Strand 1
What does the acronym DECIDE stand for?
D-define
E-Establish Criteria
C-Choose good options
I-Identify pros and cons
D-Decide most logical option
E-Evaluate
Six type of ownership
Partnership, Cooperative, Sole proprietorship, Nonprofit, Corporation, Limited liability company
Understand the difference between 3 leadership styles
There are three basic styles of leadership decision-making: authoritarian, democratic, and laissez-faire. Authoritarian leaders rule their groups, democratic leaders try to include everyone in the decision-making process, and laissez-faire leaders let the group function
Identify and Understand the 4 steps of controlling operations
What does the acronym SMART stand for?
S-Strategic
M-measurable
A-Attainable
R-Realistic
T-Timely
Four Organizational structures
functional, multi-divisional, flat, and matrix structures
Identify and Define the 5 motivational technologies
3 major factors of Operational management
Quality control, Production, Production control
Differences between Policy and Procedure?
policies don't provide step-by-step processes for completing a task, procedures offer detailed instructions on completing specific tasks
Advantages and Disadvantages for Centralized Management and Decentralized Management.
A centralized organizational structure can reduce costs at the expense of meeting all the customer's needs, while a decentralized organizational structure meets all the customer's needs, it risks significant time delays and cost overruns.
Difference between Vision and Mission
a vision statement looks to the future and defines aspirations, while a mission statement focuses on the present and defines purpose.
Ability to list and define at least seven of the effective leadership qualities
Strategic and Operational Planning Examples
Strategic to become the cheapest provider in the smartphone market. Operational a manufacturer creating a plan to increase revenue by 30%