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MGMT Exam #5

A major part of the controlling function of management is to __________.
A) formulate strategies
B) set standards
C) correct performance problems
D) structure an organization
C) correct performance problems
This type of performance measurement format would most likely include graphs, tables and computer outputs.
A) Oral report
B) Statistical report
C) MBWA
D) Written report
B) Statistical report
When should a manager’s course of action be to do nothing?
A) When the cause of the variation has been identified.
B) When the standard is acceptable.
C) When the standard is not acceptable.
D) When the variance is acceptable.
D) When the variance is acceptable.
A fast-food restaurant is querying prospective customers about the features they would like to see in a new sandwich. What kind of control is being used?
A) Concurrent control
B) Feedback control
C) Feedfoward control
D) Anticipation control
C) Feedfoward control
When a budget is used for controlling, it provides ______ against which resource consumption can be compared.
A) quantitative standards
B) qualitative standards
C) flexible standards
D) non-numerical standards
B) qualitative standards
As a product, piano lessons are _____.
A) a good because you can purchase them
B) a service because they are nonmaterial
C) a good because they can be divided into discrete lessons
D) a service because someone needs to give them
B) a service because they are nonmaterial
Organizational processes in value chain management organizations need to eliminate _______.
A) Non value-adding activities
B) demand forecasting
C) ties between customers and suppliers
D) organizational core competencies
A) Non value-adding activities
When a customer gets frustrated from being put on hold for 30 minutes during a call, the company is having problems with which service quality dimension?
A) Timeliness
B) Consistency
C) Convenience
D) Courtesy
A) Timeliness
Durability and features are measures of ______.
A) product quality
B) service quality
C) product value
D) service value
A) product quality
A GPS that tells you that you are making a wrong turn is an example of concurrent control.
A) True
B) False
A) True: A GPS that tells you that you are making a wrong turn is an example of concurrent control.
Some control criteria, such as employee satisfaction and absenteeism, are applicable to almost any management situation.
A) True
B) False
A) True: Some control criteria, such as employee satisfaction and absenteeism, are applicable to almost any management situation.
Controlling compares ________ to see if goals are being achieved.
A) standard performance to ideal performance
B) actual performance to planned performance
C) planned performance to standard performance
D) actual performance to competitor performance
B) actual performance to planned performance
Immediate corrective action is designed ________.
A) to shake up an organization
B) to punish employees for poor performance
C) to get performance back on track
D) to get to the root cause of a problem
C) to get performance back on track
A car company that puts more effort into measuring quality than total units sold most likely wants to excel at ________.
A) efficiency
B) cost per unit
C) customer satisfaction
D) employee satisfaction
C) customer satisfaction
A manager measuring actual performance is like a teacher ________.
A) helping a student study for a test
B) composing a test
C) grading a test
D) making an assignment
C) grading a test
Controlling provides a critical link back to planning that compares actual outcomes to planned outcomes.
A) True
B) False
A) True: Controlling provides a critical link back to planning that compares actual outcomes to planned outcomes.
When actual performance falls outside an acceptable range of variation, it is termed a(n) ________.
A) large deviation
B) significant deviation
C) acceptable deviation
D) insignificant deviation
B) significant deviation
Personal observation as a form of control measurement requires little time.
A) True
B) False
B) False: Personal observation as a form of control measurement requires little time.
A well run company that has well thought out plans, motivated and productive workers, and anefficient organizational structure ________.
A) always attains its goals
B) has no reason to monitor its performance
C) may not always attain its goals
D) rarely attains its goals
C) may not always attain its goals
Which of the following is NOT an example of a service organization?
A) a military force
B) a hospital
C) a university
D) a lens maker
D) a lens maker
A laptop computer company is a ________ organization because its product is ________.
A) service; a computer
B) manufacturing; electronic
C) service; electronic
D) manufacturing; a computer
D) manufacturing; a computer
________ focuses on providing an efficient flow of resources to an organization.
A) Value
B) Supply chain management
C) Value chain management
D) Supply
B) Supply chain management
Manufacturing organizations produce both physical and non-physical outputs.
A) True
B) False
B) False: Manufacturing organizations produce both physical and non-physical outputs.
Operations management includes service industries but not manufacturing firms.
A) True
B) False
B) False: Operations management includes service industries but not manufacturing firms.
Which of the following is NOT a way to increase productivity?
A) decrease costs
B) increase efficiency
C) increase outputs
D) increase inputs
D) increase inputs
In its entirety, the value chain can encompass the supplier’s ________ to the customer’s ________.
A) customers; customers
B) customers; suppliers
C) suppliers; customer
D) supplier; suppliers
C) suppliers; customer
________ management oversees the transformation process that converts resources such as labor and raw materials into finished goods and services.
A) Operations
B) Systems
C) Control
D) Planning
A) Operations
Value is any aspect of a product that customers ________ in the product.
A) want to see
B) notice
C) like or admire
D) will pay for
D) will pay for
In a transformation process, people are considered to be inputs because they ________.
A) have knowledge and information
B) are costly
C) are material beings
D) perform tasks that are needed to create outputs
D) perform tasks that are needed to create outputs
What is “control”?
monitoring activities by ensuring activities are accomplished as planned and correcting any deviation
What are effective control systems?
ensure activities lead to attainment of goals
What are the values in control?
planning and delegating
Control provides a basis for……
following-up
Planning, empowering employees, and protecting the workplace are all key elements of what?
Control
Why do we need control?
Assess the effectiveness of plans and the extent to which the plans have been realized
____ provides a basis for delegating responsibility to subordinates
Control
Control helps ameliorate what?
Internal and external org threats
What the three steps to the control process?
1) measuring actual performance
2) comparing actual against the standard
3) taking managerial action to correct deviations
The control process already assumes what exists?
performance standards that are created during the planning process
__________ is probably more important to the control process than __________
what managers measure; how they measure
Selecting the ________ to measure is critical for evaluating performance.
right criteria
What are some drawbacks of setting criteria to measure?
What we measure will influence how people work – they will change their work to perform well just in the criteria they are measured on. Need to realize that all jobs and tasks are different so you need to tailor your measure
What are the four ways to measure performance?
1) personal observation / management by walking around
2) statistical reports
3) oral reports
4) written reports
What is personal observation?
provides firsthand, intimate knowledge of unfiltered, actual activity. It permits intensive coverage because minor and major performance activities can be observed, and allows the manager to read between the lines
What the good and bad things with personal observation?
Good: unfiltered by others, permits intensive coverage, and “read between the lines”
Bad: observer bias, time consuming, obtrusive, people behave differently when watched
What are statistical reports?
They can include graphs, bar charts, and numerical displays that managers can use for assessing performance.
What are the good and bad things with statistical reports?
Good: quantifiable, objective, easy to visualize and effective to show relationships
Bad: provides limited information and may only cover a few areas of performance
What are oral reports?
Information which can be gleaned through conferences, meetings, one-to-one conversations, or telephone calls.
What are written reports?
Reports that require more preparation time and formality than other measurements of performance. This often makes them more comprehensive and concise that oral reports.
What are the good and bad things with oral reports?
Good: fast and less labor intensive than observation
Bad: information is filtered by employee and difficult to document
Oral reports are less ____ than observation.
labor-intensive
What are the good and bad things with written reports?
Good: more formal, permanent, and comprehensive
Bad: time-consuming and labor-intensive
What is the goal of making what we measure?
break down standards into objective, measurable activities
What are 4 universal control criteria that can be measured?
1) employee satisfaction
2) turnover
3) absenteeism
4) budgets
What is acceptable range of variation?
range of someones activities being between too easy and too hard based on the actual vs planned function. Bounded by acceptable upper and lower limits
What are the 3 ways to take action once there is a problem?
1) do nothing
2) correct actual performance
3) revise the standard
What happens when the measurement is above the acceptable range of variation? How about below?
too easy; too hard
What are the two types of corrective action? What are they?
Immediate and basic; Immediate addresses the problem at the time it occurs; Basic looks at the causes of a problem and address it
What are examples of immediate corrective actions?
Firing an employee, changing an incorrect price, or recalling a product for defect
What are examples of basic corrective action?
identifying the flaw in the manufacturing or identifying an unsafe practice
What the two options for revising the standard?
1) revise downward – make easier
2) revise upward – make more difficult
If performance consistently exceeds the goal, then a manager should…
see if the goal is too easy and needs to be adjusted
Managers must be cautious when revising a standard _____. Why?
downward. It’s natural to blame the goal for when a team falls short rather than accepting the performance was inadequate.
When the standard is realistic, managers need to ______.
hold their ground
What is feedforward control?
implement controls before an activity begins. Anticipates problems. Focused on prevention.
What is feedback control?
corrects problems after they occur
What is concurrent control?
corrects problems as they happen
_____ controls require timely and accurate information that isn’t always easy to obtain.
feedforward
Airlines scheduling maintenance programs on aircraft is what type of control?
feedforward control
What is the best known concurrent control?
direct supervision (management by walking around / MDWA)
What is the most popular form of control?
feedback control
Feedback enhances _____ in employees.
motivation
Controlling ____ is critical to any organization.
finances
What are two commonly used financial controls?
1) Ratio analysis
2) budgets
For a company to earn profit, managers need ____.
financial controls
How are financial ratios used?
are calculated using selected information from the organization’s balance sheet and income statement.
What is operations management?
refers to the design, operation, and control of the transformation process that converts resources such as labor and raw materials into goods and services that are sold to customers.
Why is operations management important?
1) encompasses all organizations
2) important to managing productivity effectively and efficiently
3) plays a strategic role in an organizations competitive success
What are the two types of organizations?
1) Manufacturing – produce physical good. Transformation readily evident.
2) Service – provide a non-physical good and service. Transformation less evident
What are examples of manufacturing and service organizations?
Manufacturing – car manufacturers, home builders, aircraft companies
Service – google or health care
Most of the world’s developed countries are predominantly ____ economies.
service
As economies develop they become more _____ oriented.
service
Define productivity?
ratio of inputs to outputs
____ productivity can lower costs and prices.
High bc you are producing more for less.
High productivity leads to …..
economic growth and development of countries and to higher wages and company profits without causing inflation
What is value? Examples
The properties of a good or service for which customers are willing to give up resources ($$$) for. Examples include performance characteristics, features, and aesthetics
Organizations must provide _____ to attract and keep customer.
value
Value chain management is ……
the process of managing the sequence of activities and information along the entire value chain. It is externally oriented and focuses on both incoming materials and outgoing products and services. Value chain management is effectiveness oriented and aims to create the highest value for customers.
Value impacts _____ _____.
competitive advantage. Doing something better and different adds value.
Companies seek for _____ competitive advantage.
sustained (long-term outperformance of rivals)
Value is a measure of _____.
demand
What are the 5 steps to the value chain?
Inbound logistics -> operations -> outbound logistics -> marketing and sales -> service
Three requirements for the value chain.
1) better demand forecasting
2) collaboration with partners in the value chain
3) new performance measures
Value chain management changes ______.
organizational processes
What are the six main requirements for value chain management?
1) coordination and collaboration
2) technology investment
3) organizational processes
4) leadership
5) employees/human resources
6) organizational culture and attitudes.
Which member of value chain management requirements in absolutely necessary to achieve its goals of meeting and exceeding customers needs and desires?
Coordination and collaboration
Significant investment in ______ is necessary to restructure the value chain to better serve end users
information technology
What is coordination and collaboration?
integration is throughout the chain, identify what customers value by all partners, and the sharing of information
What are common types of IT?
Enterprise Resource Planning systems (e.g., SAP)
Customer Relationship Management systems
Supply-chain management systems
____ can improve operational efficiency. _____ can improve responsiveness and accuracy.
Technology ; real-time data
What is a Gantt chart? Describe it
is a planning tool developed around the turn of the century by Henry Gantt. It’s essentially a bar graph, with time on the horizontal axis and the activities to be scheduled on the vertical axis. The bars show output, both planned and actual, over a period of time. The Gantt chart visually shows when tasks are supposed to be done and compares the assigned date with the actual progress on each.
Organizational processes focus on…..
core competencies – unique skills, capabilities, and resources. Eliminate any activities that don’t add value.
What are three important conclusions about how organizational processes must change?
1) Better demand forecasting is necessary and possible
2) Selected functions may need to be done collaboratively with other partners in the value chain. 3) Finally, new measures are needed for evaluating the performance of various activities
Employees are an organization’s _____ so they play an important part in value chain management.
most important resource
Three main human resources requirements for value chain management are:
1) Flexible approaches to job design
2) An effective hiring process, and
3) Ongoing training.
What are cultural and organizational barriers to effective value chain management?
Organizational barriers – Refusal/reluctance to share info and resistance to change
Cultural attitudes – Lack of trust/respect/honesty and lacking required capabilities
___ is needed to be competitive
quality
What are some specific quality improvement requirements?
1) Specific, measurable goals
2) Cross-functional/Self-managing teams
3) Progress evaluation
Product quality measures such dimensions as …..
durability, performance, and features
Service quality measures dimensions such as …
timeliness, courtesy, and consistency
A ____ is a one-time-only set of activities with a definite beginning and ending point.
project
_____ _____ is the task of getting the activities done on time, within budget, and according to specifications.
project management
Lots of projects fail from _______
poor product management
Project management aims to _____
get the job done on time, at or under budget, and according to specifications
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