Performance Indicators
A new employee doesn't know how to handle a customer complaint. The manager creates a shared folder with instructions and examples that all employees can access. What problem is the manager trying to solve?
Making important company knowledge easy to find and share
(KM:001- Explain the nature of knowledge management)
What is the term for deciding what a business wants to accomplish and how it will accomplish it?
Managerial Planning
A manager assigns tasks, sets deadlines, and identifies who is responsible for each step of a goal. What is this list of steps called?
Action Plan
When you recognize your own emotions, you are demonstrating
A. self-control. B. self-awareness. C. social restraint. D. social relationships.
B. self-awareness
One of the benefits of being adaptable is that it enables employees to
A. deal with change. B. take initiative. C. manage their time. D. avoid conflict.
A. deal with change
A store sells plenty of products but struggles to pay its bills because customers often pay late. What should the manager examine to understand when money comes in and goes out?
The timing of incoming and outgoing cash.
(PI: FI:541 — Interpret cash-flow statements)
A store tracks how many customers return each month to see whether its customer-service improvements are working. What is this measurable value called?
Key Performance Indicator (KPI)
A business keeps enough products available to meet customer demand. When its stock reaches a certain level, it orders more. What is the term for the goods it keeps available for sale?
Inventory
There are several auto repair shops in town, but Patricia's stands out. Her auto repair shop does great work, but what really sets her shop apart is the customer service. Every customer is greeted by a friendly employee, and they are given snacks and drinks while they wait for the repairs to be completed. The great customer service that people can expect from Patricia's business is considered her
A. vision. B. tagline. C. mission statement. D. brand promise.
D. brand promise
The equipment, ingredients, and employee labor at a restaurant are all
A. mass production. B. objectives. C. inputs. D. productivity.
C. inputs
Customers repeatedly receive incorrect orders at a restaurant. The manager discovers that employees are misreading handwritten tickets. Instead of simply reminding employees to be careful, what should the manager do to prevent the problem from continuing?
Change the ordering process and track whether mistakes decrease.
(QM:003 — Discuss the need for continuous improvement of the quality process)
A company notices that employees keep making the same mistake. Instead of fixing each mistake individually, the manager investigates why it happens and changes the process to prevent future errors. What is the underlying reason for the problem called?
Root Cause
A project involves creating a new website. The manager divides the work into smaller tasks, such as designing the homepage, writing content, and testing the site. What project management tool is being used?
Work Breakdown Structure (WBS)
So that the company can determine when it needs to order more pencils, Kendra subtracts one box of pencils on a tracking sheet after she takes the box from the office supply cabinet. This is an example of
A. perpetual inventory. B. inventory keeping. C. inventory shrinkage. D. physical inventory.
A. perpetual inventory
Gathering, accessing, synthesizing, evaluating, and disseminating data for use in making business decisions is the responsibility of
A. marketing-information management. B. product/service management. C. management. D. product development.
A. marketing-information management
A business orders 100 laptops from a supplier. When the shipment arrives, the business receives only 80, and the supplier charges more than the agreed price. What document should the business check to verify the original order's quantity and price?
The purchase order.
(OP:250 — Describe types of purchase orders)
A business wants to buy new equipment. The manager compares the expected financial benefits with the purchase price and other expected costs before deciding. What type of analysis is this?
Cost-Benefit Analysis
A company collects customer information to improve its services. What responsibility requires the company to protect personal information and handle it appropriately?
Which of the following statements about ambiguity is true:
A. Ambiguity has nothing to do with risk. B. Ambiguity refers to certainty and clarity. C. It’s possible to avoid ambiguity in today's world. D. Tolerating ambiguity means being OK with uncertainty.
D. Tolerating ambiguity
What is the purpose of data mining?
A. Sell consumer information B. Monitor the activity of competitors C. Turn raw data into useful information D. Keep employees engaged
C. Turn raw data into useful information
A clothing store gets all its products from one overseas factory. When the factory shuts down unexpectedly, the store runs out of inventory and loses sales. Before reopening, what should management examine to understand where its products come from, how they travel, and where alternative suppliers or routes might be available?
The entire network of suppliers, manufacturers, warehouses, and transportation routes.
(OP:479 — Describe supply chain networks)
A supplier unexpectedly stops delivering materials to a manufacturer. The manufacturer has already prepared an alternative plan to keep production running. What is this backup plan called?
Contingency Plan
A business introduces a new process to reduce errors. It regularly measures results, identifies weaknesses, and makes further adjustments instead of treating the first improvement as the final solution. What is this ongoing effort called?
Continuous Improvement
Janelle and Kirk are members of a work team and disagree about how to proceed with a new project. What type of conflict are Janelle and Kirk experiencing?
A. Emotional B. Functional C. Secondary D. Internal
B. Functional
A golfer prefers their own technique to a new and improved one. What type of bias does this demonstrate?
A. Status quo bias B. Herd mentality C. Groupthink D. Competitive spirit
A. Status quo bias