BUS 100 Exam 2
What kind of manufacturing process or layout would be used for bigger manufacturing items
fixed
Define Entrepreneur
A person who operates a business, taking on more financial risk, and recognize that there is potential and a gap in the marketplace
Define intrapreneur
Creative people who work as entrepreneurs within a corporation
Define Job Specialization
HAVE A CERTAIN TYPE OF TRAINING/EXPERTISE
Define each function of management (4)
Planning-setting organizational vision, goals, and objectives Organizing- networking, culture, a group working together/work Leading-Making decisions, group/team motivation Controlling- Control systems, human resources, and processes
What is lean manufacturing?
Producing goods in greater quantity but fewer resources
Define the concept of economies of scale
When businesses buy production resources in bulk, that decrease production cost for every additional unit that is produced
Define Exam Gantt Chart
a chart that shows you the amount of work done during that period of time
Henry Veole came up with what concept or business principle, what is the issue with that
bureaucracy, the issue is they can't improve or meet customer needs
Define job enrichment
expands the range of tasks that you perform and the skills you can develop
Business incubators do what
help businesses by providing a workspace + training
SWOT analysis
identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
_____ is the act of utilizing organizational resources to accomplish goals or work
management
_____ is a short-term measurable result an organization wants to achieve
objectives
What are the 4 functions of management?
planning, organizing, leading, controlling
What is a definition of a micropreneur
they are specialized in one area- they only specialize in one area ex. (residential housing) only have less than FIVE employees
To be considered as a part of a market an individual must have_____ and ______
willingness to buy and financial resources to buy
