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Final

BU121 Final Exam Review

28 Pages
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Department
Business
Course Code
BU121
Professor
Roopa Reddy

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Description
Andrew Ferraro BU 121 April/5/2014 BU 121 Final Exam Basic Final Exam Review Guide NEGOTIATING – (approx. 15%) What is negotiation? - The ongoing process through which two or more parties, whore positions are not necessarily consistent, work in an effort to reach an agreement “Negotiaphobia” – disease of attitude and skill deficiency - Many people see negotiations as an act of combat or conflict Three-Step EASY treatment Process Engage - Recognize you are in a negotiation and quickly review the viable strategies Assess - Evaluate your tendency to use each of the negotiation strategies, as well as the tendencies of the other side Strategize - Select the proper strategy for this particular negotiation You’re One Minute Drill - Each time you begin a negotiation situation, take a minute to review the 3 steps Thomas-Kilmann Conflict Mode Instrument - Late in the negotiation process after legitimate strategies fully used - When only a small gap remains on one issue - Always directly tied to an agreement 1 Andrew Ferraro BU 121 April/5/2014 Thomas-Kilmann Conflict Mode Instrument (5 Basic Negotiating strategies) Nine of the four strategies are universally applicable or appropriate Avoidance - Minimal issue o Recognize it may grow in importance o Do it in way that demonstrates investment in relationship - Superior option readily available elsewhere o Objections are a sign of interests Accommodation - In significantly weaker bargaining position – no leverage o Can improve leverage with knowledge - How you accommodate is as important as when o “this time around we would be willing to consider” and don’t make excuses 2 Andrew Ferraro BU 121 April/5/2014 Compromising - Late in the negotiation process after legitimate strategies fully used - when only a small gap remains on one issue - always directly tied to an agreement Competition - opponent not inclined or capable of collaborating o need senior players to get at true needs - Not worth the effort o Be careful to look for true potential of negotiation Collaboration - When situation present a significant opportunity with capable and willing decision-makers on all sides o Win-win-win o 80/20 rule - Requires preparation, need identification, and candor – trust - Internal collaboration is prerequisite for external collaboration Negotiation Strategy Matrix 2 categories of collaborators Sages - Recognize the opportunity to cooperate, they can naturally collaborate Dreamers 3 Andrew Ferraro BU 121 April/5/2014 - Think they can collaborate all the time, but are not effective at it 4 Basic interaction styles – similar to DISC - Peace of information exchange - Focus on tasks or relationships o Drivers (D) o Expressives (I) o Amiables (S) o Analyticals (C) Principled Negotiations - Typical negotiations are ‘positional’ o People state their positions – what they want 4 Andrew Ferraro BU 121 April/5/2014 o Strategy is ‘distributive’  Competing, compromising, or accommodating Principled Negotiations - An ‘interactive’/collaborative strategy - Produce a wise agreement - Efficiently - And amicably 4 Basic Points - Separate the people from the problem - Focus on interests not positions - Generate a variety of options before deciding what to do - Insist that the result be based on objective criteria OPERATIONS AND SUSTAINABILITY – (approx. 20%) Planning Production Process - The way in which a good is made Production Planning - The aspect of operations management in which the firm considers the competitive environment and its own strategic goals in an effort to find the best production methods Location Availability if production Inputs 5 Andrew Ferraro BU 121 April/5/2014 - Organizations need certain resources to product products, access to these resources, or inputs is a huge consideration in site selection. - Executives must assess the availability of raw materials, parts, and equipment for each production site under construction - The cost of shipping raw materials and finished goods can be as much as 25% of the manufacturers total costs Marketing Factors - Businesses must also evaluate how their faculty location will affect their ability to serve their customers o Not all firms need to directly access their customers, instead they can focus on the costs of distributing their goods from the given location o Some firms want to be close to their customers for marketing reasons - Often being closer to your customers proves more profitable, the firms can usually offer better services at a lower cost Manufacturing Environment - Some localities have a strong manufacturing base, when a large amount of manufacturers, perhaps in a certain industry, are already located in an area, the area is likely to offer greater access to resources o Manufacturing workers, better accessibility to suppliers and transportation, and other factors that can increase the plants operating efficiency Local Incentives - Incentives offered by countries, states, or cities might also influence site selection o Tax breaks are a common incentive International Location Considerations - Many manufacturers have chosen to move much of their production to international locations in recent years o There are often sound financial reasons to do this, such as labour costs, taxes, and being closer to a new market Facility Layout 6 Andrew Ferraro BU 121 April/5/2014 Process Layout: All welders stand here - A facility arrangement in which work flows according to the production process. All workers performing similar tasks are grouped together, and products pass from one workstation to another Product Layout: Moving down the line - A facility arrangement in which work-stations or departments are arranged in a line with products moving along the line Fixed-Position Layout: Staying put - a facility arrangement in which the product stays in one place and workers and machinery move to it as needed Cellular Manufacturing: A start-to-finish focus - production technique that uses small, self-containing production units, each performing all or most of the tasks necessary to complete a manufacturing order Resource Planning Make or Buy decision - The determination by a firm of whether to make its production materials or buy them from outside sources Inventory Management - The determination of how much of each type of inventory a firm will keep on hand and the ordering, receiving, storing, and tracking of inventory Outsourcing - The purchase of items from an outside source rather than making them internally Computerized Resource Planning Materials requirement planning (MSP) - A computerized system controlling the flow of resources and inventory. A master schedule is used to ensure that the materials, labour, and equipment needed for production are at the right place in the right amounts at the right times 7 Andrew Ferraro BU 121 April/5/2014 Manufacturing resource planning - A complex computerized system that integrates data from many departments to allow managers to forecast and assess the impact of production plans on profitability more accurately Enterprise resource planning (ERP) - A computerized resource-planning system that incorporates information about the firms suppliers and customers with its internally generated data Services vs. Manufacturing Both transform “raw material” into finished good - Raw materials in person with unsatisfied need or possession that requires care - Service is performed not produced - Focus on process as well as outcome o Judges on quality of work and service - Characteristics are different o Intangible – experience key, customized, can’t be stored - Customer is part of process o Extent of contract contact affects operations Manufacturing - Set capacity slightly ahead of demand o In short term turn away customers or outsource at lower margins - Seasonality – shift demand and capacity requirements by pricing Service - Low contact – set capacity to average demand - High contact – set capacity at peak demand 8 Andrew Ferraro BU 121 April/5/2014 Supply Chain Management The process of smoothing transitions along the supply chain, so that the firm can satisfy its customers with quality products and services; focuses on developing tighter bonds with suppliers Supply Chain - The entire sequence of securing inputs producing goods, and delivering goods to customers Talk to Us: Improving Supplier Communications - Development of strong communication with suppliers. Technology, particularly the internet, is providing new ways of doing this E-procurement - The process of purchasing supplier and materials using the internet Controlling – Routing Every company needs to have systems in place to see that production and operations are carried out as planned and to correct errors when they are not Routing - The aspect of production control that involves setting out the workflow, the sequence of machines and operations through which the product or service progresses from start to finish Value-stream mapping - Routing technique that uses simple icons to visually represent the flow of materials and information from suppliers through the factory and to customers Quality Control Quality - Goods and services that meet customer expectations by providing reliable performance Quality Control 9 Andrew Ferraro BU 121 April/5/2014 - The process of creating standards for quality, producing goods that meet them, and measuring finished products and services against them Total Quality Management (TQM) - The use of quality principles in all aspects of a company’s production and operations Continuous improvement - A constant commitment to seeking better ways of doing things to achieve greater efficiency and improving quality Six Sigma - A quality control process that relies on defining what needs to be done to ensure quality, measuring and analyzing production results statistically, and finding ways of improving and controlling quality Transforming the Factory Floor with Technology Computer-aided design (CAD) - The use of computer to design and test new products and modify existing ones Computer-aided manufacturing (CAM) - The use of computers to develop and control the production process Robotics - The technology involved in designing, constructing, and operating computer- controlled machines that can perform tasks independently Adaptable Factories: Flexible Manufacturing Systems - A system that combines automated workstations with computer controlled transportation devices – automatic guided vehicles (AGVs) that move materials between workstations and into and out of the system Quick Change with Computer-Integrated Manufacturing - The combination of computerized manufacturing process (such as robots and flexible manufacturing systems) with other computerized systems that control design, inventory, production, and purchasing. Mass Productions vs. Mass Customization 10 Andrew Ferraro BU 121 April/5/2014 Mass production technology - Stable market conditions - Efficiency vs. effectiveness - Repetition New economic reality - Constant change - Customer-driven - Customization and innovation Sustainability Measured by the Triple Bottom Line – Andy Savatz - Profit/Environment/Society – People/Planet/Profit - “sustainability sweet spot” – place where corporate and societal interests intersect – a new way to measure the bottom line Sustainable Operations - The next industrial revolution - Ways to weave sustainability into operations: o Product design  “cradle to cradle” design  Biomimicry o Product Stewardship o Sustainability through servicing o Sustainability of the supply chain Cradle – to – Cradle Design Take – make – waste model – Cradle to Grave design - Eco-efficient – “less bad” – 3R’s Design 11 Andrew Ferraro BU 121 April/5/2014 Eco-effective design on nature’s design principles - “waste equals food” – Cradle to Cradle design - Products developed for close-loop system o Every output is safe and beneficial o Biological or technical nutrients - Eliminate the concept of waste C2C developed by William McDonough and Michael Braungart – MBDC – firm started in 1995 consults and certifies C2C production Biomimicry - Sustainable innovation inspired by nature – “biologically inspired engineering” - Based NOT on what we can extract from organisms and ecosystems (harvesting or domestication), but what we can learn from them Product Stewardship - The responsibility and ethical management of the health, safety, and environmental aspects of a product throughout its total life cycle - The concept of extended producer responsibility – accounting for the impact of a product during use and after disposal Sustainability through Servicing - Increased efficiency and creation of environmentally benign products and processes necessary but not sufficient - Gains may eventually be counteracted by increases in consumption - Changes business model from selling products to providing services o Turn demand for reduced material use into a strategic opportunity o Services more difficult to imitate – competitive advantage - Xerox o 1994 – became “the document company” – help companies improve efficiencies in document-intensive business processes 12 Andrew Ferraro BU 121 April/5/2014 Sustainability of the Supply Chain - “a network of facilities that produce raw materials, transform them into intermediate goods and then final products, and deliver the products to customers through a distribution system” - “management of raw materials and services from suppliers to manufacturers/service provider to customers and back with improvement of the social and environmental impacts explicitly considered” - Outsourcing business operations doesn’t mean outsourcing responsibilities or risks in today’s global economy – sustainable supply chain management is key to the integrity of the brand Timberland - If you are going to design carbon out of a product, you have to understand every place in the life cycle that carbon comes in Greenwashing - The act of misleading consumers regarding the environmental practices off a company or the environmental benefits of a product or service The Six Sins 1. The sin of hidden-trade off 2. The sin of vagueness 3. The sin of fibbing 4. The sin of no proof 5. The sin of lesser of two evils 6. The sin of irrelevance 13 Andrew Ferraro BU 121 April/5/2014 HUMAN RESOURCES AND LABOUR RELATIONS – (approx. 30%) Recruitment Objectives Employer Branding - Define target audience - Develop the employee value proposition - Communicate the brand Selecting recruitment methods – tools - Yield ratios - Time lapse data Validation of Selection Methods Criterion validity o Those that do well on selection method (predictor) also perform well on the job (criterion) Validation Process o Administer the selection procedure to a group of people o Correlate (compare) the results/predicted score with performance/criterion score o
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