Management_Chapter 16

- It is an important component of business and can impact company finances. - It is a significant cost for companies.

Which of the following statements about the supply chain are true?

Innovation and learning perspective

Which perspective in the balanced scorecard approach addresses how the organization can continue to improve?

Balance sheet

Which report summarizes the overall financial worth of an organization, such as assets and liabilities, at a specific point in time?

1. Liquidity 2. Turnover 3. Profitability

Which three factors are commonly measured using financial ratios?

1. Establish standards 2. Measure performance 3. Compare performance to standards 4. Take corrective action, if necessary.

Four steps of the control process in their typical order.

Getting new customers costs more than retaining them.

Why is customer satisfaction so important?

Balance sheet

Greg prepares a financial statement for his business, listing the company's current assets, fixed assets, and the debts that are owed to suppliers and lenders. What document is Greg preparing for his business?

By comparing a company against its rivals By comparing your performance against that of colleagues By comparing a business in one industry against a world-class performer in another

How can benchmarking be used to help increase productivity?

Communicate expectations clearly.

How can managers help ensure that employees will accept monitoring of their time and activities?

Income

A firm's ______ statement summarizes its financial results (revenues and expenses) over a specified period of time, such as a month, quarter or year.

Financial statement

A summary of some aspect of an organization's financial status such as a balance sheet and an income statement is a ______. Multiple choice question.

Budget

A(n) ______ is a formal financial projection that states an organization's planned activities for a given period of time in quantitative terms.

Income statement

A(n) ______ summarizes an organization's financial results (revenues and expenses) over a specified period of time, such as a quarter or a year.

retention

Actions a company takes to keep customers from leaving to buy from rival businesses are together called customer___

Budget

As a property manager for a large office complex, Alisha develops a projection of the costs that will be incurred over the next 12 months, such as landscape expenses, snow removal, insurance, and repairs. Alisha has prepared a(n) ______.

Reducing company time wasted by employees

Better Products Company recently issued its employees identification tags that contain a chip that records how long individual workers spend at their workstations and how many times they visit the restroom. Which function might this technology serve?

chain

Businesses can improve management of the supply __ through the use of AI.

financial ratios

Indicators created by mathematical formulas using a company's financial information for comparison purposes are called ______.

Step 4. Take corrective action, if necessary. reward: type of feedback

Marci rewarded her team with a bonus when she found that their performance exceeded the standards she had set. Which step of the control process does giving the reward represent?

Feedforward - Focuses on preventing future problems Concurrent - Focuses on collecting performance information in real time Feedback - Focuses on collecting performance information after a task or project is complete

Match the type of control (on the left) with its definition (on the right). Instructions

Productivity

Outputs divided by inputs over a specific period of time equals ______.

1. Gather data about the process to be measured 2. Establish the limits of desired performance 3. Note variations in the process and investigate

Place the steps of developing a control chart in the correct order, with the first step at the top.

Smart

Practices that use artificial intelligence to reduce defects, shorten downtimes, and facilitate transitions are called __ manufacturing.

Smart

Practices that use artificial intelligence to reduce defects, shorten downtimes, and facilitate transitions are called ___ manufacturing.

inputs

Productivity is defined by the formula of outputs divided by ______ for a specified period of time.

is the strategy for minimizing errors by managing each stage of production A means of ensuring quality whereby errors are minimized by managing each stage of production

Quality control ______.

measure performance

Samira receives a written report every six months detailing the production outputs of the warehouse. These reports demonstrate which step in the control process? Multiple choice question.

Feedback

Sonja is a barista. Her manager has been hearing reports that Sonja's lattes taste like the milk is burned. Her manager talks to Sonja about these reports and shows her some tricks for steaming the milk to the correct temperature. This is an example of which type of control?

- Recognize and reinforce positive performance - Make no changes - Take action to correct negative performance

Which of the following represent potential actions that a manager may take in the fourth step of the control process?

internal business

The ______ perspective of the balanced scorecard approach examines such metrics as productivity, efficiency, quality, and safety.

customer

The ______ perspective on the balanced scorecard approach focuses on the analysis of different types of customers, their level of satisfaction, and the processes used to deliver products and services to customers.

quality

The ability of a product or service to meet customer needs refers to ______. Multiple choice question.

increased productivity

The ability of artificial intelligence to automate decision making and analyze data leads to ______.

Innovation and Learning

The balanced scorecard perspective that assesses whether or not the organization encourages employees to make suggestions and question the status quo is known as the ______ perspective.

no defects

The goal of quality assurance is _____.

Supply chain

The sequence of suppliers that contribute to creating and delivering a product is known as the ______.

quality control

The strategy for minimizing errors at each stage of production is called _____.

assurance

Two ways for a company to guarantee the quality of a product are quality control and quality ______.

- Income statement - Balance sheet

What are basic types of financial statements?

Employees may leave the job. It is intrusive. Data can be misused.

What are some of the downsides to electronic monitoring of employees?

- Speeding up decision making - Gathering performance data

What are two ways that using AI can increase productivity?

Loss of privacy

What do critics fear may result from employee monitoring programs?

Customer satisfaction

What is commonly measured by how well a product or service lives up to the expectations of those who buy it?

Making the most cost-effective use of time and resources

What is the best definition of efficiency? Multiple choice question.

Best practices

What is the term for the set of guidelines, ethics, or ideas that represent the most efficient or prudent course of action? Multiple choice question.

They have cost businesses billions of dollars.

What is true about product recalls in the 21st century? Multiple choice question.

Communicate expectations. Make monitoring visible. Point out the benefits to workers.

What steps should employers take to make monitoring of their workers more successful? (Choose every correct answer.)

Efficiency

What term is used to describe the wise and cost-effective use of resources?

Control Standard

When Jensen asked his boss, "How many books do we want to sell by November?" he was trying to establish a(n) ______.

- Improving productivity - Boosting supply-chain management - Decreasing defects

Which activities related to internal business control are powered by AI?

Reduction of employee theft Identification of work-process bottlenecks Ensuring use of safety practices

Which are advantages associated with electronic monitoring of workers?

- Personalizing their shopping experience - Managing their expectations - Providing extra service

Which are effective techniques for keeping customers?

The internal business perspective

Which balanced scorecard perspective asks the question, "At what must we excel?"

The customer perspective

Which balanced scorecard perspective asks the question, "How do customers see us?"

- Sudden decrease in production due to a materials shortage - Loss of a large percentage of the workforce due to illness

Which may be the cause of an "out-of-control" indication on a control chart? (Choose every correct answer.)

Quality assurance

Within the quality management viewpoint, quality _______ focuses on the performance of workers and urges employees to strive for "zero defects" in the production of goods and services. Multiple choice question.

management by exception

Within the third step of the control process, ______ is a principle that states that managers should be informed of a situation only if data show a significant deviation from standards.