Strand 1
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
How does a budget help a company?
It helps them make sure they are spending money on the things they need and things will will best help the company grow and succeed.
What are the three leadership styles?
Autocratic, Democratic, and Laissez-Faire
What does TQM stand for?
Total Quality Management
What does an operational manager do?
Takes care of day to day operations
To not have any customers dissatisfied with our products. - Is this a mission statement or a vision statement
Mission
What are the advantages of a team organizational structure
Multiples ideas, More efficient, More Communication,
Who is the owner of Amazon?
Jeff Bezos
What is the goal for lean management?
Reduce waste in time and resources within your company
Define a standard.
Set benchmarks for quality within a company
What does SMART stand for in SMART goals?
Specific, Measurable, Achievable, Realistic, Timely
What is the difference between centralized and decentralized management?
Centralized is ran by a single person, Decentralized is ran by multiple groups
Define Cross-Training.
When an employee is trained to work in multiple departments
What is a supply chain?
Process of products from manufacturer to customer
What does PEST stand for?
What does DECIDE stand for?
Define Goal, Establish criteria, Choose Good Options, Identify Pros and Cons, Decide The Most Logical Option, Evaluate Results
What are the six types of ownership?
Sole Proprietorship, Partnership, Corporation, Franchise, LLC (Limited Liability Company), S-Corp, and Non-Profit
What are 7 effective leadership goals?
Honesty, Judgement, Objectivity, Initiative, Dependability, Cooperation, Courage, Confidence, Stability, Understanding
What are the three major factors of operations management?
TQM, Lean, Supply Chain Management
A single individual owns and operates the business
What is the difference between policies and procedures?
Policies are standards. Procedures are what you do to make sure you are living up to these policies and keeping you business running
What are the 4 organizational structures?
Line, Matrix, Line and Staff, Team
List the 5 techniques companies can use to motivate employees.
Goal Setting, Job Advancement, Cross-Training, Empowerment, and Self-Direction
What are the four steps to controlling operations?
Set Standards, Measure Performance, Analyze Performance, Take Corrective Action
What is an advantage of the Decision Matrix technique?
Helps Evaluate all options and takes out emotional factores