Practice Exam 1 Review

Exam 1 review

Definitions:
Theory Z - management theory incorporating Japanese collective decision making and America individual responsibility
Skills resume - aka functional resume, differs from a chronological, targeted, and combination resume
CAD and CAM - Computer aided design and Computer aided manufacturing
Span of management - aka span of control, refers to # of subordinates a supervisor has, (shouldn't exceed 6-8 people)
Critical incident appraisal - managers records specific situations reflecting employee's performance, behavior, attitude
Organizational conflict - focused on goals, product, services, systems
Finished goods - goods that have completed manufacturing process, but not yet sold/distributed
Balance of trade - difference between value of goods a country (exports - imports)
Planning &   Stability - stick to current operations, increase profits via improved efficiency
Strategy: Growth - market penetration, product development
        Diversification - expanding, more sales and more volume in new products and markets
        Retrenchment - reduce diversity in operations to reduce losses
Unity of command - provides an employee is responsible to only one supervisor
Glass ceiling - prevents women/minorities from moving up

Concepts:

• Theory X & Y both came from McGregor, but X assumes employees are lazy whereas Y assumes employees are self motivated and have self control
• Companies must comply with EEO laws, wage-hours laws, benefits laws, but they do not need to comply with employee lay-off laws
• Fixed cost is time related whereas variable cost is volume related
• Three levels of strategy: Corporate, Business, Functional. Functional strategy refers to dept such as HR, marketing, IT, etc.
• Decentralization vs Centralization: large org vs smal org, (that relies on one individual to make decisions). All about control
• Line org vs Staff org: A line org advances org in its core work, whereas a staff org supports org w/ HR, accounting, PR, IT, etc. 
• Interpersonal vs Intergroup conflict: Between few individuals vs between groups/dept focsued on attitudes, money, relationships. 
• Written communication method is best for routine information
• Decision making is most affected by a manager's values
• Intermittent flow vs Continuous flow operating systems: Think restaurant vs McDonalds. ex of continuous flow - IT & water processing

Tools:
Employee assistance program (EAP) - helps employees deal with personal problems that affect job performance, health, well-being

Methods:
SWOT analysis planning method evaluates a project or business venture's Strengths, Weaknesses, Opportunities, Threats