1.01
Managerial control management function involves
Monitoring the work and effort by comparing actual results to standards.
The amount and value of outputs produced from set amounts of resources are known as
Productivity
Six Sigma is a popular quality-management
Methodology
What is the purpose of supply chain management?
Ensure inventory is available to meet demand
The term “risk” is used in business to refer to the
possibility of loss or gain.
A manager sets rules for how employees should clock in and out of a shift. This is an example of a ______ control
Feedforward
The equipment, ingredients, and employee labor at a restaurant are all
Inputs
Making changes in the organization as a means of maintaining quality is an example of
quality improvement
What is one of the reasons companies strive to optimize their supply chain
to reduce defects
What do risk managers need to do to help their company successfully launch a new product?
Evaluate the potential gains and losses of the launch
A quality-control management inspecting a production line while it is in operation is an example of a _____ control
Concurrent
How does increased business productivity benefit consumers?
More goods and services become available, so prices go down.
Which of the following is a system that focuses on preventing defective products from being created in the first place:
quality assurance
sally drives a truck that transports Nike shoes from the production plant to the retail store.What are the goods on the truck considered?
transit inventory
Poor product development, unreliable manufacturing equipment, and product shortages are examples of __________ risks
operational
Controls that monitor performance after it has already occurred are called _____ controls
Feedback
One way that productivity can be measured is by
Dividing the dollar value of total sales by the costs of making those sales
Quality management is a
philosophy
Why would an organization hold finished goods inventory
to meet variation in product demand
Hospitals, fire-and-rescue services, and police departments, which attempt to avoid risk as much as possible, are usually risk-__________ organizations.
averse
An effective control system must
Be based on accurate information
A positive effect that productivity has on a business is helping it
Increase sales and profit
Dan likes his eye doctor because she is caring and shows concern for him as an individual patient. This illustrates which important characteristic of quality service providers?
empathy
A method of managing inventory that keeps a minimal amount of raw materials on hand to meet needs
Walt’s World of Winter ski shop manages existing risks as appropriate, but it does not take risks on new products, new markets, or new equipment. Walt’s is a risk-__________ organization.
tolerant