HSB Principles of Management

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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


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