Strand 1
A plan for the future for a company
What is a vision statement?
Someone that owns an unincorporated business by themselves.
What is a Sole Proprietorship?
creating a list of achievements that are wanted for the company.
What is goal setting?
The first step of controlling operations:
What is establishing performance standards?
Tackling current issues: locally, state wide, and nationally.
What is an example of strategic planning?
Day to day management
What is operational management?
A legal entity, separate and distinct from it's owners.
what is C-Corporation?
What is a job advancement?
It is when you can work up in status throughout the company.
The second step of controlling operations:
What is measuring the actual performance?
everyday tasks needed to be completed.
what is operation management?
SMART acronym
Specific
Measurable Attainable
Relevant/Realistic
Timely
Expanded acronym for LLC.
what is Limited Liability Company?
Other name for Cross-training
What is job shadowing
The third step of controlling operations:
What is comparing actual performance to the standards?
Thinking more high level of how what a company does is better and evolving
What is Strategic Management?
SWOT acronym
Strengths
Weakness
Opportunities
Threats
The four organizational structures.
What is line, staff, matrix, and team organizational structures.
Employee is not micro-managed
what is Empowerment motivation technique?
The fourth step of controlling operations:
What is taking corrective action?
A set limit on a companies spending.
What is a budget?
The DECIDE acronym
Define goal
Establish criteria
Choose good options
Identify pros and cons
Decide the most logical option
Evaluate results
What management type give people more say in company decisions.
What is Centralized management?
the 3 leadership styles.
What is
1. Laissez-faire
2. Democratic
3. Autocratic
3 major factors of operations management
what is planning, organisation, and improve?
Using tools and resources to benefit the company.
What is resource utilization?