D073 practice for oa with complete solutions

Mission statement ✔✔What we are doing (has objectives that are measurable) i.e what will be accomplished when will it be done how much will nbe done Strategy ✔✔Also called an action plan is developed to achieve a vi ...

Mission statement ✔✔What we are doing (has objectives that are measurable) i.e what will be accomplished when will it be done how much will nbe done Strategy ✔✔Also called an action plan is developed to achieve a vision strategic management process ✔✔4 step process to pursue a vision strategic objective strategic formulation strategic implementation strategic evaluation Strategic objectives | & analysis ✔✔This is an evaluation. An evaluation that is best used with swot and pestle to help bridge the gap of long term visions and short term decisions.Strategic formulation ✔✔This step writes the goals and objectives based on the information obtained from SWOT & pestle swot ✔✔internal investigation to analyze strengths and weaknesses as well as external appraisal of competitors pestle ✔✔politics,economic,social,technology,legal,environmental evaluation that may effect a companies strategy strategic implementation ✔✔This is where the planning stops, often called strategic execution should give training and allocate resources success often comes from proper tools and personal motivation strategic evaluation | & control ✔✔Where performance measures are taken because this stage is crucial.If it becomes apparent that the strategy is not working according to plan, then new plans need to be formulated (see step 2) or organizational structures adjusted. Personnel may need to be retrained or shifted to other duties. The strategic management process may need to be reexamined or even redeveloped.2 Operational strategies ✔✔Is the method companies use to reach their objectives. through either a well integrated company competitive system Operations strategy can be summed up as the "how" that follows the "what" of business strategy. It includes the entire process of production from beginning to end. As with all aspects of business strategy, it should be customer-focused corporate strategies ✔✔focus on seeing companies are interconnected parts developed into a 4 step system. resource allocation, organizational design, portfolio management, strategic trade offs.customer driven strategy ✔✔focus on customer Offer many to a few Offer few to many Offer a broad range to a narrow market Competitive strategies ✔✔3 step process helps determine how to price and market products. Cost leadership Differentiation Market segmentation Cost leadership ✔✔economies of scale Long term strategy ✔✔Facility location decisions Technology usage Labor and equipment organizationCapacity to meet customer demands2 Short term strategy ✔✔Scheduling workforce Establishing quality assurance procedures Contracting with vendors Managing inventory2 What are the 3 main strategic management of all organizations ✔✔operational, marketing, & finance SMART goals stand for what? ✔✔Specific, measurable, achievable, realistic, time bound Specific from smart goals which should be used when planning operational objectives defines as what? ✔✔An operational objective should be specific by being focused, well-defined, and clear. (laying out expectations) Measurable from smart goals which should be used when planning operational objectives defines as what? ✔✔An operational bojective should be quantifiable, varifiable, results- oriented. (want to increase annual sales revenue by 10%)Achievable from smart goals which should be used when planning operational objectives defines as what? ✔✔operational objective must be motivating, meaningful, rewarding. Realistic from smart goals which should be used when planning operational objectives defines as what? ✔✔operational objectives should be acceptable, agreed upon, stretching. Time-bound from smart goals which should be used when planning operational objectives defines as what? ✔✔operational objective should be tangible, have a deadline, or schedule. What are the 5 Steps of Project management ✔✔Define strategy determine objectives measure performance analyze performance take corrective action Objectives should be written in a SMART format that is specific, measurable, attainable, realistic, and time-bound. ✔✔There should be traceable alignment between everyday tasks, objectives, the mission, and the vision of the organization. ✔✔ A broad mission statement makes it easier to remember and provides latitude in case the company is presented with an unexpected opportunity. However, the lack of definition makes it difficult for managers to use it to give direction to employees. ✔✔ Financial accounting ✔✔prepares financial reports to people external to the organization managerial accounting ✔✔prepares financial reports for internal use The master budget oversee's to major budgets which then oversee other budgets. What are they? ✔✔Operational & Financial budget The deming cycle is what ✔✔an iterative process departments can use to monitor the quality and look for improvements. The operations manager for a chain of restaurants is budgeting for the addition of more healthy menu options and realizes the project may involve unanticipated costs.How should the manager budget for these costs? ✔✔Create a contingency plan for a new product or project to identify alternate paths for the project in case various difficulties are encountered. A component of this plan often includes a contingency fund that is set aside to cover unanticipated costs. The first step in the planning process is awareness. It is at this step that managers build the foundation on which they will develop their plans. ✔✔ The Deming Cycle is a planning tool that advocates for planning, doing, checking, and then acting. ✔✔ Decision-making in many departments of an organization is based on the sales forecast. ✔✔ Taking the time to be as accurate as possible in the sales forecast may lead to a more realistic budget. ✔✔ Delivering value is the primary job of a project manager. The critical thing to remember is that value is determined by the customer and then flows back to all participants, shaping all project activities. ✔✔Budgeting should be an iterative process in which the estimates become more and more accurate as you get to the completion of the project. ✔✔ Budgets can be used for control, as a communication tool, and to get stakeholder buy-in for a project. ✔✔ What do job costing and process costing for projects have in common? ✔✔Both have predetermined overhead rates. Which aspect of project management requires identifying limits or risks to the project? ✔✔Constraints Project constraints explain what limits or risks are associated with the project. For example, an economic downturn could result in customers spending less on a company's product, which presents a risk to a company that is investing in producing a new product. When undertaking a project you have never done before, break it into smaller and smaller tasks until you reach the point where it is made up of tasks you do know how to do. ✔✔Project Management-Define project - list all of tasks - estimate resources needed - consider constraints on time, money, & resources. In preparing the production budget, Will looks at the number of times in the past two years that Second Life Flooring has had to re-dye rolls of carpet because the production group dyed it the wrong color. He has determined that they re-dye 20 rolls of carpet annually and that the error costs the company $8,000. He wants to make sure that the budget covers this issue. Should Will budget for the $8,000 additional costs? ✔✔No, the re-dye cost is a sunk cost and can lead Will to make the wrong decision of allowing re-dyes instead of fixing the process to prevent incorrect dyeing. Sunk costs can keep a company from achieving its financial goals. Unnecessary budget items will also prevent the company from achieving its financial goals. In this case, Will needs to acknowledge that the re-dye costs are sunk, meaning that they are not able to be recovered, and work with production to reduce the errors