Business Day 1 Final Exam Review Guide PDF

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FINAL REVIEW GUIDE NOTES...

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On Chapters 14,15,16 and 17 and TQM tools, Personal Finance, Millennial Discussion, PBSC and videos/vignettes Siemens Vignette ○ Advice from the vignette ■ Key to success: collaboration… work though and with others ■ Passion ■ Natural curiosity ■ What is the next thing? ■ Deal with change ○ Management skills ○ Moving up: ■ Start with technical skills ● Technical skills: expertise in a specific functional area or department ● Human skills: ability to work effectively with and through other people in a range of different relationships ● Conceptual skills: ability to grasp a big-picture view of the overall organization, the relations among its parts, and its fit in the broader competitive environment ■ Project managers ■ Follow the money ■ Apply your expertise Theory X assumptions about workers ○ Workers dislike work and will do everything they can to avoid it ○ Fear is motivating- coercion and threats are vital to get people to work toward company goals ○ People prefer to be directed, avoiding responsibility and seeking security Theory Y assumptions about workers ○ Work is as natural as play or rest- workers do not inherently dislike it ○ Different rewards can be motivating- people can exercise self-direction and selfcontrol to meet company goals ○ People can accept and even seek responsibility ○ The capacity for imagination, creativity, and ingenuity is widely distributed in the population ○ The intellectual capacity of the average worker is underutilized in the workplace Maslow's Hierarchy of needs and the workplace ○ Physiological ■ Description: need for basic survival- food, water, clothing, and shelter ■ Workplace example: a job with enough pay to buy the basics ○ Safety ■ Description: need to feel secure- free of harm and free of fear ■ Workplace example: safety equipment, healthcare plans, life insurance, retirement plans, job security, gym membership ○ Social (belonging)

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Description: need to feel connected to others- accepted by family and friends ■ Workplace example: teamwork, positive corporate culture, company lunchroom, uniforms, department outings ○ Esteem ■ Description: need for self-respect and respect from others- recognition and status ■ Workplace example: acknowledgement, feedback, promotions, perks, raises ○ Self-actualization ■ Description: need for fulfillment- the need to realize one's fullest potential ■ Workplace example: challenging, creative jobs; meaningful work that ties to a greater good; volunteer opportunities MOTIVATION ○ Expectancy theory: relationship among individual effort, individual performance, and individual reward ■ Effort → performance → rewards ○ Equity theory: PERCEPTIONS of fairness directly affect worker motivation Managerial Planning ○ Strategic planning: establishes a vision for the company- long term objective ■ Management level: senior management ■ Scope of planning: 5 year time frame typically ■ Examples of planning questions and concerns: should we acquire a new company? Should we begin manufacturing in china? Should we expand to overseas markets? Should we take our company public? ○ Tactical planning: applies strategic plans to specific functional areas ■ Management level: middle management ■ Scope of planning: 1 year time frame typically ■ Examples of planning questions and concerns: should we spend more time servicing each customer? Should we hire a public relations agency to handle PR? Should we spend fewer ad dollars on TV and more on the web? ○ Operational planning: applies tactical plans to daily, weekly, and monthly operations ■ Management level: first-line management ■ Scope of planning: daily, weekly, and monthly time frame ■ Examples of questions and concerns: how should we schedule employees this week? When should we schedule delivery for each batch of products? How should customer service people answer the phones? SWOT ○ Interal: strengths, weaknesses ○ External: opportunities, threats Human resource planning and responsibilities ○ Job analysis: examination of specific tasks that are assigned to each position,

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independent of who might be holding the job at any specific time ○ Job description: explanation of the responsibilities for a specific position ○ Job specification: specific qualification necessary to hold a particular position Human resource core areas ○ Internal recruitment: seeking employees working with the firm to fill open positions ■ Advantages ● Boosts employee morale ● Reduce risk for the firm ● Lowers costs of both recruitment and training Evaluation ○ Performance appraisals: formal feedback process that requires managers to give their subordinates feedback on a one-to-one basis ■ Compare actual results to expected results ■ At minimum quarterly appraisal and formal yearly appraisal Benefits ○ Flextime: allows workers to choose when they start and finish their workdays ■ Compressed workweek: allows employees to work full-time number of hours in less than the standard workweek ■ Telecommuting: working remotely and connecting to the office via phone lines, fax machines, or broadband networks Cloud Computing: computing as a service over the internet ○ The delivery of on-demand computing resources- everything from applications to data centers- over the internet on a pay-for-use basis ○ Elastic resources- scale up or down quickly and easily to meet demand ○ Metered service so you only pay for what you use ○ Self service- all the IT resources you need with self-service access ■ Cloud computing pros ● Disaster recovery ● Capacity ● Collaboration ● Environmentally friendly ■ Cloud computing cons ● Dependant on internet ● Ongoing costs ● Support ● Security compatibility ● Flexibility Software as a service (SaaS): ex. bizcafe ○ Cloud-based applications- or software as a service- run on distant computers “in the cloud” that are owned and operated by others and that connect to users computers via the internet and, usually, a web browser ■ Benefits ● You can sign up and rapidly start using innovative business apps

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Apps and data are accessible from any connected computer No data is lost if your computer breaks, as data is in the cloud The service is able to dynamically scale to usage needs

Networks ○ Internet ■ Computer networks that operate under common set of rules, which allow them to communicate ■ Internet2: high-tech internet with access limited to a consortium of member organizations ○ Intranet (example D2L) ■ Private network navigated using a web browser, which limits access to a single member ○ Extranet (Ex seeing when your amazon package is delivered) ■ Intranet that allows limited access to a selected group of stakeholders Keys for successful IT department (vignette) at RW beard ○ Build relationships ○ Coach and develop team ○ Stay on top of technology ○ Support all aspects of company ■ Different lines of business ■ Learn about the business ■ Liaison role Operation management ○ Focus from GOODS to SERVICES ○ Focus from local to global competition ○ Focus from simple supply chain to complex value chain ■ From exploiting to protecting environment ○ Focus from mass production to mass customization ■ Mass customization- production of customized goods/ services to precisely meet the needs of specific customers Inventory Control ○ Inventory ■ Stocks of goods or other items held by organizations ○ Benefits of holding large inventories ■ Smoother production schedules ■ Protection against stock-outs and lost sales ■ Reduced orderings costs ○ Costs of holding large inventories ■ Tied-up funds ■ Additional holding costs ■ Increased risk The Triple Bottom Line (NUMI) ○ Financial, social, and ecological consideration (sustainable strategy in the middle)

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Also known as “people, planet, and profits” What do you think of this approach? Who benefits from this focus? How do they balance their focus with profitability? Not only focused on money focuses on the environment and other things as well Critical path method ○ Is the longest series of time it takes to complete a particular activity ○ Stay on critical path it will ensure that the project is completed on time ○ Ued to manage complex projects Gantt Charts ○ Project management tool that shows: ■ Various activities ■ Start and end of each activity ■ Length of each activity ■ Where activities overlap ■ The start and end date of the whole project The value chain ○ Porter's generic value chain ○ Primary activities ■ Inbound logistics: receiving, storing, and distributing inputs internally ■ Operations: change inputs into outputs ■ Outbound logistics: deliver product to customers ■ Marketing and sales: persuades clients to purchase from you ■ Service: maintain value once its been purchase ○ Support activities ■ Firm infrastructure: support that maintain daily operations ■ Human resource management: hiring, training, and retaining workers ■ Technology development: managing and processing information ■ Procurement: procuring the raw materials for the final product Lean ○ “ an integrated set of practices designed to reduce cost by attacking waste, reducing inventory, compressing cycle time and integrating the supply chain while actively involving employees at all levels in the improvement process” ○ Gets all of company involved in the process ○ Lean areas of waste reduction ■ Transportation ■ Motion ■ Waiting time ■ Inspection ■ Redundant activities ■ Over-processing ■ Defective product and rework ■ Inventory

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■ Unneeded or over production The move to be lean and green ○ Lean production: emphasizes the elimination of waste in all aspects of production processes ○ Just-In-Time (JIT) production: production of goods to meet actual current demand ■ Minimizing the need to hold inventories of finished goods ■ Works in process at each stage of the supply chain Six Sigma ○ “A rigorous and disciplined methodology that uses data and statistical analysis to measure and improve a company's operational performance by identifying and eliminating ‘defects’ in manufacturing and service-related processes” ○ Six sigma= 3.4 defects for every million opportunities ■ Opportunity is defined as a chance for nonconformance ○ Data intensive methodology required training and investigative methods and tools ■ DMAIC for improving existing processes ● Define ● Measure ● Analyze ● Improve ● Control TQM tools: pareto chart ○ 80/20 rule ○ Identify the “Critical Few” ○ Which categories contribute most to the problem ○ Left is the most and goes down towards the right TQM tools: control chart ○ Analyze trends or outliers… any issues? ○ Keeps track of things on an ongoing basis, allows you to see where problems occur and allow further prevention ○ And look at trends ■ Hospital example: apply lean and six sigma tools to all different types of business to improve Four “balanced” perspectives ○ Financial: the driver of shareholder value ■ Key question: to succeed financially, how should we appear to our stakeholders? ○ Customer: the differentiating value proposition ■ Key question: to achieve our vision, how should we appear to our customers? ○ Internal business processes: how value is created and sustained ■ Key question: to satisfy our customers and shareholders, what business processes must we excel at? ○ Learning and growth: roles for intangible assets- people, systems, climate, and

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culture ■ Key question: to achieve our vision, how will we sustain our ability to change and improve? Five individual perspectives: ○ Finances ○ Employment ○ Education ○ Relationships ○ Health ■ All relate to each other in the personal balanced scorecard to attain goals and objectives Some advice from one professional to another… ○ Establish “SMART” career and personal goals ■ S: specific ■ M: measureable ■ A: attainable ■ R: results oriented ■ T: time based ● EX. i will attend every scheduled class, study at least 25 hours per week and achieve a 4.0 GPA in the fall 2020 semester The global opportunity ○ Potential for increased consumption ○ Many opportunities to sell many different things to many different countries...