HSB Principles of Management
used to calculate cost of goods in manufacturing businesses
manufactured cost, packaged cost, delivered cost
what starts the bidding process?
Invitation to Bid
A job description includes:
Name of position, scope of role, main tasks of position
union membership over 50 years has
declined
*not* effective management methods
macromanagement, micromanagement, hierarchy
united states is a
service economy
Financial model
A 3-5 year forecast of your income and expenses, profits and losses, and so on.
Lean Startup
A philosophy of starting a company in which you spend only money that is absolutely necessary at each point in time.
Purple Squirrel
A term used by recruiters to describe their ideal candidate.
contract
An agreement in which the company provides goods and services in exchange for money
accoutning equation
Assets = Liabilities + Owner's Equity
Places you will find job candidates
Online, colleges, career fairs
collective bargaining
Process by which a union representing a group of workers negotiates with management for a contract
Process Design
The art and science of designing processes within an organization.
Growth percentage
The rate at which the business grows or increases revenue from sales.
Income Statement
a document summarizing a business's income and expenses
Flowchart
a graphical representation of a process
A invalid reasons not to hire someone:
age, gender, race
Materials Requirement Planning (MRP)
an inventory control system that manages the replenishment of raw materials, supplies, and components from the supplier to the manufacturer
How companies can get employees to speak freely
ask them, empower them, acknowledge blind spots
Employee recognition systems
boost morale, highlight achievement, lower turnover
employee supervision includes
communication, mentoring, encouragement
needs assessment
companies ponder which positions they need to fill
cost of goods
cost to product, package, and deliver a product
another word for liabilities
debts
key objectives of operations management
dependability, quality, flexibility
Cost of sales
describes that the company needed to spend in order to generate its net sales
balance sheets are at the heart of what type of bookkeeping?
double-entry
how are public sector unions funded
dues
active listening
empathetic listening in which the listener echoes, restates, and clarifies
most common offline way to collect employee feedback
employee meetings
managerial practice that is vital to employee, manager, and business growth
employee supervision
*not* a way to require employee accountability
enforce hierarchy
economies of scale
factors that cause a producer's average cost per unit to fall as output rises
advances brought about by unions
five-day workweek, increased workplace safety, child labor laws
Not a goal of most employees
getting fired
result of low employee engagement
high turnover
employee engagement
how to make an employee feel like they're an asset to the company
a problem in the workplace as identified by rebecca greenbaum
hypocrisy
life cycle of an idea
ideation
another name for a strike
industrial dispute
employees need to feel _________ before they really contribute to the growth of the company
involved
job seekers use Glassdoor to learn about
job culture
what is an example of an initial expense?
license fees
employee turnover
loss of employees who voluntarily choose to leave the company
reasons to go on strike
low pay, no benefits, ill treatment
Sourcing Plan
means by which an employer seeks out qualified candidates for open positions
strong unions strengthen what socioeconomic group?
middle class
revenue
money a company gets from its customers
Utilities
monthly recurring expenses
an operations manager can be likened to an
orchestra conductor
Milestones are helpful in what sort of plan for employees?
personal development
Managers rely on these to decide if they'd like to interview a candidate in person
phone screen, personality test
manufacturing companies compete on what factor
price
Capacity Planning
process of assessing a company's ability to produce enough output to satisfy market demand
indicates how well managed a company is
profit margin
Civil RIghts Act
prohibits employment discrimination based on race
trust agents
reputable
A company may need security clearance is a possible reason for offering which type of tender?
restricted tender
which bid is restricted to a select group of prescreened manufacturers
restricted tender
how many months should you plan funding for when starting a business
six
new tool to collect employee feedback
social media
Balance Sheet
statement that highlights what a business owes and owns
feedback mechanism in many break rooms
suggestion box
net profit is different from gross profit in that it takes what into account?
taxes
supply chain
the connected chain of all of the business entities, both internal and external to the company, that create a product and pass it to customers
Organization Design
the overall set of structural elements and the relationships among those elements used to manage the total organization
Onboarding
the process in which you orient and train new employees to be successful in their new roles
Recruiting
the process of finding and hiring the best candidates for any given open position
work measurement
the science determining how much time an employee needs per given task
calculate profit
total revenue - total expenses
professional development
training, mentoring
A project background and timetables are typical bid proposal elements. True or false?
true
An example of a job design technique is job rotation. True or false?
true
name of person who sets up union in workplace
union organizer
