A SWOT analysis concentrates only on the internal aspects of a firm.

False.

____ is defined as the process of establishing objectives and determining how to best achieve them.

Planning.

Each of the following is one of the three basic steps in planning except.

defining the mission.

A production supervisor is more likely to be involved with planning horizons of how long?

Up to one year.

Planning is more ______ when it is done by a single person or group such as at the corporate level.

Centralized.

________ is a defined as those activities that involve defining the organizations vision, mission, setting objectives, and developing strategies to help it operate sucessfully.

Strategic Planning.

______ strategy seeks its competitive advantage by targeting some unique product or service attributes that consumers see as advantageous over the attributes of competing products.

Differentiation.

______ is a diversification strategy that emphasizes adding businesses that have little in common but may be undervalued relative to the purchase price.

Unrelated Diversification.

_____ Consists of a unique company business (within a larger diversified firm) that has its own mission, product or service lines, competition, customers, threats, and opportunities.

A strategic business unit (SBU).

_____ Is the strategy of extending a business's scope by including an activity backward toward suppliers or forward toward the end user.

Vertical Integration.

_____ is the process of comparing some aspect of a company, such as work processes or performance outcomes, with industry best practices or best practices in other industries.

Benchmarking.

______ is a type of control that occurs while an activity is taking place.

Concurrent.

______ is a liquidity ratio calculated by dividing current assets by current liabilities. The higher the ratio the better, such that a ratio greater than one indicates a company is able to pay its current liabilities with current assets.

Current Ratio.

_____ is a financial leverage ratio indicating how much debt or leverage a company is using to finance its operations. It is calculated by dividing total liabilities by shareholders equity. The higher the ratio the more a given company is using debt to aggressively leverage its growth.

Debt to Equity Ratio.

_____ is a form of control that attempts to anticipate problems or deviations from the standard or goal before they occur.

Feedforward Conrtol.

______ refers to the length of time it takes to complete a process. This can involve producing a product or providing a service from start to finish or it can involve a particular stage of subprocess. The idea is to continuously improve work processes, so operations are as efficient as possible.

Reduced Cycle Time.

____ is a profitability ratio that analyzes a company's profitability relative to its assets, calculated as net income divided by total assets.

Return on assets.

______ is a comprehensive management process involving all levels of the organization - managers, employees, suppliers, and customers - to focus on achieving customer satisfaction through continuous quality improvement of the organization's products, services, and processes.

Total Quality Management.

______ is a very high standard of performance in which the goal is 3.4 defective parts per million or the equivalent of being defect free 99.9997 of the time.

Six Sigma.

An ethical dilemma is a situation in which it is difficult to determine what courses of action are right and wrong.

True.

At Kohlberg's ______ stage individuals behave in ways family, friends, colleagues, supervisors, and society expect them to behave.

Conventional.

The ____ approach is associated with providing the greatest good for the greatest number of people.

Utilitarian.

The _____ approach to ethical decision making pertains to whether policies and rules are administered fairly and is often associated with Adams and Gilliland.

Justice.

At the ____ level of social responsibility, managers' decisions are based not on legal and profitability concerns, but rather on what is fair, equitable, and just.

Ethical.

When a company voluntarily gives a share of the firm's profits to charity, the company's actions are most representative of which level or perspective of social responsibility.

Extensive/ Discretionary.

______ is a formal procedure for evaluating and reporting on actions for a firm that have social implications.

A social audit.

The Triple Bottom Line is one way to view Corporate Social Responsibility. The three domains we discussed include:

Economic, Environmental, and Social.

____ is a variation of the ethical advisor that is a full-time executive position.

Ethics Officer.

A _____ is a situation in which it is difficult to determine what courses of action are right and wrong.

Ethical Dilemma.

____ means that in the case of problem-solving for teams and task forces, the whole is greater than the sum of its parts.

Synergy.

____ is defined as the conscious selection of a course of action from desirable alternatives to produce a desired result.

managerial decision-making.

A _____ is a decision that is routine and repetitive enough to be accomplished without much thought.

Programmed decision.

A ____ is a decision that occurs infrequently and includes differing variables.

Non-programmed decision.

_____ is the idea that decision-makers can only accept so much information when making a decision.

Bounded rationality.

A _____ decision environment is when information that could be used to help make a decision and/or outcomes from that decision are unclear and can be reasonably interpreted to mean more than one thing.

Ambiguous.

A ___ decision environment is defined as not having any doubts about the outcomes or results.

Certain.

_____ means that a decision-maker selects alternative that is reasonably good but us not necessarily the best or perfect solution to the problem.

Satisficing.

A ____ is a person in a group who is responsible for being skeptical of the given alternative and finding as many holes on its implementations as possible so that dissent is formalized.

devil's advocate.

_____ refers to a group of individuals generating ideas without evaluating the ideas as they are generated.

Brainstorming.

Done by single person or planning department.

Centralized Planning.

Each division or department is responsible for planning its own operations with guidance from central planning group.

Decentralized Planning.

1 day to a year (Lower Management).

Short Range Plans.

1 to 3 years. (Middle Management).

Intermediate Range plans.

3 to 5 years. (Top Management).

Long Range Plans.

Involves making decisions about how best to present your company in order to achieve the vision and objectives you set forth.

Strategy.

Forward looking, graphic, inspirational but feasible idea of the course and direction of the organization.

Vision.

A tool to help top management with strategic planning for diversified corporations.

Boston Consulting Group (BCG) Matrix.

High growth markets and small market share.

Question Marks.

Fast growth and large market share.

Stars.

Mature, slow growing and high market share.

Cash Cows.

low growth market and low market share.

Dogs.

Strategy where a firm operates with a single line of business.

Concentration.

Growth strategy by acquiring another firm in the same industry whose products or services are similar.

Horizontal Integration.

The strategy of entering a business or businesses that are in a different industry than the current business.

Diversification.

Growth by acquiring companies in industries that are somewhat similar.

Related Diversification.

The moral standards/principles used to judge the "rightness" or "wrongness" of a persons' or groups or organizations behavior.

Ethics.

The moral principles one holds dear and is highest and most rigid level of behavior.

Personal Ethical Framework.

Moral actions are those that promote and support the individual's long-term interests.

Individual.

Individuals have fundamental liberties and rights that cannot be violated or taken away, such as the right to privacy and free speech.

Moral rights.

Formal statement that serves as a guide to actions in problems involving ethical questions.

Code of ethics.

Sharing of unethical or illegal organizational behaviors and practices.

Whistleblowing.

The potential that whatever action (or inaction) is chosen will lead to some amount of loss (contrast with return).

Risk.

Internal dimensions of function (sensing vs. intuition or S vs. N, and thinking vs. feeling or T vs. F)

Myers-Briggs Type Indicator (MBTI) - 126 questions.

The idea that we add each new experience into our collection of experiences, and over time shift the way we view the world.

Sensemaking.

The idea that people value a certain gain more than a probable gain with an equal or greater than expected value; the opposite is true for losses. Displeasure associated with loss is greater than pleasure associated with same amount of gains.

Prospect Theory.

Provides guidelines for managers on the extent to which subordinates are involved in decision-making and problem solving.

Vroom-Yetton.

Refers to setting standards or goals, measuring actual performance, comparing actual with standard, and taking corrective action if needed.

Control.

Designed not only to detect the problem but also to correct it. When a self-correction feature exists, it is referred to as cybernetics.

Total Systems.

Only warn of trouble. Steps must be taken to correct the problem.

Partial Systems.

Activity has not yet occurred.

Feedforward control.

While the activity is being performed.

Concurrent control.

The activity has been performed.

Feedback control.

Unit of measurement that can serve as a reference point for evaluating results.

Standard.

Physical/Monetary/Time standards.

Quantitative Standard.

More difficult to establish and assess than quantitative standards.

Qualitative Standards.

Express goals, plans, and programs of an organization in numerical terms.

Budgets.

Expresses the organization's anticipated revenues, costs, and financial performance.

Operating Budget.

Forecasts the financial status of assets, liabilities, and net worth at the end of the budget period.

Capital Budget.

Expresses physical requirements of expected production, including labor, materials, and overhead requirements for the budget period.

Production Budget.

Provides the details for securing and developing human resources.

Personal Budget.

Efforts to examine activities or records to verify accuracy or effectiveness.

Audits.

Provide and independent appraisal of an organization's financial records.

External Audits.

An appraisal conducted by an organization's employees in order to verify the accuracy and integrity of the information being used.

Internal Audits.

The point at which total revenue exactly covers both fixed and variable costs.

Break Even Point.

Known as the father of Total Quality Management.

Deming.

Assumes that 85% of the time, problems or issues that arise are controlled by management whereas only 15% of the time, are issues controlled by the employees.

Deming's 85-15 Rule.

group of people with a leader who identifies problems and then solve or provide recommendations to solve these problems.

Quality Circle.

Materials arrive as close as possible to the time they are needed in the product or service process.

Just in Time Inventory.

Consists of techniques aimed at eliminating waste. Lean organizations are built on three things. 1. Eliminating waste. 2. Just-In-Time Inventory. 3. Adopting five S practices.

Lean Approach.