Management Exam 1

Know the continuum of Cultural Competence and what is involved at each step

-Cultural Destructiveness: A lack of understanding of diverse cultures. -Cultural Incapacity: A lack of capacity to respond effectively to cultural and linguistically diverse groups. -Cultural Blindness: All people are viewed the same without taking into consideration their cultural differences. -Cultural Pre-competence: preliminary stage where strengths and areas of growth of cultural competence are known; however, progress has not been made to move forward -Cultural Competence: Acceptance and respect for differences; continual assessment of sensitivity to other cultures; expansion of knowledge; hiring a diverse and unbiased staff -Cultural Proficiency: Cultures held in high esteem; constant development of new approaches; seeking to add to knowledge base; advocates for cultural competency with all systems/organizations

Understand the differences between human resources and human resources capital.

-HR: describes both the people who work for a company or organization and the department responsible for managing resources related to employees. -HRM: Human resource management [aka capital]: contemporary, umbrella term used to described the management and development of employees in an organization. -oversees things related to managing an organization's human capital.

31. Know the LEARN model.

-Listen; Explain; Acknowledge; Recommend; Negotiate

Know what the 3 components of a balance sheet are and what is involved in each one.

1. Assets = Things that a company owns that have value 2. Liabilities = Amounts of money that a company owes to others 3. Shareholders Equity = The money that would be left over if a company sold all of its assets and paid off all of its liabilities.

Know the 5 Types of Financial Statements and what each one involves.

1. Income statement =Shows revenues, expenses, and profit or loss for the specific period 2. Balance Sheet = Shows values of assets, liabilities, and equity at the reporting date 3. Statement of Retained Earnings = Shows the movement and balance of equity for the period 4. Statement of Cash Flow = Shows the cash flow of entity during the period 5. Notes to Financial Statements = Provides additional information pertaining to a company's operations (Required by full disclosure principle)

What are the 7 managerial sciences?

Accounting, Finance, Economics, HR, marketing, operations, value creation

Know the differences in the two accounting periods mentioned in the lecture.

Accrual accounting which records revenue when earned and records expenses when incurred Cash accounting which records revenue when received and records expenses when paid

Operational Planning

Covers the what, the who, the when, and how much - Performs immediate tasks and objectives to meet goals and strategy of the organization- "day to day tasks" - "Focused on achieving a company's short-term objectives" - Viewpoint: internal - SHORT TERM (1-5 years)

Understand the definition of Culture and what year the U.S. will have half of its population as minority

Culture- a body of learned beliefs, traditions, and behaviors shared among members of a particular group. Includes: values, beliefs, customs, communication styles, behaviors, practices, clothing, art, etc. - By 2050, half of the US population will be made up of minorities

1. Understand the concepts between management vs. leadership.

Mgmt. "a process which brings together resources and unites them in such a way that, collectively, they achieve goals or objectives in the most efficient manner possible." LEADERSHIP ▪ Is a distinctly different skill than management ▪ Involves the ability to inspire and direct others ▪ A good leader is one who first knows how to follow

Know the acronyms of S.M.A.R.T. goals and what the objective of each is for.

Specific: Keep goals specific Measureable: Should be able to measure goals Achievable: Set goals that are achievable Relevant: Goals should be relevant to the objective Timely: Set an exact deadline that you would like to accomplish the goal by

Know what responsibilities the human resource department is responsible for

Staffing; Policies; Policies; Compensation and Benefits; Retention; Training and Development; Laws; Worker Protection [7 Main Tasks]

Understand the definition of leadership

ability to lead a group or organization. The act of inspiring subordinates to perform and engage in achieving a goal. Have a vision, share it, provide info and coordinate w/ members. Cannot be taught, but can be learned through mentoring/coaching. Characteristics: trustworthy, consistent, honest, confident, knowledgeable, goal-oriented, dedicated, enthusiastic, calming, committed to excellence, visionary, gives feedback, support, recognize others' efforts, takes control, plans/delegates, engaged.

Business Planning

Used to determine the feasibility of a specific business or program. - Helps potential stakeholders make a decision about investing and can be used to make decision to start a new, expand, or terminate a business. - SHORT TERM (1-5 years)

Know the 4 value models and what is involved in each step.

Value Proposition = What will your service do? Value Creation = How will you work with your customers and suppliers to create and deliver the service? Value Capture = How will you ensure that you benefit from creating the service? Value Network = What connections exist in the business or among individuals that benefit the entire company or group?

44. Be familiar with the responsibilities of accounting. Slide 5 in Accounting and Financial Reporting Lecture

● Record transactions ● Keep financial records ● Perform internal audits ● Report and analyze financial information to management ● Advise on taxation matters ● Provide information on resources available to business

What is the leading cause of death in the United States? Slide 8 & 9 in Social Determinants Lecture

#1- Heart Disease

Know how much time it should take a company to communicate value

5 seconds!

Know the 4 P's of Marketing and how they are applied in the practice of business.

4 P's of marketing 1) Product 2) Price - the actual amount the end user is expected to pay for a product How a product is priced will directly affect how it sells This is linked to what the perceived value of the product is to the customer rather than an objective costing of the product on offer If a product is priced higher or lower than its perceived value, then it will not sell 3) Promotion - marketing communication strategies and techniques all fall under the promotion heading May include advertising, sales promotions, special offers and public relations Promotion is just the communication aspect of the entire marketing function 4) Place - how the product will be provided to the customer Distribution is a key element of placement The placement strategy will help assess what channel is the most suited to a product

Know that static budgeting is the most commonly utilized budget model and what is involved with it

A fixed budget that remains unaltered regardless of changes in factors such as sales volume or revenue (A plumbing supply company, for example, might have a static budget in place each year for warehousing and storage, regardless of how much inventory it moves in and out due to increased or decreased sales.) operational budget

Understand the two major approaches to capture value (i.e. maximization & minimization).

Capture value is the process of retaining some percentage of the value provided in every transaction. (As long as you bring enough to cover your needs, there's no need to capture every cent. Create as much value as you can, so your captured value is worth it.) Maximization = An organization should try to capture as much value as possible. Minimization = An organization should capture as little value as possible, as long as it remains sufficient.

Know which DEA form should be utilized in the event of a theft or significant loss within the pharmacy

DEA form 106 is used to document the actual circumstances of the theft or significant loss and the quantities of controlled substances involved

Know the differences between DMAIC and DMADV and what each one stands for.

DMAIC: Define, measure, analyze, improve, and control (continuous improvement) DMADV: Define, measure, analyze, design, and verify (reengineering)

Understand the concepts of what is involved in the various aspects of a business plan.

Define the business: define what you do, mission statement Conduct Mkt research and analysis: customers Identify target market- analyze potential customers, id who you will appeal to Competitor analysis- characteristics/ strengths/ weaknesses of competitors Asses clinical and quality requirements- know regulatory requirements, voluntary standards Define process/ operations: id roles, make org charts, physical layout Market Strategy- how to reach target market, means of communication. INITIAL and ONGOING Develop financial projections- cost and income/ financial benefit Identify action plan- dates, responsible individuals, monitoring/assessment parameters Assess critical risks and opportunities- assess risks, fixing them leads to new "opportunities" Establish an exit plan- protocol for terminating program: sell, liquidate, merge, transfer

Be familiar with the concepts of the 14 principles of Management?

Division of work → authority → discipline → unity of command → unity of direction → order → scalar chain → centralization → remuneration → interests → equity → stability → initiative → spirit de corps

34. What two languages are most commonly spoken in the U.S. according to the health equity lecture?

ENGLISH and SPANISH

Understand the concept and definition of "ERP." Slide 32 in Managing Operations Lecture

ERP (Enterprise Resource Planning) - software that facilitates communication between departments within an organization - Enables employees to work better= increased productivity - Assists managers to strategically plan reports, improvements in efficiency, and save costs

What does EVP stand for and what are the 5 key EVP categories?

Employee Value Proposition[EVP]: Opportunity; Rewards; Work; People; Organization

IRCA-The Immigration Reform and Control Act of 1986:

Employers must prove employees hired are legally authorized to work in the US & prohibits discrimination based on national origin or citizenship.

Understand the difference between Eustress and Distress.

Eustress: positive stress that presents the opportunity for personal growth and satisfaction Distress: negative stress that results in debilitative stress and strain

. Know what three items are reported on an income statement.

Income statement is also known as the "statement of financial performance" ● States how much money a company made (or lost) in a given time period (usually a fiscal year) ● Shows revenues earned and expenses paid, with the ultimate goal of showing a company's profit numbers ● Reports earnings per share (or "EPS") ● Three main financial information reported: 1. Revenues 2. Expenses 3. Profit or Loss

Understand what items are considered time wasters in time management.

Learn to recognize when you're wasting time Lack of priorities, perfectionism, waiting for inspiration, doing everything by yourself, worrying about what people will say, not living your life, the fear, complaining, unfinished tasks, trying to please everybody, comparing yourself, repeating the same mistakes

Know how to calculate Assets and Net Worth.

Liabilities + Equity = Assets Assets - Liabilities = Net Worth

Understand how FTE works.

Measures actual work hours. One FTE = 40hrs/wk = 2080 hrs/yr

Be familiar with the concepts of mission statements, value statements, and vision statements

Mission Statement: purpose of the company. Should be short, concise, useful and usually no more than two sentences. EX: ADA- To prevent and cure diabetes and to improve the lives of all people affected by diabetes. Value Statement: lists the core principles that guide and direct the organization and its culture. Once this is established, values never change. Creates a moral compass, identifies targeted customers, and should include beliefs and purpose. EX: Starbucks was used. Vision Statement: what the organization hopes to be at some future time point. May be complex and multidimensional, but concise. Used in the strategic planning process and defines the mission of the organization. EX: Make-A-Wish- That people everywhere will share the power of a wish.

Understand the definition of organizational culture and how it is influenced. Slide 4 & 4 Organizational Culture lecture.

Organizational Culture- the values and behaviors that contribute to the unique social and psychological environment of an organization. - Includes: organization's expectations, experiences, philosophy, and values that hold it together - Based on: shared attitudes, beliefs, customs, and written/unwritten rules that have been developed over time. - "The way things are done around here" - AKA: Corporate Culture - Affects: productivity and performance - Provides guidelines for: customer service, product quality, attendance, concern for environment - Influenced by: 1. Way the org conducts business, treats employees, customers, and community 2. Extent to which freedom is allowed in decision making, developing new ideas 3. Hierarchy 4. Employees feelings towards collected objectives

Know the five functions of management

Planning, organizing, commanding, coordinating, controlling (reviewing progress)

What is the name of the Value Chain Model utilized in most businesses?

Porter's Value Chain

Contingency Planning

Provides a fallback option or direction should the original strategy fails - Most common crises: natural disasters, changes in management - Viewpoint: both external and internal - SHORT-LONG TERM (1-20 years)

Value-based Purchasing

Refers to the many ways purchasers are attempting to measure and improve the quality of care received for the money spent. uThe concept of value-based health care purchasing is that buyers should hold providers of health care accountable for both cost and quality of care. uValue-based purchasing brings together information on the quality of health care, including patient outcomes and health status, with data on the dollar outlays going towards health.

Know what SWOT stands for and what is involved in each stage

Strengths - what you do well/ better than compensation, tangible assets Weaknesses- things you lack, what plp do better than you, limitations Opportunities- where can you grow/ emerging need, finding underserved mrkts Threats- new developments/ companies, changing regulation, bad press

Be familiar with items that could be possible triggers for stress and how to classify them (external vs. internal causes).

Stress triggers for students: family and relationships, exams/tests, class assignments, financial concerns Stress triggers in work environment: Being unhappy in your job, having a heavy workload or too much responsibility, working long hours, having poor management, unclear expectations of your work, or no say in the decision-making process, working under dangerous conditions External causes: family, work, economics, school, major life changes, unforeseen events Internal causes: worry, uncertainty, fear, attitudes, unrealistic expectations

Obesity as a Disability: -EEOC says obesity sufficiently affects major life activities to warrant classification as a disability, and must provide reasonable accommodations. Pregnancy Discrimination Act[PDA]: -CANNOT deny job or promotion, be fired or forced to go on leave because of pregnancy, childbirth, related medical conditions, or even having an abortion. Family and Medical Leave Act [FMLA] of 1993: -up to 12 weeks of unpaid leave -eligibility: worked for employer for 12 months prior; employer must have > employees. 2010 Affordable Care Act's "Break Time for Nursing Mothers" -MUST prove a "reasonable break time" and MUST provide a place that is NOT a bathroom, shielded from view, and free from intrusion from both coworkers and the public." The Uniformed Services Employment and Reemployment Rights Act [USERRA] -When reservists return from active duty tours of LESS THAN 5 YEARS, you MUST reemploy them to their old jobs or to equal jobs.

The Equal Employment Opportunity Commission [EEOC] -Monitor discrimination and file lawsuits to correct discriminatory practices in the workplace -Responsible for Affirmative action.

Know slide 5-24 in the laws and regulations lecture. Pay particular attention to items bolded, underlined, or highlighted.

Title VII: The Federal Civil Rights Act of 1964 [primary piece of legislation affecting human resource management practices] -The act + amendments to it → prohibits discrimination in employment hiring, promotion, compensation, & treatment of protects employee groups. -Made it illegal to retaliate against those who complain, charge, or investigate about discrimination. -MUST reasonably accommodate sincerely held religious practices UNLESS doing so would impose an undue hardship on the operation of the employer's business. -PROTECTED GROUPS: might be discriminated against based on their gender, race, age, religion, sexual preference, height, weight, arrest record, national origin[accent discrimination, english fluency, english-only rules], financial status, military record, or disability. -prohibit discrimination against individuals employed in the US [REGARDLESS OF CITIZENSHIP]

Understand the processes of the planning processes involved in managing operations (i.e. business, strategic, operation, resource, organizational, and contingency).

Types of Planning: Business, Strategic, Operational, Resource, Organizational, Contingency

Organizational Planning

ensures organization is organized to meet challenges of future - Key elements include: reporting relationships, responsibility and authority definitions. - Viewpoint: internal. -- MIDTERM (1-10 years)

Understand the differences between six sigma, lean sigma, and human sigma and be able to apply the concepts of each.

six sigma- management strategy of reducing defects though data driven quality control (statistical unit of measurement, denoting standard deviation, management strategy to eliminate errors). No more than 3.4 defects per million. lean sigma- focuses on waste reduction by streamlining process. Eliminate anything that does not add value. human sigma- focuses on the customer-employee interaction, which must be measured together as one. An emotionally satisfied customer is better than a rationally satisfied customer. Uses question sets to get a consistent measure of employee and customer engagement. (ranks responses by 1= disagree... 5= strongly agree) and has process to manage and improve employee/customer engagement. and be able to apply the concepts of each.

Understand the differences between health equality, health equity, health inequities, and health literacy.

-Health equality: SOUNDS FAIR, BUT IS NOT! -Health equity: IS FAIR! The attainment of the highest level of health for all people. Ensures all people have full and equal access to opportunities that enable them to lead healthy lives. -Health inequities: Differences in health that are avoidable, unfair, and unjust; affected by social, economic, and environmental conditions. -Health literacy: The degree to which individuals have the capacity to obtain, process, and understand basic health information and services needed to make appropriate health decisions.

Religious Discrimination:

-MUST reasonably accommodate the religious practices of an employee or prospective employee, UNLESS doing so would create an undue hardship upon the employer. Protects traditional, organized religions, and sincerely held religious, ethical or moral beliefs.

33. Understand the tools utilized to help educate and empower patients who struggle with health literacy. Slide 11 in Health Equity Lecture

-Practice clear communication in both oral and written forms -Use the "teach-back" method [ensures understanding] -Emphasize 1-3 key points during an oral consultation

Race & Color Discrimination:

-Race[skin color, hair texture, certain facial features] -Color according to EEOC[pigmentation, complexion, or skin shade or tone] -Relationship to a person of a certain race or color or because of one's connections to a particular organization can create discrimination.

Know the 5 Marketing Concepts mentioned in the Marketing Theory Lecture.

5 marketing concepts: 1) Production concept Consumers will favor products that are available & highly affordable One of the oldest marketing management orientations that guide sellers Companies adopting this orientation run a major risk of focusing too narrowly on their own operations & losing sight of the real objective 2) Product concept Consumers will favor products that offer the most in quality, performance & innovative features Marketing strategies are focused on making continuous product improvements 3) Selling concept Management focuses on creating sales transactions rather than on building long-term, profitable customer relationships The aim is to sell what the company makes rather than making what the market wants The marketer assumes that consumers will be coaxed into bullying the product will like it, if they don't like it, they will possibly forget their disappointment & buy it again later The selling concept is practiced with unsought goods (what buyers don't normally think of buying) 4) Marketing concept Achieving organizational goals depends on knowing the needs & wants of target markets & delivering the desired satisfactions better than competitors do Takes a "customer first" approach Customer focus & value are the routes to achieve sales & profits 5) Societal marketing concept Marketing strategy should deliver value to customers in a way that maintains or improves both the consumer's & society's well-being Puts human welfare on top before profits & satisfying the wants of the customer

Sex Discrimination: -Treating someone unfavorably because of that person's gender. [LGBTQ] Age Discrimination:-FORBIDS age discriminations against people who are > 40 YO Equal pay act [EPA]: -Requires that men and women in the same workplace be given equal pay for equal work. -All forms of pay are covered by this law

Americans with Disabilities Act [ADA] of 1990: -Prohibits employers from discriminating against QUALIFIED individuals with disabilities in all aspects of the employment process. -Disability: has physical or mental impairment that substantially limits one or more major life activities[Walking, Caring for oneself, Seeing, Hearing, Eating, Sleeping, Standing Lifting, Operation of Bodily Function, Immune System, Digestive System, Brain, Respiratory System]; has a record of such an impairment[Having a med record or having a physical or mental impairment]; or is regarded as having such an impairment[has been discriminated against b/c of an actual or perceived physical or mental impairment].

Understand the purpose of a Master Budget.

An aggregate of a company's individual budgets ● Designed to present a complete picture of the company's financial activity and health ● Combines factors like sales, operating expenses, assets, and income streams to allow companies to establish goals and evaluate their overall performance ● Often used in larger companies to keep all individual managers aligned

Be able to recognize the components of the development of a marketing mix. Slide 22-28 in marketing theory lecture

Components of marketing mix 1) Defining unique selling proposition ● Define what the product has to offer or its unique selling proposition (USP) ● Can be accomplished through customer surveys or focus groups ● Should be clearly understood what the key features & benefits of the product are & whether they will help ensure sales 2) Understanding the consumer ● The product can be focused by identifying who will purchase it ● All other elements of the marketing mix follow from this understanding 3) Understanding the competition ● The prices & related benefits such as discounts, warranties & special offers need to be assessed ● An understanding of the subjective value of the product & a comparison with its actual manufacturing distribution cost will help set a realistic price point 4) Evaluating placement options ● Helps to understand where the customer is most likely to make a purchase & what are the costs associated with using this channel ● Multiple channels may help target a wider customer base & ensure ease of access ● If the product serves a niche market then it may make good business sense to concentrate distribution to a specific area or channel ● The perceived value of the product is closely tied in with how it is made available 5) Developing communication/promotion strategy ● Based on the audience identified & the price points established, the marketing communication strategy can now be developed ● Whatever promotional methods are finalized need to appeal to the intended customers & ensure that they key features & benefits of the product are clearly understood & highlighted 6) Cross-check of the marketing mix ● A step back needs to be taken at this point to see how all the elements identified & planned for relate to each other ● All marketing mix variable are interdependent & rely on each other for a strong strategy Do the proposed selling channels reinforce the perceived value of the product? Is the promotional material in keeping with the distribution channels proposed? ● The marketing plan can be finalized once it is ensured that all 4 elements are in harmony & there are no conflicting messages, either implicit or explicit

Understand how to cope with stress.

Coping with Stress: - Identify potential sources of stress - What situations cause stress for you? Find your triggers - Be prepared - Avoid stress - Ex: Studying- set limits, take a break, re-energize, locate the perfect work environment - Respond positively - keep a stress journal or just being more aware can help - Balance (life, work, responsibilities) - Managing Stress: change the situation or change your reaction

Understand the concept of Dual Aspect on slide 28 in Accounting and financial reporting lecture.

Dual aspect Every transaction affects two accounts debit credit Debit is the portion of transaction that accounts for the increase in assets and expenses, and the decrease in liabilities, equity and income Credit is the portion of transaction that accounts for the increase in income, liabilities and equity, and the decrease in assets and expenses For each debit there is a corresponding credit and vice versa Concept ensures that all aspects of a transaction are accounted for in the financial statements

Strategic Planning

Ensures that the organization is doing the right thing. - Addresses what business the organization is in. - Provides a framework for more detailed planning. - "Made to achieve a company's long term objectives" - Viewpoint: external - LONG TERM (5-20 years)

Resource Planning

Ensures the resources necessary are and will be available to achieve goals/strategy of the organization - Can be comprehensive - 4 Types: Financial (funds), Human (staffing), Physical (production), Intellectual (partnerships) - Viewpoint: internal - MIDTERM (1-10 years)

What is a company's most important asset?

HUMAN CAPITAL

Who is responsible for the 5 functions of management?

Henri Fayol

Understand the general concepts of Pay for Performance, Value Based Purchasing, Social Media Outlets, and Networking.

P4P uIncreasing % of GDP on health services u>17% (over $3 trillion currently) uExpenditures increase without proportional improvement in quality measures uNo comprehensive system for paying for health services for residents u"For-profit nature" of provision of health care services uDistribution and access to health services is significantly uneven uBased on current trends*, national health spending is expected to reach $6 trillion by 2027. This is unsustainable for government, the business sector and the private citizen. What is the impact of improving quality on costs? The business case for improving quality. As Quality goes up. Costs go down. uQuality measures are designed to drive improvement in care. uThey are not designed to generate cost outcomes/savings. uWhile cost savings may be achieved there has been a notable lack of focus on interventions that truly consider costs of care. uStandardized measures uData collection, submission & sharing uPublic reporting/transparency uPayment Structure: Incentivized reimbursement. uP4P is a type of value-based purchasing that provides an incentive-based reimbursement system. uFinancial incentives reward providers for the achievement of a range of payer objectives, including delivery efficiencies, submission of data and measures to the payer, and improved quality and patient safety. uRewards quality and/or efficiency uPenalizes unmet expectations. q Leapfrog Hospital Rewards Program q P4P trending up q >80% of HMO enrollees belong to a plan incorporating some type of P4P Issues Identified in the Premier Demo-uCosts invested > cost recouped uSignificant work to collect, evaluate, validate and submit data uCoordination of diverse staff to improve outcomes uMajor drivers uImproving care quality uPublic reporting (image)

Six Sigma means how many defects per million?

The Six Sigma process must not produce more than 3.4 defects per million opportunities

Understand "The Set Time Method" and "The Swiss Cheese Approach."

The Swiss Cheese Approach: Whenever you find yourself with some free time, do a small part of a larger task A Set Time Method: Whenever you set and block out a specific period of time to accomplish a task

Understand Going Concern in the Accounting and financial reporting lecture Slide 20 and 21

● Financial statements are prepared on the assumption that the business will remain in operation in foreseeable future ● Allows cost & revenues to be allocated to the future accounting periods ● Provides a more realistic value of business assets ● Allows fixed assets to be written off proportionally over their useful life ● The auditor evaluates an entity's ability to continue as a going concern for a period not greater than one year (at least one year) following the date of the financial statements being audited ● The auditor considers the following items in declining if there is a substantial doubt about an entity's ability to continue as a going concern ○ Negative trends in operating results, such as a series of losses ○ Loan defaults by the company ○ Denial of trade credit to the company by its suppliers ○ Uneconomical long-term commitments to which the company is subjected ○ Legal proceedings against the company