BUSM 371: Midterm Review

Quotes:

"Practice doesn't make perfect. Practice makes permanent. Perfect practice makes perfect." "It's not what you know but rather your desire that will help you be successful" "If you don't know where you are... you probably don't know where you are going" "If you cannot measure it, you can't manage it, if can't manage it, you can't improve it."

Effective Meetings

0. Send out an effective E-mail with Agenda, Assignments 1. Meet and Go over agenda and understood assignments. 2. Effective Brain Storming: Let the brains keep storming. Last 3-7 minutes. So, and so, can you please take notes for me. "Let's open the brainstorming with dialogue about the cafeteria!" Don't lead them to think about something. Don't go down the rabbit holes but rather stay with everything. 3. MEAT of the meeting; all issues, assignments, brain storming ideas, etc. 4. Confirm assignments going forward 5. Send out an E-mail confirming attendee, all assignments, updated status from the meeting and when the next meeting will be.

What are the three things you benchmark in order?

1. Internal 2. Closest competitor 3. The very best of your competition

7 types of wastes

1. Overproduction 2. Inventory (JIT) (Just in time) 3. Correction (Defects) 4. Motion (unnecessary movement of people) 5. Overprocessing 6. Conveyance: unnecessary movement of materials. 7. Waiting

Scorecard creation steps

1. Select a focus area 2. List objectives 3. Create goals (more quantitative) 4. Build your spreadsheet 5. Monitor weekly (watch your data)

Project Charter

A Project Charter is a document that, while describing the purpose of a project and its scope, it legally authorizes the beginning of the project. Any business nowadays, before initiating a new project requires a signed project charter. What does a project charter contain? Project Overview: Consists of the project name, author of the charter, creation date, project manager, project charter purpose, and charter version. Project Details: here you can add a detailed project description which includes the mission, the general scope of the project, the key stakeholders, and clients. Project Scope: a range of companies prefer including the project scope within the Project Details section.

Make

Test product, confirm quality, hold, package, request and receive materials

Hunter's favorite food

Thai Food

SCOR Model (traditional)

Design Develop, Source Selection, Plan, Procure, Manage

What are the 2 E's?

Effective and Efficient: everything has processes to it.

ERP

Enterprise resource planning (connects all the data together in a company) (Peoplesoft, canvas)

Plan

Figure out what you are going to do with suppliers, demand, equipment, systems, and inventory

Deliver

Generate quotations, create and maintain customer database, collections

McKay's favorite restaurant

He doesn't have one

Source

Inspect, confirm, quantify, check and check again, have a back up

KPI

Key Performance Indicator (milestones & deliverables)

SCOR Model (modern)

Plan, Source, Make, Deliver, Return

RFP; RFQ; RFI

Request for Proposal; Request for Quote; Request for Information

Return

Scheduling, Inspection, Authorization, Verifying status of defects, Warranty

Gap Analysis Steps

Step #1: Identify the current state of your department. Step #2: Identify where you want to be with your department. Step #3: Identify the gaps in your department. Step #4: Devise improvements to close the gaps in your department.

SKU

Stock Keeping Unit (bar code)

Hannah's favorite movie

The Croods 2

3 Constraints

The three constraints of project management are cost, time, and scope. It is impossible to change one part of this triangle without having an effect on the other sides. The three constraints of project management will almost always be competing with each other. If a team decides to enlarge the scope of a project, the time will become larger as well, along with the cost. Understanding the scope, time, and cost constraints of project management is very important for those who wish to be successful with this process. If even one of these constraints are not properly used, the project will be a complete failure.

Fishbone diagram is also know as...

cause-and-effect