Chapter 5
The process of planning, organizing, directing, and controlling resources to achieve specific goals.
Management
What is the process of identifying suitable candidates and encouraging them to apply for openings?
Recruiting
Can a product be both a good and a service?
Yes
What is the number of goods that a facility can produce over a given period of time under normal working conditions?
Capacity
This term means using (or wasting) as few resources as possible.
Efficiency
Which law stipulates that women and men who do substantially the same work should receive the same pay?
The Equal Pay Act of 1963
What is a good or service that has not been available to consumers or manufacturers in the past?
New-to-the-market product
Which type of facility layout groups workers by task?
Process layout
Which function of management provides focus for employees and motivates them to achieve organizational goals?
Leading
What does DEI stand for?
Diversity, Equity, Inclusion
What is a group of related businesses that do similar things and compete with each other?
Industry
What chart is appropriate when the production process is fairly simple and activities are not interrelated?
Gantt Chart
What do the letters SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
What is an internally generated drive to achieve a goal or follow a particular course of action?
Motivation
What is the equation for Breakeven in Units?
Breakeven in units = Fixed costs / Contribution Margin per Unit
What is the replacement of workers with machines called?
Automation
Crisis Management
Which theory focuses on our perceptions of how fairly we're being treated relative to others?
Equity Theory
What are the four industry segments in order?
Market segment
Niche
Industry
Market
What principles includes all the steps that a company takes to ensure that its goods or services are of sufficiently high quality to meet customers' needs?
Total Quality Management