Unit 1.00
A manager can oversee Employees, Finances, Marketing/Customer Satisfaction, Technology and Product/Production.
What are things that managers control?
The sequence of processes involved in the production and distribution of a commodity.
What is a Supply Chain?
Specific guidelines and activities used when responding to undesirable circumstances; an alternative course of action
What is a Contingency plan?
Fulfilling the requirements of the law
What is Compliance?
An estimate of income and expenditures over a certain period of time
A plan that outlines what money you expect to earn or receive (your income) and how you will save it or spend it (your expenses) for a given period of time; also called a spending plan.
What is a Budget?
Feedback control systems take the necessary corrective actions after the occurrence of disturbances in the output.
______________ controls are used to monitor and regulate a task, activity, or performance before it occurs
What is feedforward?
The planning for supply, demand, products, sales, and operations, as well as supply management.
What types of activities are involved in the supply chain?
The likelihood that an event will occur
What is Probability?
Ways businesses protect confidential information? “
What is a Non-Disclosure” Agreement?
Resources owned by a business or an individual
What are Assets?
The rate of increase in prices over a given period of time.
A rapid rise in prices that may occur when demand exceeds supply or when productivity declines and costs of labor go up
Example: Prices increases after during the Pandemic due to slow supply chains.
What is inflation?
An idle stock of physical goods that contain economic value and are held in various forms by an organization in its custody awaiting packing, processing, transformation, use or sale in a future point of time.
What is inventory?
The possibility of loss (failure) or gain (success)
What is Risk?
Goodwill, brand recognition and intellectual property, such as patents, and trademarks.
What are Intangible Assets?
A prediction of future sales over a specific period of time
Estimates how much your company plans to sell within a certain time period (like quarter or year).
What are Sales Forecasts?
A process businesses use to check for defects after products have been produced
What is quality control or quality inspection?
The assortment or selection of finished items for sale that a business has in stock. As with materials, it is important to have the appropriate amount of products that will sell in a projected amount of time.
What are finished goods?
Identifying work hazards so that employees and staff remain free from dangerous accidents and situations.
What is Work Safety?
Any security incident in which unauthorized parties gain access to sensitive data or confidential information, including personal data.
What is a Data Breach?
The difference between a budgeted amount and an actual amount
What is Variance?
A structured approach for ensuring that changes are
thoroughly and smoothly implemented, and that the lasting benefits of change are achieved.
What is change management?
Supplies businesses commonly keep in inventory
The basic material from which a product is made.
Example: Wood
What are Raw Materials?
The action or crime of stealing
What is Theft?
The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making
What is Information Management?
The standards for morally right and wrong conduct in business.
Making Decisions that don't hurt others Using judgment that aligns with morality or morals.
What are Ethics?