Strand 1
What does SMART stand for?
Specific, Measurable, Achievable, Realistic, Timely
What are the 6 types of ownership?
Sole-proprietorship, partnership, franchise, corporation, LLC, S-corp
What are the 3 leadership styles?
Autocratic, Democratic, Laissez-faire
What are 3 major factors of operational management?
TQM, Lean, Supply chain management
Is a General or a Soldier a better leader?
What does DECIDE stand for?
Define, Explore, Consider, Identify, Decide, Evaluate
What are the 4 organizational structures?
Line, line-staff, team, and matrix
Define Autocratic leadership
Autocratic: A form of management where one person is in charge and takes little input.
What does TQM stand for?
Total quality management
What is the difference between mission statement and vision statement?
Mission statement is the purpose of the company and why they exist.
Vision statement is the future goal for the company and what they hope to achieve.
What is a SWOT analysis?
An analysis that analyzes the Strengths, Weaknesses, Opportunities, and Threats of a business
What are the advantages and disadvantages of a centralized management?
Advantage: Consistency, focus, improved quality, structured
Disadvantage: Less empowerment, lower motivation, less creativity, and increased dependency
Democratic: A form of management that encourages each team member to participate in the decision making process by sharing their opinions.
What is lean?
Improving quality by reducing waste of time and money
Why are setting SMART goals important?
It helps with achieving a goal and makes it easier
What is the difference between strategic and operational management?
Operational management focuses on day-to-day operations
Strategic management focuses on future (usually a year) management
What are the advantages and disadvantages of a decentralized management?
Advantages: Collaboration, creativity, communication, quicker decisions, increased motivation and empowerment
Disadvantages: Inconsistency, less control, increased conflicts
What type of leadership involves a form of business where the government is not involved in the business very much.
Laissez-faire
What is supply chain management?
It is the process of product movement from manufacturer to customer
What will happen to work efficiency if motivation is low?
Efficiency will decrease
What is the difference between policy and procedure?
Policies are the rules set in place for specific actions.
Procedures are how you execute a specific action.
List and define 7 effective leadership qualities.
Honesty: Adherence to the facts
Judgment: Forming an opinion
Objectivity: Lack of bias
Initiative: Taking charge
Dependability: Relying on others
Cooperation: Working with others
Courage: Bravery to do new things
Confidence: Showing assurance in your abilities
Stability: Not changing and consistency
Understanding: Listening and believing new ideas
What are 5 motivational techniques?
Goal-setting, job advancement, cross-training, empowerment, self-direction
What are 4 steps to controlling operations?
Establish standards, measure performance, compare performance, to standards, take corrective action
How many stages are there in the supply chain management?
It can differ depending on the type