management flashcards eat right
what is the Delphi technique for problem sovling
concensus of experts EXPERT MINDS, written interviews, participants DO NOT MEET Delphi technique is a consensus-building technique in which experts are interviewed on a subject during multiple stages of data collection, until a consensus answer is reached.
what is performance budgeting
details costs to perform an activity (how much to supervise the cafeteria), mini budget Performance budgeting is based on analyzing the input of resource and outcomes of a services for each unit of a company; commonly used in government to show the link between the funds and outcomes on public services.
D
do the changes, implement the intervention
mission statement
establishes how the company is different from others
F
find process to improve
what happens if the BE point goes up
if break even point goes up, costs increase and profits decrease AS BREAK EVEN INCREASES, COSTS ALSO INCREASE it is where sales cover total costs
Identify the key characteristics of strategic thinking
intent focused Comprehensive Opportunistic Long-term oriented Builds on past and present Hypothesis driven
What are job enlargement and job enrichment? How do they benefit an organization?
job enlargement: increases tasks for an employee so they don't get bored, ENLARGES their task duties with similar ones. adds similar tasks job enrichment: upgrades the job by adding MOTIVATING factors, Maslow and Hertberg! Advanced training, increased responsbilities, achievement, growth, recogniition BOTH increase QWL QUALITY WORK LIFE in organizations
vision
organizations FUTURE view, encompasses inspiration for future growth and strategic plan
O
organize team that knows the process
budgeting
plan for operating a business expressed in financial terms
P
plan to improve-how change s will be made
3 pricing methods in FS
pricing factor prime cost actual cost
Why was the Taft Hartley Act (1947) created?
pro managment prohibited illegal union stuff The Taft Hartley Act classifies some union practices as illegal, such as refusing to bargain, charging excessive initiation fees, and organizing boycotts.
Describe the four functional subsystems of a foodservice operation
procurement production distribution/service safety, sanitation, maintenance
TQM
refined goal of improving performace has PDCA cycle and PDSA and FOCUS
S
select process to improve
What is zero-based budgeting?
started from the bottom. start at zero and you have to justify each purchase *REQUIRES MORE PLANNING -NOT this years expenses plus an inflation factor This approach is most useful in service-level entities, such as governments, where the provision of services is paramount. However, it also takes a considerable amount of time to develop, in comparison to the static budget. Under zero-based budgeting, the budget is prepared without any reference to, or use of, the current period's budget or the likely operating results for the current period. Every planned activity must be justified with a cost-benefit analysis.
What are the 3 basic types of managerial skills
technical human conceptual
3 types of forecasting
time series casual subjective
liquidity ratio
total liquid assets divided by total current debts; measures the ability to pay current debts
U
understand causes of process variation
incremental/traditional/baseline budget
uses existing budget as a base -control oriented -projects for next year -BEGINS WITH THIS YEARS EXPENSES PLUS AN INFLATION FACTOR Because incremental budgeting assumes that past performance can be used as a model for future budgeting, it is an easy way to update a budget model. It uses previous budget or actual performances as a basis and does not provoke detailed examinations for the company's efficiency.
butylated hydroxytoluene
water insoluble antioxidant
difference between fixed and flexible budget
-fixed or static budget: does not change despite sales numbers or other events -a flexible budget is adjustable for variable costs, it is more sophisticate and flexible than a fixed budget bc it can account for changes in volume activity or sales
nominal group technique for solving a probelm
-more organized version of brainstorming -Delbecq -round robin fashion -members meet and vote/rank top choices
How much is the payroll for the week if you have 7.5 full-time equivalent (FTE) employees earning $30 per hour
7.5 FTE's × 40 hour/week = 300 hours 300 hours × $30/hour = $9000 The payroll for 1 week is $9000.
If the turnover rate in a department of 50 was 20%, how many employees quit or were terminated?
8 employees separated from company / 60 total employees = 13.3% The turnover rate is 13.3%
cause-and-effect (fishbone) diagram
A diagram used to search for the cause(s) of a problem; also called fishbone diagram. *example: guest speaker in-service. what influences the outcomes? Cause and effect diagrams are generated during brainstorming sessions and provide visual representation of the many potential factors that may have caused something to occur.
Glycerol
A three-carbon alcohol to which fatty acids are covalently bonded to make fats and oils.
actual cost method of menu pricing
Actual cost method in menu pricing is an approach that takes many factors into account to determine the cost of supplies. This method includes the actual cost of the food, labor cost, other expenses (service, sanitation, administration, and fixed costs.
propyl gallate
Antioxidant added to foods containing oil and fats to prevent oxidation
What is a currency ratio? How is a currency ratio calculated?
Currency ratio is commonly used to analyze the liquidity of a company. It provides insight into how well a company can pay its current debts. The currency ratio divides the current assets by the current liabilities.
Efficiency
Efficiency is performing in the best possible manner with minimal waste of time, effort, or products to successfully complete a project
4 types of resources in a foodservice setting
Human: Labor and skill Materials: Food and supplies Facilities: Space and equipment Operations: Money, time, utilities and information
If the turnover rate in a department of 50 was 20%, how many employees quit or were terminated?
If the turnover rate in a department of 50 was 20%, how many employees quit or were terminated?
Why was the Wagner Act significant?
It gave the federal government power to protect and aid workers. PRO LABOR The Wagner Act, or the National Labor Relation Ac, protects employees from termination for pro-union activities and guarantees the right to collective bargaining.
Define liquidity ratio. How is it calculated?
LIQUIDITY, COMPANY MEETING SHORT TERM DEBTS. ITS HOW QUICKLY ASSETS GO TO CASH. Liquidity ratios indicates the company's ability to pay debt obligations. It calculates working capital (difference between current assets and current liabilities). A positive ratio indicates that an organization has more assets than current liabilities. A negative ratio demonstrates that an organization does not have liquid assets, making it difficult to pay short-term debts. The liquidity ratio gives an approximation of the solvency of a company.
How do you calculate labor minutes per meal?
Labor minutes per meal = Total labor minutes to produce meals / Total # of meals served
How do you calculate meals per labor hour?
Meals per labor hour = Total # of meals served / Total labor hours to produce meals
Why was the Occupational Safety and Health Administration (OSHA) created? How are its policies enforced?
OSHA's was created "To assure safe and healthful working conditions for working men and women by setting and enforcing standards and by providing training, outreach, education, and assistance.." OSHA allows compliance officer to enter a facility to inspect and determine the adherence to standards and presence of any noncompliant hazards at workplaces.
What are organizational vs. personal decisions
Organizational decisions made by managers relate to the purpose, objective, and mission of the organization. Personal decisions are concerned with the manager's individual goals. However, personal decisions may affect the organization, and vice versa.
equation for payback period
Payback period = Initial Investment/ Expected yearly income
What is a performance appraisal? How might it benefit an employee?
Performance appraisal is the process in which a manager meets with an employee to discuss their work performance compared to the job's established standard. Rewards for a positive appraisal may include bonuses, pay increments, or more challenging work assignments. can use a job description here****
List five potential pre-employment testing activities.
Pre-employment testing may include the following: Cognitive aptitude tests Psychomotor ability tests Job knowledge tests Work sample tests Vocational interest tests Personality tests Graphoanalysis Reference: Gregoire MB. Foodservic
prime cost
Prime cost of menu pricing is an approach that uses the raw cost of food and labor cost to determine the cost of supplies. Additional costs from service, sanitation, and administrative expenses are not included in prime cost.
If a company's total revenue for the year was $1,800,000, and the food cost was 40%, labor cost was 40%, and overhead cost was 5%, what is the company's profit?
Profit = revenue − expenses Step 1. Determine actual dollar costs for food cost, labor cost, and overhead costs. $1,800,000 × 0.4= $720,000 $1,800,000 × 0.4= $720,000 $1,800,000 × 0.05= $90,000 Step 2: Add all dollar costs for food, labor, and overhead to comprise one total number for expenses. $720,000 + $720,000 + $90,000 = $1,530,000 Step 3: Determine the total profit by subtracting the total expenses (from step 2) from the total revenue ($1,800,000). $1,800,000 − $1,530,000=$270,000 Therefore, the company's total profit is $270,000.
What is a profit margin? How is it calculated?
Profit margin is the most commonly used measure of operating profitability. Managers can assess financial standing by performing this calculation, which uses information available on the income statement Profit margin = Net profit / Sales
Define quality assurance (QA)
QA is process that defines and maintains standards to ensure that defined quality standards are being met.
A coffee shop reported yearly sales of $13000, with a profit margin at 16%. What was the net profit for that year?
Rationale: $13000 × 16% = $2080. The net profit was $2080
How is percent of labor cost calculated?
Rationale: Percent of labor cost = Total cost of labor / Total sales x 100
What are four principles of cash handling?
Rationale: Separation of duties: Cash handling responsibilities should be divided among different personnel Authorization, accountability, and approval: Policies and procedures should be in place Security of assets: Background checks should be standard practice to ensure security of assets Auditing of practice: Periodic, unannounced audits of cash drawers and procedures are needed to monitor daily practice
job description
SPECIFIC reflects skills and responsbiltiies for doing the job; it matches applicantts to the job can be used in orientation, training, employee appriasal. SPECIFIC. A job description lists a summary of an employee's job, the duties in specific detail, specific working conditions and materials to perform the job, and required employee qualifications.
How do skills requirements change as an employee ascends in management?
Technical skill requirements decrease and conceptual skill requirements increase. Technical skills are most important at lower levels of management and become less important at higher levels. Higher-level managers need to make more decisions involving the company's development, so conceptual skills become more important.
Why was the Norris La Guardia Act (1932) created?
The Norris La Guardia Act prohibits employers from forcing new employees to sign agreements promising not to join unions.
What is the break-even point given a sale of $30,000, $15,000 in variable costs, and $5000 in fixed costs?
The break-even point is when total cost and total revenue are equal. Once the break-even point is passed, earnings are profit. Break-even point: = Fixed cost / 1 − (Variable cost/Sales) = 5000 / 1 − (15000/30000) = 10,000
Explain the pricing factor used in menu pricing
The factor pricing method, also known as the markup method, can be calculated as Raw food cost × Pricing factor = Menu sales price For example: If the operator chooses a 40% food cost, the pricing factor would be 100/40, or 2.5.
Depreciation Expense
The portion of the cost of a fixed asset that is recorded as an expense each year of its useful life.
How do you calculate the percentage of total expenses during a financial period?
Total expenses = Net profit − total sales. % total expenses = total expenses / total sales
workplace turnover rate
Turnover rate refers to the percentage of old employees leaving jobs and being replaced by new employees in a given time frame.
what is a shop steward
Union representation on site (non-paid) represents other union members in dealings with mgmt
forecasting
a function of PRODUCTION!! to determine the number of products needed to meet forecasted supply demands
what is benchmarking
a process by which a company compares its performance with that of high-performing organizations BEST IN CLASS enchmarking is the comparison of an organization's policies, products, programs, or strategies against excellent performances in the field. Such comparison helps managers to identify areas for improvement.
Six Sigma
a rigorous statistical analysis process that reduces defects in manufacturing and service-related processes 6 standard deviations from the mean, nearly perfect product REMOVE DEFECTS!!!
A
act to maintain and continue
S
check results, determine the impact
C
clarify current knowledge of the process
