ISOM 125 test 2

Financial Compensation

Falls into two general categories - wages and salary

Free-Rein leadership

Let their employees work without much interference

Scheduling

The assignment of required tasks to departments or even specific machines, workers, or teams

Salary

A financial reward calculated on a weekly, monthly, or annual basis

Profit Sharing

A form of compensation whereby a percentage of company profits is distributed to the employees whose work helped to generate them

Job Description

A formal, written explanation of a specific job, usually including job title, tasks, relationships with other jobs, physical and mental skills required, duties, responsibilities, and working conditions

Fixed-Position Layout

A layout that brings all resources required to create the product to a central location

Mediator

A method of outside resolution of labor and management differences in which the third party's role is to suggest or propose a solution to a problem

Economic Order Quantity (EOQ) Model

A model that identifies the optimum number of items to order to minimize the cots of managing (ordering, storing, and using) them

Transfer

A move to another job within the company at essentially the same level of wage

Total Quality Management (TQM)

A philosophy that uniform commitment to quality in all areas of an organization will promote a culture that meets customers' perceptions of quality

Material-Requirements Planning (MRP)

A planning system that schedules the precise quantity of materials needed to make the product

Management Functions

A process designed to achieve an organization's objectives by using its resources effectively in a changing environment

Picketing

A public protest against management practices that involves union members marching and carrying anti management signs at the employer's plant or work site

Wage/Salary Survey

A study that tells a company how much compensation comparable firms are paying for specific jobs that the firms have in common

Statistical Process Control

A system in which management collects and analyzes information about the production process to pinpoint quality problems in the production system

Just-In-Time Management

A technique using smaller quantities of materials that arrive "just in time" for use in the transformation process and therefore require less storage space and other inventory management expense

Human Resource Management (HRM)

All the activities involved in determining an organization's human resources needs, as well as acquiring, training, and compensating people to fill those needs

Boycott

An attempt to keep people from purchasing the products of a company

Commission

An incentive system that pays a fixed amount or percentage of the employee's sales

Continuous Manufacturing

Companies that use continuously running assembly lines, creating products with many similar characteristics

Supply Chain Management

Connecting and integrating all parties or members of the distribution system in order to satisfy customers

Crisis Management

Contingency Planning - an element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus, or airplane crash

Performance Appraisal

Crucial because it provides employees with feedback on how they are doing and what they need to do to improve

Transformation Process

Different stages of changing inputs to outputs

Labor Unions

Employee organizations formed to deal with employers for achieving better pay, hours, and working conditions

Specification

Employment changes involving resignation, retirement, termination or layoff

Separations

Employment changes involving resignation, retirement, termination, or layoff

Wages

Financial rewards based on the number of hours the employee works or level of output achieved

Capital Intensive

Generally manufactures, because of the machinery and technology used in the mass production of highly similar goods

Raw Materials Inventory

Includes all the materials that have been purchased to be used as inputs for making other products

Democratic

Involve their employees in decisions

Applicant Reference

Involves verifying educational background and previous work experience, along with social media

Autocratic

Make all the decisions and then tell employees what must be done and how to do it

Lockouts

Management's version of a strike, wherein a work site is closed so employees cannot go to work

Computer-Assisted Manufacturing (CAM)

Manufacturing that employs specialized computer systems to actually guide and control the transformation processes

Directing

Motivating and leading employees to achieve organizational objectives

Benefits

Non financial forms of compensation provided to employees, such as pension plans, health insurance, paid vacation and holidays and the like

Turnover

Occurs when employees quit or are fired and must be replaced by new employees

Strikebreakers

People hired by management to replace striking employees; called "scabs" by striking union members

Service Provider

Provides a service, instead of a good

Decision-Making Process

Recognize and define the decision situation, develop options, analyze options, select the best option, implement the decision, monitor the consequences

Quality

Reflects the degree to which a good or service meets the demands and requirements or customers

Point of Consumption

Self Explanatory, the actual performance of the service typically occurs here, manufacturing providers opposing side

Arbitration

Settlement of a labor/ management dispute by a third party whose solution is legally binding and enforceable

Tactical Plans

Short-range plans designed to implements the activities and objectives specified in the strategic plan

Facility Location

Significant question because once decision had been made and implemented, the firm must live with it due to the high costs involved

Headhunters

Specialized executive employment agencies that can hep locate candidates from other companies

Sampling

Testing or inspecting products or services

Human Relations Skills

The ability to deal with people, both inside and outside the organization

Conceptual Skills

The ability to think in abstract terms and to see how parts fit together to form the whole

Efficiency

The comparison of what is actually produced or performed with what can be achieved with the same consumption of resources (money, time, labor, etc.)

Job Analysis

The determination, through observation and study, of pertinent information about a job including specific tasks and necessary abilities, knowledge and skills

Operational Management (OM)

The development and administration of the actives involved in transforming resources into good and services

Flexible Manufacturing

The direction of machinery by computers to adapt to the different versions of similar operations

Labor Contract

The formal, written document that spells out the relationship between the union and management for a specified period of time, which is usually two or three years

Outputs

The goods, services, and ideas that result from the conversion of inputs

Staffing

The hiring of people to carry out the work of the organization

Standardization

The making of identical interchangeable components or products

Customization

The maximum load that an organizational unit can carry or operate

Diverse Workforce

The participation of different ages, genders, races, ethnicities, nationalities, and abilities in the workplace

Top Management

The president and other top executives of a business, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operations office (COO), who have overall responsibility for the organization

Inventory Control

The process of determining how many supplies and goods are needed and keeping track of quantities on hand, where each item is, and who is responsible for it

Planning

The process of determining the organization's objectives and deciding how to accomplish them; the first function of management

Controlling

The process of evaluating and correcting actives to keep the organization on course

Quality Control

The processes an organization uses to maintain its established quality standards

Inputs

The resources, such as labor, money, materials, and energy that are converted into outputs

Technical Expertise

The specialized knowledge and training needed to perform jobs that are related to particular areas of management

Organizing

The structuring of resources and activities to accomplish objectives in an efficient an effective manner

Managers

Those individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing, and controlling the organizations actives to reach its objectives

Middles Managers

Those members of an organization responsible for the tactical planning that implements the general guidelines established by top management

Strategic Plans

Those plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission

Production and Operations Manager

Those who develop and administer the activities in transforming resources into goods, services, and ideas ready for the marketplace

First-Line Management

Those who supervise both workers and the daily operations of an organization

Development

Training that augments skills and knowledge of managers and professionals

Operational Plans

Very short-term plans that specify what actions individuals, work groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic plan

Bonus

monetary reward offered by companies for exceptional performance as incentives to further increase productivity