Strand 1
What does the acronym for SMART goal stand for?
Specific, Measurable, Achievable, Relevant, Time
What is a Mission statement?
A statement of why the company exists
What are 7 effective leadership qualities?
Communication, Innovation, Decision making, Respect, Motivating, Influential, Humility.
What are the three major factors of operations management?
Planning, Organizing, and Supervising
What does the acronym for DECIDE stand for?
Define the problem, Establish the criteria, Consider all the alternatives, Identify the best alternative, Develop and implement a plan of action, Evaluate and monitor the plan
What is a Vision statement?
An idealistic future for the company
What are the Advantages of Centralized management?
There is a focused vision, and clear decision making
Identify the four steps to controlling operations.
Setting performance standards, measuring performance, comparing actual performance to the standards, taking corrective action.
What does the acronym SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
What is a Policy?
They are guidelines people must follow
What are the Disadvantages of Centralized management?
Control, Delays in work, etc.
What are the 5 motivational techniques?
Goal setting, Feedback, Set clear goals
When should SWOT analysis be used?
To access an company/business's positions before deciding a new strategy.
What is Procedure?
An official way of doing something
What are the Advantages of a Decentralized management?
Diversification, more motivation, etc.
What are the 3 leadership styles?
Authoritarian (Autocratic), Participative (Democratic), Delegative (Laissez Faire)
When are SMART goals most effective?
They can be most effective when planning long-term goals
What are the 4 organizational strutcures?
Functional, multidivisional, flat, matrix
What are the Disadvantages of a Decentralized management?
Slower inconsistent decisions, decreased control, increases conflict of interests, etc.
What are techniques that motivate employees?
Goal setting, Job advancement, Cross training, Empowerment, Self-direction