifactorProductivity

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An overall measure of productivity that assesses how efficiently companies use all the inputs it takes to make outputs

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Quality

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A product or service free of deficiencies, thecharacteristics of a product or service that satisfies customer needs. Three characteristics: Reliability, Serviceability, and Durability

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ISO9000

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A series of five international standardsfor achieving consistency in quality management and quality assurance

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ISO1400

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A series of international standards formanaging, monitoring, and minimizing an organization’s harmful effects on theenvironment

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Baldrige National Quality Award

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Given “to recognize U.S. companies for their achievements in quality and business performance and to raise awareness about the importance of quality and performance excellence as a competitive edge.”

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Total Quality Management (TQM)

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An integrated, principle-based, organization-wide strategy for improving product and service quality. TQM is a philosophy or overall approach to management that is characterized by threeprinciples: Customer Focus and Satisfaction, Continuous Improvement, and Teamwork

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Howdo Services Differ from Goods

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Inconsistency, Inseparability, Intangibility, and Inventory Type

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Service-Profit Chain

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The concept behind the Service-Profit Chain is internal service quality; Internal service quality is the quality oftreatment employees receive from management and other divisions of a company

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How are manufacturing operations categorized?

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Manufacturing operations can be classified according to the amount of processing or assembly that occurs after a customer order is received, they can also be classified by manufacturing flexibility

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Inventory

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The amount and number of raw materials, parts, and finished products that a companyhas in its possession. Four inventory costs: Ordering, Setup, Holding, and Stockout