Study Guide Chapter 5, 6, 8, 9
Principle of motion economy
(Developed by Frank and Lillian Gilbreth) Means that every job can be broken down into a series of elementary motions.
Leaders must
-Communicate a vision and rally others around that vision -Establish corporate values -Promote corporate ethics -Embrace change -Stress accountability and responsibility
Ouchi's Theory J (Japanese)
-Lifetime employment -Consensual decision making -Collective responsability
Ouchi's Theory Z (Modified American)
-Long-term employment -collective decision making -individual responsability
Theory X
-People dislike to work, must be forced, controlled, directed. -Primary motivators are fear and punishments.
Theory Y(millenials)
-People like to work -People are motivated by a variety of rewards (time off, money, recognition)
Ouchi's Theory A (American)
-Short-term employment -individual decision making -individual responsability
Maslow's hierarchy of needs
-self-actualization -esteem needs -social needs -safety needs -physiological needs
Small-businesses job opportunities
67% of the nation's new jobs are in small businesses.
Job Enlargement
A job enrichment strategy that combines a series of tasks.
Job rotation
A job enrichment strategy that moving employees from one job to another.
Entrepreneurship
Accepting the risk of starting and running a business.
Types of leadership
Autocratic , participative, and free-rein
Computer-aided design (CAD) Computer-aided manufacturing(CAM)
Both refer to the use computers to design or manufacture the products. And 'computer-integrated manufacturing (CIM) is the result of both.
Goals
Broad, long-term accomplishments a company wishes to achieve.
Job titles and abbreviations
CEO (Chief executive officer) COO (Chief operating officer) CFO (Chief financial officer CIO (Chief information officer)
Incubators
Centers that offer new businessess low-cost offices with basic business services.
Decision-making
Choosing between two or more alternatives.
Brainstorming
Coming-up with as many solutions as possible in a short period of time.
Reasons for the growth of small businesses
Computer technology, corporate downsizing, social attitudes, newer tax laws.
Leadership
Creating a vision for others to follow, establishing corporate values and ethics to improve effectiveness and efficiency.
Intrapreneurs
Creative people who work as entrepreneurs within a company.
Organizing
Designing the structure of the organization and creating conditions in which everyone and everything work together.
Victor Vroom's Expectancy theory
Employees expectations can affect motivation. 1.Can I accomplish the task? 2.If I do, whats my reward? 3.Is the reward worth the effort?
Micropreneurs and Home-based businesses
Entrepreneurs willing to accept the risk on businesses that remain small.
Challenges from working from home
Getting new customers, managing time, keeping up work and family, abiding by city ordinances, managing risk.
An entrepreneurial team
Group of experienced people from different areas of business.
Frederick Taylor
His goal was to increase productivity to benefit the company and the worker as well. He thought the solution was to study the best way to perform each task and teach people those methods. He became the father of scientific management.
Service Corps of Retired Executives
Important source of information for small-businesses. More than 10,000 volunteers who counsel owners at no cost.
Planning
Includes anticipating management and determining the best strategies to achieve goals and objectives.
Knowledge management
Keeping the right information in a accesible place and letting know everybody about it.
"How can I learn to run my own business"
Learn from others, get some experience, and take over a successful firm.
Problem-solving
Less formal than decision making and it used for quicker action to solve everyday issues.
PMI
Listing all the pluses and minuses for the solution. The main idea is to make sure the pluses exceed the minuses.
Enterprise resource planning (ERP)
Newer version of MRP, combines finance, human resources, and order fulfillment.
Reasons why people take the risk
Opportunity, profit, independence, and challenge.
Venture capitalists
People that invest in new businesses in exchange for partial ownership.
A Market
People with unsatisfied wants and needs who have the resources and willingness to buy.
Transparency
Presentation of a company's facts in a clear way for all stakeholders.
The Assembly Process
Puts together components to make a product.
Staffing
Recruiting, hiring, motivating, and retaining the best candidates out there to accomplish the company's objectives.
Entrepreneurs
Seek achievement more than power.
Personality Traits
Self-directed, self-nurturing, action-oriented, highly energetic, tolerant of uncertainty.
Enterprise zones also called empowerment zones or enterprise communities
Specific areas in the U.S to which governments attract private business investments by offering lower taxes and other support.
Objectives
Specific, short-term statements detailing how to achieve the company's goals.
Time-motion studies
Studies of the tasks performed in a job and the time needed for each.
Technical Skills
The ability to perform tasks in a specific discipline.
Production
The creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge.
Equity theory
The idea that employees try to maintain equity (fairness) between what they put and get out of the job.
Facility layout
The physical arrangements of resources (including people) in the production process.
Contingency Planning
The process of preparing alternative types of action to use if its primary plan don't work.
Facility location
The process of selecting a geographic location for a company.
Operational Planning
The process of setting work standards and schedules.
Management
The process used to accomplish organizational goals through planning, organizing, leading, and controlling people.
Abraham Maslow
Thinks that motivation comes from need. If a need is met, its no longer a motivator, so a higher-level need becomes the motivator.
Levels of management
Top Management (President) Middle Management (Division Heads) Supervisory Management (Supervisors) Nonsupervisory (Employees)
SWOT analysis
a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.
Job Enrichment
a strategy that motivates workers through the job itself by assigning work to specific individuals so they complete the task from beginning to end. Higher motivators are responsibility, achievement, and recognition. By Herber'z.
Policies- Strategies-
broad guidelines for action. find out the best way to use resources.
Hygiene Factor
cause dissatisfaction, but changing them will have little motivational effect.
Materials requirement planning (MRP)
computer-based operations management system that uses forecasts to make sure needed parts are available at the right time.
Production management
describes the activities that helped firms create goods.
Controlling
establishes clear standards to determine if the company is progressing toward its goals and objectives, rewarding people for doing good, and taking action for those who are not.
Human relation skills
include communication and motivation; managers are able to work through and with people.
A mision statement
includes the company's purpose, philosophy, long-term survival needs, customer needs, social responsability.
Elton Mayo and the Hawthorne Studies
inspired by frederick taylor's research. They concluded that employees work hard to stay in a group where the atmosphere is informal. Ex: you can talk freely, and even interact with the supervisors.
A Business Plan
is a detailed statement that describes the nature of the business, the target market, and the advantages over the competition.
Strategic Planning
is dony by top management and determines the major goals of the company and the policies, procedures, strategies, and resources.
Extrinsic reward
is given to you by someone else
Intrinsic reward
is the personal satisfaction you feel when you perform well.
Form Utility
is the value producers add to materials in the creation of finished goods and services.
Operations management
its used in both. Area in management that converts or transforms resources, including human ones like technical skills and innovation, into goods and services.
Conceptual Skills
let the manager picture the company as a whole and see the relationships among its various parts.
Leading
means creating a vision for the company and communicating, guiding, training, coaching, and motivating others.
Flexible manufacturing
means designing machines to do multiple tasks.
Empowering Workers
means giving employees the authority to make decisions without consulting.
Enabling
means giving workers the education and tools needed to make decisions.
Participative leadership
means involving managers and employees in making decisions.
Autocratic leadership
means making managerial decisions without consulting others.
Free-rein leadership
means managers establish objectives and employees are free to do whatever is appropriate to accomplish those objectives.
Douglas McGregor
observed manager's attitudes. Theory X and Theory Y
The Hawthorne Effect
refers to people's way to behave differently when they know they're being studied.
Goal-setting Theory by Peter Drucker
says setting ambitious but attainable goals motivate workers to improve performance.
Frederick Hezberg's
studied the important motivators for employees
Mass Customization
styling products to meet the customer's need.
Process manufacturing
the part that physically or chemically changes the material.
Tactical Planning
the process of detailed, short-term statements about what is to be done, who is to do it, and how.
Lean manufacturing
the production of goods using less of everything than in mass production.
The intrapreneurs idea
use a company's existing resources to launch new products and generate new profits.
Telecommuting
working from home via computer