MGMT Final

The VP of product development led a _________________ of specialists in sales and marketing, manufacturing, and research and development to figure out how to bring new products to market faster in the United States. -Functional Team -Global Team -Cross-functional Team -Self-managed Team

Cross-functional Team

Members hold one another responsible rather than relying on managers as the source of responsibility. Which characteristic does this definition match? -Commitment -Results orientation -Trust -Accountability

Accountability

By building employees' commitment to the organization, providing intrinsic as well as extrinsic rewards, and allowing all employees to monitor product quality, managers are using ___________ -Hierarchical Control -Responsibility Centers -Quality Partnering -Decentralized Control

Decentralized Control

Quality Circle

Definition: At a set time during the workweek, 6 to 12 members meet, identify problems, and try to find solutions. These members are free to collect data and take surveys. Many companies train people in team building and problem solving. Explanation: Quality circles are voluntary groups of employees that meet to identify problems and find solutions. These teams are particularly effective because they are composed of frontline employees who have an intimate knowledge of job procedures and processes.

To improve its supply chain, the giant retailer formed a ____________ of logistics specialists and store managers in the United States and manufacturing managers in India and China. -Functional Team -Self-managed Team -Special-purpose Team -Global Team

Global Team

Members feel comfortable disagreeing and challenging one another in the interest of finding the best solution. Which characteristic does this definition match? -Trust -Healthy conflict -Accountability -Results orientation

Healthy Conflict

Identify the relevant total quality management (TQM) technique. Carleton University in Canada reviewed the websites of 24 universities and visited four leading universities to learn how to improve its housing allocation services. Reductions in vacancy rates led to a $400,000 gross revenue increase. -Benchmarking -Six Sigma -Quality Circle -Continuous Improvement

Benchmarking

The organization's _______________ gives managers information about whether large investments, such as in buildings and expensive equipment, will overly drain resources or will pay for themselves. -Revenue Budget -Cash Budget -Expense Budget -Capital Budget

Capital Budget

To determine how well the company is performing with respect to targets, managers use which of the following? -Individual performance measures -Financial, safety, and customer service measures -Only financial measures -Objective measures and subjective opinions

Financial, safety, and customer service measures

Bank of America's ______________provides information such as its interest expense, or the interest the bank paid depositors, and its interest income, or the interest it earned by investing deposits over a period of time. This document also states the bank's other revenues and expenses for the time period. -Activity Ratio -Leverage Ratio -Income Statement -Balance Sheet

Income Statement

Sometimes budget amounts are arrived at by copying the previous year's amounts and maybe adjusting them by some percentage, under the assumption that if the money was spent last year, it will be needed again this year. If the leadership of an organization instead wants to see a justification of every budget expenditure, then which approach would be best? -Top-down Budgeting -Zero-based Budgeting -Bottom-up Budgeting

Zero-based Budgeting

When a team has high _______________________ , it brings a high level of knowledge and skill to its work. -productive output -capacity to adapt and learn -satisfaction -free ridership

capacity to adapt and learn

As the team works together, Carol plays a _____________ , diffusing conflicts and helping everyone feel welcome to contribute ideas. -diversity manager role -socioemotional role -technology manager role -task specialist role

socioemotional role

Negative Factors that influence the success of a TQM program

•Management expectations are unrealistically high. •Middle managers are dissatisfied about loss of authority. •Workers are dissatisfied with other aspects of organizational life. •Union leaders are left out of quality circle discussions. •Managers wait for big, dramatic innovations.

Positive Factors that influence the success of a TQM program

•Tasks make high skill demands on employees. •TQM serves to enrich jobs and motivate employees. •Problem-solving skills are improved for all employees. •Participation and teamwork are used to tackle significant problems. •Continuous improvement is a way of life.

Some of the elements of ____________ are a focus on a shared mission, a willingness to work together toward the same goals, and a sense of trust in each other. -Teamwork -Storming -Compromise -Negotiation

-Teamwork

Because all ideas are put on the table, people can eventually achieve genuine buy-in around important goals and decisions. Which characteristic does this definition match? -Trust -Results orientation -Healthy conflict -Commitment

Commitment

Identify the relevant total quality management (TQM) technique. At the Franklin Steel Products Plant in Franklin, Kentucky, employees from the Dana Corporation's Perfect Circle Products unit manufacture as many as 3,500 different part numbers, primarily for automakers Ford, General Motors, and Daimler Chrysler, as well as thousands of after-market products. Despite the high-volume, high-mix environment, Dana Franklin has maintained a 99% on-time delivery rate to customers since 2001. The philosophy here is that with each unit produced, with each hour, with each day and each week, the plant gets just a little bit better. -Benchmarking -Continuous Improvement -Quality Circle -Six Sigma

Continuous Improvement

Monique can count on her employees to show up for work, and very few workers leave the company. Is this hierarchical control or decentralized control?

Decentralized Control

Continuous improvement

Definition: At the Franklin Steel Products Plant in Franklin, Kentucky, employees from the Dana Corporation's Perfect Circle Products unit manufacture as many as 3,500 different part numbers, primarily for automakers Ford, General Motors, and Daimler Chrysler, as well as thousands of after-market products. Despite the high-volume, high-mix environment, Dana Franklin has maintained a 99% on-time delivery rate to customers since 2001. The philosophy here is that with each unit produced, with each hour, with each day and each week, the plant gets just a little bit better. Explanation: The Dana Corporation is involved in continuous improvement, the concept known in Japan as kaizen. Companies using this approach to quality ask their employees to look for small ways to improve products and processes. The idea is that implementing these small changes on an ongoing basis will lead to extraordinary success.

Benchmarking

Definition: Carleton University in Canada reviewed the websites of 24 universities and visited four leading universities to learn how to improve its housing allocation services. Reductions in vacancy rates led to a $400,000 gross revenue increase. Explanation: Benchmarking involves seeking out companies that are considered the best in the business and measuring yourself against them. Effective benchmarking requires careful analysis of your current procedures as well as your competitor's. Carleton University used this technique when it studied the ways other universities handled student housing.

Employees mostly feel indifferent toward their work and do only what they are told. Is this hierarchical control or decentralized control?

Hierarchical Control

Managers tell employees what to do because employees are not seen as capable of solving problems themselves. Is this hierarchical control or decentralized control?

Hierarchical Control

_____________ provide information about how well a company is using revenues or assets as a source of profit. For example, Pacific Ethanol had a return on investment (profit divided by owner equity) of 29.1%, well above the industry average of 6.15%. -Liquidity Ratios -Profitability Ratios -Activity Ratios -Leverage Ratio

Profitability Ratios

Identify the relevant total quality management (TQM) technique. At a set time during the workweek, 6 to 12 members meet, identify problems, and try to find solutions. These members are free to collect data and take surveys. Many companies train people in team building and problem solving. -Six Sigma -Quality Circle -Reduced Cycle Time -Benchmarking

Quality Circle

The U.S. Department of Labor has a Business Operations Center and within it are different departments, such as the Office of Worker Safety and Health and the Office of Small and Disadvantaged Business Utilization, each with its own manager. These organizational units are ______________. -Budget Items -Revenue Centers -Responsibility Centers -Quality Circles

Responsibility Centers

Companies based outside the United States that are thinking about entering the U.S. market will need to comply with this country's laws. Publicly owned foreign companies that seek to be traded on U.S. stock exchanges need to be particularly concerned with laws concerning corporate governance. Managers of such companies should consider the effect that which of the following will have on their operations? -The ISO 9000 family of standards -Sarbanes-Oxley Act of 2002 (SOX)

Sarbanes-Oxley Act of 2002 (SOX)